Carra has been impressed with the way Hodgson quickly identified the weak links in the Liverpool squad and moved to correct them with new signings.
"I think he has done very well but time will tell. You have to judge signings after Christmas - good or bad," said the vice-captain.
"We've started quite nicely and hopefully the couple of players we have brought in late on will help.
"Everyone realised we needed a left-back so Konchesky came in and Raul Meireles coming in is something we can all look forward to.
"Maybe he can replace the Xabi Alonso/Aquilani-type of player, so I think it is looking okay."