The average recovery since the end of World War II has been 58 months. The current “recovery” has just reached that milestone.
If you were to define “recovery” as a period when gross domestic project (GDP) increases from one quarter to the next, yes, we’ve been in a recovery. But a recovery is typically reflected by a period that also includes, among other things, low unemployment, strong consumer spending, increasing income, higher inflation and strong manufacturing.
Most of those signs of recovery have been either barely visible or missing, and GDP has been growing about as fast as a bonsai tree.
This has been, and will likely continue to be, the recovery that no one noticed. It’s a recovery in name only, as for most Americans it doesn’t feel much different than a recession. Consider what’s been happening: