Business cycles have varied over time, and the data most relevant to the current period is from 1945 to 2009. During this period, the average expansion was approximately 58 months, and the average contraction was approximately 11 months. Expansion is the default mode of the U.S. economy, and the average expansion time period has continued to average longer over time. The longest expansionary period in U.S. history occurred from March 1991 to March 2001, a period of tremendous market and the labor market. Since 1900, the longest contraction period lasted 43 months; this period began in 1929 and is known as the Great Depression.2 After the Great Depression, however, the longest contraction period lasted only 18 months; this period began in 2007 and is known as the Great stock market indexes around the world, like the S&P 500, lost more than 50% of their values during the period. market and the labor market. Since 1900, the longest contraction period lasted 43 months; this period began in 1929 and is known as the Great Depression.2 After the Great Depression, however, the longest contraction period lasted only 18 months; this period began in 2007 and is known as the Great stock market indexes around the world, like the S&P 500, lost more than 50% of their values during the period. market and the labor market. Since 1900, the longest contraction period lasted 43 months; this period

began in 1929 and is known as the Great Depression.2 After the Great Depression, however, the longest contraction period lasted only 18 months; this period began in 2007 and is known as the Great stock market indexes around the world, like the S&P 500, lost more than 50% of their values during the period. market and the labor market. Since 1900, the longest contraction period lasted 43 months; this period began in 1929 and is known as the Great Depression.2 After the Great Depression, however, the longest contraction period lasted only 18 months; this period began in 2007 and is known as the Great stock market indexes around the world, like the S&P 500, lost more than 50% of their values during the period. regardless of strategy selected. There is no assurance that any investment will meet market and the labor market. Since 1900, the longest contraction period lasted 43 months; this period began in 1929 and is known as the Great Depression.2 After the Great Depression, however, the longest contraction period lasted only 18 months; this period began in 2007 and is known as the Great stock market indexes around the world, like the S&P 500, lost more than 50% of their values during the period. market and the labor market. Since 1900, the longest contraction period lasted 43 months; this period began in 1929 and is known as the Great Depression.2 After the Great Depression, however, the longest contraction period lasted only 18 months; this period began in 2007 and is known as the Great stock market indexes around the world, like the S&P 500, lost more than 50% of their values during the period. market and the labor market. Since 1900, the longest contraction period lasted 43 months; this period began in 1929 and is known as the Great Depression.2 After the Great Depression, however, the longest contraction period lasted only 18 months; this period began in 2007 and is known as the Great stock market indexes around the world, like the S&P 500, lost more than 50% of their values during the period.

Authored by Fraley Turnipseed, MBA, AIF®