Watching the US economy over the past ten years makes the old saying ring true: “Expansions don’t die of old age”.
As of December 2019, there has been expansion of the US economy for 126 straight months, making it the longest stretch in the country’s history, according to the National Bureau of Economic Research. This is the first time on record the United States has avoided a recession for an entire decade.
Michelle Meyer, the chief US economist at Bank of America Merrill Lynch, said it is unusual that the recovery has been so persistent. With the economy doing well, US job opportunities are also abundant.
One reason for the expansion to be lasting this long is the low point the US was at when 2010 came to an end. Most of the expansion over the past decade has been spent recovering from the Great Recession. David Wilcox, a former director at the Federal Reserve Board, said it is hard to imagine how devastating of a time it really was.
Job growth has recovered more slowly over previous economic booms, due to the fact unemployment was so high during the crisis. Some economists are hopeful that as long as policymakers stay aware, the United States can keep on shattering records.
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