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1998: Can It Get any Better Than This?

By David C. Wheelock

Abstract

The U.S. economic expansion barreled into its eighth consecutive year during 1998, the longest peacetime expansion since World War II. Amidst rapid growth, inflation remained low, the unemployment rate declined to its lowest point since 1970 and real earnings rose at their fastest rate since 1972. The stock market, like the economy, continued to soar and the Federal Government budget was in surplus for the first time since 1969. The year was not unblemished, however, as recession and financial instability in Asia, Russia, and parts of Latin America roiled international financial markets during the second hal

Year: 2011
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