U.S. economy sets growth record -- 10 years -- without recession

July 1 (UPI) -- The U.S. economy set a new record Monday for the most consecutive months without a recession -- 121 -- which dates back to 2009.

The streak began in July 2009, on the tail end of the financial crisis, and continued through Monday.

Unemployment peaked at 10 percent in October 2009 and is now at 3.6 percent, the lowest level in 50 years.

Over the 10-year period, the retail and hospitality industries have added about 5 million workers, and the manufacturing and construction sectors 1 million.

Cities that have fared the best are New York, Los Angeles, Dallas and Miami. Research shows 90 percent of the 3.7 million jobs created between 2007 and 2016 went to the richest 20 percent of ZIP codes.

The Federal Reserve has slowly edged up key interest rates over that time, from near zero. Many analysts expect the U.S. central bank will cut rates before the end of the year.

The domestic economy flourished under former President Barack Obama, and has continued to do so under President Donald Trump. Some fear, however, the ongoing trade conflict with China has the potential to stifle some of the success. Trump declined over the weekend to impose $350 million in new tariffs on Beijing after meeting with Chinese President Xi Jinping at the G20 summit in Japan.

"We're going to work with China on where we left off, to see if we can make a deal," he said.