>THE NASCENT RECOVERY

THE NASCENT RECOVERY:
IS THE END NEAR FOR THE U.S. GREAT RECESSION?

• Real GDP fell by 1.0% (annualized) in the second quarter, the smallest contraction since the Great Recession began.

• Recent developments in the U.S. housing market, fiscal stimulus, and the emergence of
Chrysler and GM from bankruptcy suggest that Q3 may well show positive economic growth, a good signal that the U.S. economy has emerged from the Great Recession.

• While the recession may be coming to a close the road to recovery will not be swift. A pummelled labor market and shrunken household net-worth imply a slow-go recovery in 2010.

To see full report: THE NASCENT RECOVERY