The economy, like life itself, moves in cycles. Expansion, slowdown, recession and recovery confirm the major phases of the economic cycle to which economists and investment strategists are permanently attentive.

Based on data recorded by SPDR Americas Research, VisualCapitalist analyzed and plotted the performance in each phase of the business cycle of the major sectors of the S&P 500 between December 1, 1960 and November 30, 2019. During that span, seven recessions, seven recoveries, twelve expansions and eleven slowdowns were recorded.

As might be expected, the real estate sector is the hardest hit during recessions, given its sensitivity to consumer discretionary spending and to household income and employment. Of course, when recovery comes, it is the sector that benefits the most.

In periods of expansion, the technology sector stands out, while in downturns, the health and consumer commodities sectors perform best.

Here is the chart from VisualCapitalist: