The Great Recession at 30

Since the 'Great Recession' began more than 30 months ago, 55% of all adults in the labor force report that they suffered a period of unemployment, a reduction in pay or hours, or they became involuntary part-time workers, according to a new survey by the Pew Research Center's Social and Demographic Trends Project.

The survey of 2,967 adults was conducted from mid May to the end of May 2010, on cellular and landline telephones. The study found Americans reported a new frugality and a revised balance sheet. With many reporting it will take several years, at a minimum, for their family finances and house values to recover. Key findings include:

• About half the public, 48% say they are in worse financial shape now than before the recession began; 21% said they are in better shape.
• Of those who say their family finances have lost ground during the recession, 63% say it will take at least 3 years to recover
• About half of all homeowners, 48% said their home values declined during the recession. Of those, 47% believe it will take 3-5 years to return to pre-recession levels, while 39% think it will take 6 years or longer.
• 62% of the respondents say they expect their financial situation to improve this year.