July Marks the Longest U.S. Expansion Since the Mid-1850s

The month of July will mark the longest U.S. expansion since the mid-1850s, surpassing the prior 10-year record from March 1991 to March 2001. In June, the current expansion beginning after the Great Recession ended in June 2009 tied the prior 120-month record, and July will make 121 months.

On September 20, 2010, the Business Cycle Dating Committee of the National Bureau of Economic Research (NBER) announced that a trough in business activity occurred in the U.S. economy in June 2009.

It signaled the end of the Great Recession that began in December 2007 and the beginning of an expansion. The recession lasted 18 months, making it the longest of any since World War II.

The longest postwar recessions prior each lasted 16 months, one from November 1973 to March 1975 and the other July 1981 to November 1982.

Last week, the Bureau of Economic Analysis (BEA) reported the third estimate for first quarter (Q1) 2019 gross domestic product (GDP) showed the U.S. economy grew at a solid annual rate of 3.1%. In Q4 2018, the U.S. economy as measured by real GDP rose 2.2%.

Contractions (recessions) start at the peak of a business cycle and end at the trough. Durations below are in months.

Source: National Bureau of Economic Research (NBER)