How did the 2008-2010 recession and recovery compare with previous cycles?

The 2008-2009 recession was less severe for both output and jobs than the two previous recessions. While the disruption of global financial markets did lead to a record drop in exports and severe cuts in business investment, household demand did not recede as much as in previous downturns and led the recovery. Canada is the only G7 nation to have returned to its pre-recession level, led by private domestic demand.