What was the economy like?

- The US economy experienced robust growth during the late 1990s, with the GDP expanding at a rapid pace. The average annual growth rate from 1996 to 2000 was approximately 4%.

2. Low Unemployment Rate:

- Unemployment rates in the US were at historically low levels during this period. The unemployment rate declined from 5.4% in 1996 to around 4% by the late 1990s. This low unemployment rate reflected the strong job market and economic expansion.

3. Tech Boom and the Dot-Com Bubble:

- The late 1990s were characterized by the rise of the internet and technology companies, leading to the "tech boom." This resulted in significant investments and speculation in technology stocks, particularly internet-related companies. The stock market experienced a bull run, with NASDAQ, the tech-heavy index, soaring to record highs. However, the bubble eventually burst in the early 2000s.

4. Low Inflation:

- Inflation remained relatively low during the late 1990s, averaging around 2%. The Federal Reserve's effective management of monetary policy helped maintain price stability, supporting the economic expansion.

5. Productivity and Innovation:

- The late 1990s saw significant productivity gains as technology and advancements contributed to increased efficiency in various industries. Investments in research and development spurred innovation and technological progress.

6. Global Economic Interconnectedness:

- The late 1990s marked an era of increasing globalization and international trade. The economies of many countries, including emerging markets, became more integrated, leading to greater interdependence and interdependence among countries.

7. Financial Market Liberalization:

- Financial markets underwent considerable liberalization during this time, characterized by the easing of regulations and increased financial flexibility. This facilitated international capital flows and financial transactions, further fueling economic growth.

8. Dot-Com Bubble Aftermath:

- The tech boom and the dot-com bubble came to an end around the turn of the century. The burst of the bubble had a significant impact on the economy and the stock market, leading to a temporary economic slowdown and market volatility.