The current U.S. economic growth cycle is now in its eighth year, sparking questions of whether the economy is in the late stages of expansion. Consumer spending, home prices and payroll employment continue to set new highs, while equity markets ascend to record levels. At 95 months, this is now the third-longest cycle on record and more than two years lengthier than the post–World War II average. However, growth has been anemic, with cumulative GDP expansion measuring 17%, below the historical 24% average. Nevertheless, there may still be room for the economy to grow, especially as consumers continue to spend and the labor market improves.
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