Based on our analysis of data and economic indicators, we believe the economy is currently in the mid-late expansion phase of the business cycle. This is characterized by slowing economic growth, high employment, and inflationary pressure on prices. The economy is still relatively healthy, which is good news for optimism in the short-term, as consumer spending and corporate profits should continue for the near future. The record highs the economy has attained this past year have been enjoyable, but unfortunately this also shows that there is not a lot more room for growth