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Yet the economy is not in immediate danger.
然而，經濟體并非處于迫在眉睫的危險之中。
And the maturity of the business cycle cuts both ways.
而且，商業(yè)周期的成熟把這兩種情況都排除了。
It makes a nonsense of Mr Trump's claims to be the author of American economic success.
特朗普有關他是美國經濟成功造就者的說法純屬胡說八道。
But the economy is also capable of some welcome surprises.
但是，經濟體出現某些受歡迎的驚喜也是有可能的。
America is not the only economy doing well.
美國不是唯一運轉良好的經濟體。
For about a year, a synchronised global expansion, taking in Europe, Asia and the Americas, has been under way.
一年來，發(fā)生在歐洲、亞洲和美洲的某種步調一致的全球擴張一直都在進行之中。
GDP growth in the euro zone, a region until recently synonymous with economic misery, is around 2.5%, despite slower population growth than America's.
在直到最近都是經濟窘境代名詞的歐元區(qū)，GDP增長在2.5%左右，盡管其人口增長慢于美國。
But America stands out because of where it is in the cycle.
但是，美國的一枝獨秀是因為她正處于擴張周期中。
If it continues in 2018, this expansion will become the country's second-longest ever.
倘若這一周期在2018年繼續(xù)下去，這次的擴張將成為該國史上的第二長時間擴張。
True, there are perils.
誠然，風險是存在的。
As the business cycle matures, there is more chance that the economy will overheat, because of bottlenecks in the jobs market;
隨著商業(yè)周期走到頭，由于就業(yè)市場的瓶頸，經濟將會過熱的可能性越來越大；
or that the central bank overtightens in order to prevent things from running too hot.
為防止事態(tài)過熱，央行過度收緊的可能性也越來越大。
The longer the economy keeps growing, moreover, the more scope there is for financial imbalances, such as excess debt or frothy asset prices, to build up.
經濟體越長時間地保持增長，過度債務或者是泡沫化的資產價格等金融失衡逐步累積的空間就越大。
Some warning signals are flashing.
一些警示信號正在閃爍。
The gap between long-term and short-term interest rates has narrowed, as it tends to before recessions.
長短利率差已經如其在危機之前常常好出現的那樣縮小。
Yet the evidence for overheating is thin.
然而，過熱的證據是貧乏的。
Inflation has trended lower this year.
今年以來，通脹一路走低。
Wage growth has picked up a little, thankfully, but shows few signs of accelerating.
好在工資增長有所抬頭，但沒有顯現出多少加速的跡象。
Pay would have to increase by quite a lot more before rising inflation is a real worry.
工資支付不得不在日漸上升的通脹之前大幅增長是一個確切的擔憂。
譯文來源考研英語時事閱讀
