The business cycle thermometer on this page looks at the data of various U.S. business cycle indicators since Jan 1990 and compares the percentile rank of the latest figure to that of 3 months ago. A percentile rank below 50 indicates a retrenched business cycle, while a rank above 50 indicates an elevated business cycle. As you can see, most of these consumer-side and business-side indicators are above 50, and several of these have improved recently, supporting the story of the U.S. being on the road to recovery.