Capital Markets: Observations & Insights

The Upside of Being Slow ​ Birthday Wishes

• While this expansion is chronologically old, it has not grown GDP as much as economic recoveries of comparable length

• This suggests a possibly longer runway of economic expansion now

60%

1960

50%

1990

40%

1981

30%

Room to catch up?

20%

1969

1973

2001

Current

10%

0%

Real Cumulative GDP Growth

-10%

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

36

38

40

42

44

Number of Quarters from Peak

Source: U.S. Bureau of Economic Analysis and Alger as of March 2019. Dates indicate beginning of measurement periods.

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