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Sometimes it lasts 7 years, sometimes 10 or 11.
In the later stages of the last business cycle some odd things were happening. Growth in the US economy was much higher than anyone expected and unemployment much lower. Productivity statistics from the US Government suggested that from 1996 productivity was improving at an average 2.2 percent per year, which was a dramatic improvement on the 1 percent average for the previous 25 years.
The point at which productivity turned up coincided with the point at which the Internet started to become visible. That may have been a coincidence, but there was another strange quirk in the figures...
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