According to the National Bureau of Economic Research, the Great Recession began in December 2007 and ended in June 2009. With a duration of eighteen months, this recession was almost double the length of the average post-World War II economic downturn. Although the worst recession since the Great Depression is now technically over, this analysis of faculty compensation and forecast for state revenues indicates that the negative impact on higher education will continue for years in many states. Everyone who hopes to be employed in the future, bring home a paycheck, and have something left over to put into savings should care. The researchers' analysis of the economic status of the faculty begins with results from this year's annual survey of full-time faculty compensation. The overall increase in salary level was 1.4 percent between 2009-10 and 2010-11. This is barely higher than the overall change reported last year, when the researchers described it as "the lowest year-to-year change recorded in the fifty years of this comprehensive survey." The overall picture this year, then, is of mostly stagnant salaries for full-time faculty members. The numbers vary considerably across institutional types. The increasing use of contingent faculty appointments (both full and part-time appointments off the tenure track) has been documented in this annual report and elsewhere for many years. In all, graduate student employees and faculty members serving in contingent appointments now make up more than 75 percent of the total instructional staff. The pattern of increasing non-tenure-track appointments and decreasing tenure-track appointments was consistent across institutional types. In addition, differences also exist between public and private institutions in the growth rate of full-time non-tenure-track appointments. (Contains 3 figures, 27 tables, 9 notes, and 222 notes to appendices 1 and 2.)