Capital Markets: Observations & Insights
Cycles Have Been Lasting Longer Birthday Wishes
• U.S. economic expansions have been increasing in duration. Driving factors include: ‒ Increased fiscal and monetary intervention (e.g., tax cuts/spending and assertive Fed)
‒ Structural changes in the economy (e.g., larger proportion of services) ‒ Technological advances (e.g., improved inventory management)
Age of U.S. Economic Expansions
12
10
8
6
4
Years of Expansion
2
0
1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020
Source: FactSet and Alger. Note: double-dip recession in early 1980s accounted for as one recession.
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