Tuesday, February 01, 2000
Economic boom longest ever in U.S.
BY MARTIN CRUTSINGER
The Associated Press
WASHINGTON — Break out the champagne, cut the cake and strike up the band — it's time to celebrate the U.S. economy.
Today, the expansion that began in March 1991 becomes the longest in American history, at 107 months, beating the old mark of 106 months set during the 1960s.
The eight years and 11 months since the last recession is quite a feat considering that the average expansion before 1982 did not last long enough to see its third birthday, let alone its ninth.
“If you are not cheering for this accomplishment, then you have awfully high standards,” said David Wyss, chief economist at Standard & Poor's DRI. “This is an unprecedented economy.”
And it is not just length that makes the current period remarkable.
By almost any measure, these are good economic times. Unemployment is at its lowest level in 30 years — 4.1 percent — consumer confidence is at record highs, and Wall Street has just wrapped up an unprecedented five straight years of returns of 20 percent or more in the S&P 500 stock index.
And this expansion seems to be getting stronger, with 1999 marking the third straight year with growth at 4 percent or more.
Normally, economic growth at those levels, combined with a dwindling supply of workers, would translate into rapidly rising wages, leading to higher inflation. But not this time. Last year, the so-called core rate of inflation, which takes out volatile energy and food products, was up just 1.9 percent, the best performance in 34 years.
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