The US economy is about to break a record. These 11 charts show why
By Lydia DePillis, Will Houp and Tal Yellin, CNN Business
The US economy has been on the upswing for a very long time.
Even after factoring in Friday’s weak jobs report, which showed a slowdown in hiring, US employers have added jobs for 104 months in a row.
Come July, the expansion will beat out the 1990s to become America’s longest period of continuous growth on record. But unlike the 1990s boom — which included steady job creation, low inflation and a surging stock market — this latest expansion has been more like a prolonged, gradual crawl. It took years for America to emerge from its worst setback since the Great Depression.
The recovery has also been uneven. It started at different times in different parts of the country, lifting some people more than others. And now, questions are intensifying around just how close America is to the end of this business cycle, and what — if anything — could finally bring it to an end.
Let’s take a look at the ten years since the economy bottomed out to see where things stand.
Employment is booming
The share of Americans who want a job and can’t find one, known as the unemployment rate, is one of the clearest indications that the US economy has returned to health. At 3.6% in May, the rate has been hovering near 50-year lows. Meanwhile, consumer sentiment has reached historic highs. CNN polls also show that 7 in 10 Americans think the US economy is in “good shape” or better.