During the current recovery phase, however, economic recession has not occurred, although temporary losses of recovery momentum have been seen. In the summer of 2004, for example, adjustments in IT-related industries caused the economy to enter a soft patch which lasted for nearly a year. Eventually, however, the economy regained its recovery momentum.
Such incidents suggest that the current recovery phase is quite different from its predecessors in the 1990s, exhibiting greater durability in the face of shocks. B.