Yes, certainly in the first two quarters of this year. There will be a sharp contraction in Q1 and certainly a contraction again, but not quite as sharp, in Q2. Then we get into an area of debate about whether there's going to be enough fiscal stimulus, because infrastructure spending will start in earnest in Q3, which is summer and into the early fall. We certainly expect that the economy will be growing again by Q4. At that point, we're sort of half back towards a more normal state. That will take most of 2010. Our 2010 forecast will probably be in the mid-2% range--so growth of about 2.5% in 2010--and the economy will not really be getting back to potential and beyond, as it normally does, until 2011.
On March 26th, 2009. See this statement in context.