For the past several months, per capita output has increased at a slower and slower rate. Over the same period, the unemployment rate has been falling, but it appears that both have leveled off. Where in the business cycle is the economy?
Based on the information provided it can be said that it seems that the economy is in the part of the business cycle known as the peak. This is when aspects of the economy are reaching an all time high and begin to slow down. This continues until they eventually level off and afterwards begin their descent.
