From Bill McBride’s post Is a Recession Imminent? at Calculated Risk, a look at the likelihood of a recession soon. (hint: no)
However, just because this is a long expansion, doesn’t mean the expansion will end soon. Expansions don’t die of old age! There is a very good chance this will become the longest expansion in history.
There are several reasons this has been a long expansion. Recoveries from a financial crisis tend to be slow since it takes years to resolve all the excesses. Also, there was an early pivot during the recovery to fiscal austerity that slowed the pace of recovery. Importantly, the Federal Reserve didn’t overtighten like in the ’30s (a lesson learned). And housing, always a key cyclical sector, didn’t participate early in the recovery since there were so many foreclosures. This delayed the usual boost from housing, but housing now a key driver of the expansion.
McBride has a good track record and includes some of his key leading indicators for predicting recessions.