That depends on how you define it. By that point the bleeding had (mostly, Morgenthau continued until 1951 in some ways) stopped but recovery took longer. The Marhsall plan lasted into 1951 and was supposed to last until 1953. Other considerations include replacing the stopgaps created 1945-1950 and of course catching up to the relative position the involved countries had before the war, which I would argue is part of the recovery.
Assuming you don't accept this another factor for the low unemployment for the period is how much of what would have been the workforce for it died on various battlefields during the war, especially in Germany