The current expansion is already one of the longest on record. With another quarter entering the BEA’s books, it has been 35 since the last declared recession. At +2.3% for the current one, there won’t be another considered anytime soon putting this economy within reach.
Yet, out of those 35 quarters only 10 have contained Real GDP growth meeting or exceeding 3%. In the late nineties, the tail end of the current recordholder, GDP advanced by at least 3% in fifteen consecutive. Now, it’s cause for hyperbole whenever this economy manages just two in a row (as it so rarely has). This is the scale of the current boom, the length of time alone.