The fundamental long-term trend of the US economy is a slow downward slope according to a recent article by Prof. John Ross at Renmin University of China. The average annual growth rate of the US economy fell from 4.4% in 1969, to 4.1% in 1978. Then it fell again to 3.2% in 2002. By the first quarter of this it reached a low of 2.2%.

The following chart shows the US long-term annual growth rate:

Source: Why the US economy remains locked in slow growth, Key Trends in Globalisation, June 12, 2017

Though the economy has slowed down considerably since the 70s the equity markets have had multiple bull markets since then including the most recent bull market after the global financial crisis.