 Complete the following phrase:  The crisis had severe, long-lasting consequences for the U.S. and European economies. The U.S. entered a deep recession, with nearly 9 million jobs lost during 2008 and 2009, roughly 6 of the workforce. The number of jobs did not return to the December 2007 pre-crisis peak until May 2014. U.S. household net worth declined by nearly 13 trillion 20 from its Q2 2007 pre-crisis peak, recovering by Q4 2012. U.S. housing prices fell nearly 30 on average and the U.S. stock market fell approximately 50 by early 2009, with stocks regaining their December 2007 level during September 2012. One estimate of lost output and income from the crisis comes to at least 40 of 2007 gross domestic product. Europe also continued to struggle with its own 