The cycle is propelled by 6 drivers (see table). These are the key elements in the economy that evolve as the cycle progresses, delivering the inevitable move into the next stage.

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The strength of these drivers also affects the length and intensity of each stage. For example, in the current Late Upswing stage the slow inflation response may delay the end of the cycle. And in the 2000s upswing it was the extreme financial fragility built up as the housing bubble unfolded which led to the depth of the recession.