Briefing
Business Cycles: Is the Current Economic Environment Different?
Abstract: Post-1988 unemployment cycles are significantly longer than earlier ones: 18.4 months for pre-1988 cycles, and 30 months for post-1988. The current cycle has been especially gradual, with unemployment rising steadily for 33 months — the longest on record without a recession following. In particular, the current cycle is atypical in that the sustained increase in unemployment occurs while GDP growth is, instead, strongly positive.
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https://www.richmondfed.org/publications/research/economic_brief/2026/eb_26-07
Description: Briefing
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Bibliographic Information
Provider: Federal Reserve Bank of Richmond
Part of Series: Richmond Fed Economic Brief
Publication Date: 2026-02-25
Volume: 26
Issue: 07