Economic Recovery: Sustaining U.S. Economic Growth in a Post-Crisis Economy

"The 2007-2009 recession was long and deep, and according to several indicators was the most
severe economic contraction since the 1930s (but still much less severe than the Great
Depression). The slowdown of economic activity was moderate through the first half of 2008, but
at that point the weakening economy was overtaken by a major financial crisis that would
exacerbate the economic weakness and accelerate the decline.

Evidence suggests that the process of economic recovery began in mid-2009. Real gross domestic
product (GDP) has been on a positive track since then, although the pace has been uneven and
relatively weak. The stock market has recovered from its lows, and employment has increased
moderately. On the other hand, significant economic weakness remains evident, particularly in
the balance sheet of households, the labor market, and the housing sector..."