Word: upturn
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...created nearly 14 million new jobs since 1991 is already the country's third longest on record--and still appears to have legs. With no end in sight, the current recovery could claim the No. 1 spot by the turn of the century. "This is perhaps the best U.S. upturn ever, with superb performance statistics and no obvious excesses anywhere," says Allen Sinai, chief global economist for Primark Decision Economics...
...earlier expansions, which crashed to earth when the Federal Reserve raised interest rates sharply to cool down an overinflating economy, the 1990s-style growth shows few signs of strain. To the contrary, a rare combination of price stability and moderate gains in the gross domestic product has made this upturn remarkably steady. Many economists say this tranquillity is owing to the Federal Reserve's strategy of tightening credit in the middle of the decade before prices could turn up. "Inflation is the lowest in 30 years, even though we are in the seventh year of an expansion," says Ed Yardeni...
...economists expect it to stride right into the 21st century. "This is truly the best business expansion in American history, and it's going to last at least until the end of the decade," predicts Allen Sinai, chief global economist for Primark Decision Economics. Such endurance would put the upturn ahead of both the 1960s and the 1980s on the pursuit-of-happiness scale...
...where's the recession? Traditional economic theory holds that every business upturn ends in a downward slide of sagging sales, declining profits and disappearing jobs. But when TIME brought together five internationally renowned experts during the World Economic Forum Meeting in Davos, Switzerland, an intriguing question floated through the clear Alpine air: Has the U.S. economy--the world's largest and most influential--banished the business cycle? Has the combination of high technology, globalized markets and unprecedented labor flexibility created a new paradigm of continual growth that can serve as a model for the rest of the planet...
...mystifying landscape, sprinkled with mountains, desert canyons and grassland, supports South Dakota's second-largest industry: tourism. Despite the beauty of places like Mount Rushmore, it's hard to disguise the poverty of Indians living on reservations in a state enjoying an economic upturn. Though the state has only one congressional district, it is the nation's second most populous one. South Dakotans usually vote for the Republican presidential candidate, but give Democrats a fair chance of making it to Congress. An interesting anomaly, noted by the Rapid City Journal: all four congressional candidates have Internet home pages, but only...