In fact, if the signs are not misleading, the American economy would seem to be over the hill. Since the early 1950s, the expansion phases of the American business cycles have on average lasted five years, two of them lasting longer than the current phase.
Though accelerating, the rise in labour productivity over the past few years (of 1-1.5%) still compares unfavourably with the 3% average recorded during the first two decades following the Second World War. And, where inflation is concerned, it may be noted that it was low until the mid-1960s, averaging 1.3%.