The economy, like life itself, moves in cycles. Expansion, slowdown, recession, and recovery mark the major phases of the economic cycle that economists and investment strategists constantly monitor. 

Based on data compiled by SPDR Americas Research, VisualCapitalist analyzed and charted the performance of the major sectors of the S&P 500 during each phase of the economic cycle between December 1, 1960, and November 30, 2019. During that period, there were seven recessions, seven recoveries, twelve expansions, and eleven slowdowns.

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

During periods of expansion, the technology sector stands out, while during slowdowns, the healthcare and consumer staples sectors perform best. 

Here is the chart from VisualCapitalist: