Indeed, real consumer spending actually rose at a greater rate during the recession than it did over the first year of the recovery.
Similarly, real residential investment continued to expand during the recession, and although the rate of growth was relatively subdued, it bore no  BIS Review 43/2004  1  resemblance to the sharp declines that characterized every previous recession in the post-World War II period; the acceleration since the upturn began has been relatively subdued as well.