A painful recession was fading into memory, yet the expansion felt unsatisfying to many. There was evidence of huge technological leaps everywhere except in the data on worker productivity. And the unemployment rate was falling to levels that forecasting models predicted would trigger a burst of inflation.
That was the economic situation in the mid-1990s, and it also describes 2018. An intriguing — and optimistic — possibility for the years ahead is that the parallels with the 1990s won’t end there.