State of Business: The Long Gain

On April 1 the U.S. economy will begin what should turn out to be its 38th straight month of expansion —the longest peacetime period of gain in three decades.

The rise is much stronger than the 52-month expansion that came in the midst of the Depression of the 1930s, and is already longer than the 35-month boom of the mid-1950s. Both of those previous expansions ended with sharp drops; but today there is little worry that the U.S. has had it too good for too long and thus may face a jarring business...

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