1、CRS InsightsWhat Is the Current State of the Economic Recovery?Craig K. Elwell, Specialist in Macroeconomic Policy (celwellcrs.loc.gov, 7-7757)December 1, 2014 (IN10188)A Slow but Steady RecoveryThe U.S. economys recovery from the 2007-2009 recession has been steady but historically slow. Fromthe re
2、cessions end in mid-2009 through the third quarter of 2014, as measured by real GDP growth(i.e., gross domestic product adjusted for inflation), the economys average annual rate of growth hasbeen about 2.2%, compared to the 4.5% pace typical of previous post-WWII recoveries. After atemporary setback
3、 in the first quarter of 2014, growth rebounded above the recoverys slow averagepace over the next two quarters with gains of 4.2% and 3.9%, respectively.The current recovery has taken longer than the 5-year average of previous recoveries. After 5 yearsit is still short of completion. Through mid-20
4、14, the economys output gap (i.e., the shortfall of actualoutput below the economys estimated potential) was 3.5%, much improved from the 7.5% output gapduring the recession, but well short of the historical average of about 0.5%.A corollary of a slow-paced economic recovery has been a slow reductio
