30 Based on a static relationship between changes in the employment rate and percentage changes in GDP for  the period between the first quarter of 1999 and the second quarter of 2015. The period of recovery analysed is from the second quarter of 2013 to the second quarter of 2015.
The chart on the left side of slide 6 shows that the futures prices for the S&P500/Case-Schiller index imply an expected significant further fall in US house prices during 2008 and 2009. These futures prices factor in a peakto-trough decline of close to 30%.