US breaks record for longest economic expansion

The U.S. broke its record for time without an economic recession Monday as it began the 121st consecutive month of gross domestic product (GDP) growth since the 2008 recession.

The recovery, which began in July 2009, turned 10 years old Monday, marking the longest stretch of economic expansion in modern U.S. history.

After unemployment peaked at 10 percent in October 2009, the decadelong recovery drove the unemployment rate down to near record lows — 3.6 percent as of June. The economy has added jobs in every month since October 2010, while GDP growth has stayed solid, if not always remarkable, throughout the past 10 years.

But even though the U.S. boasts strong top-line numbers after 10 years of expansion, millions of workers in hundreds of communities across the country have failed to feel the full benefits.

The Federal Reserve sought to stimulate the economy with near-zero interest rates and billions in bond purchases after the 2007 financial crisis kicked off the recession in 2008.