The expansion has been balanced, in that inventories, as well as stocks of business capital and other durable assets, have been kept closely in line with spending, so overhangs have been small and readily corrected. This strong expansion has produced a remarkable increase in work opportunities for Americans.
A net of more than thirteen million jobs has been created since the current period of growth began in the spring of 1991. As a consequence, the unemployment rate has fallen to 5 percent -- its lowest level in almost a quarter century.