That still left the typical household's income below its level at the trough of the last recession, despite four years of strong output growth.

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That said, we believe that the revenue level in the second quarter of 2012 represents a trough period for us.

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The unemployment rate has dropped more than 40% of the way back to its pre-recession level, but the employment-to-population ratio is closer to its trough than its pre-recession peak.

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