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Asyut Travel on The economy finally started a recovery in the fourth quarter of 1982, the beginning of which is shown in the figure. Business cycles and panics. Business cycles are very irregular. There is no set duration to any of the phases, and correspondingly, there is no specific duration that the entire cycle lasts. For example, since the AMERICAN CIVIL WAR, there have been 29 complete business cycles in the United States. The shortest one was only 17 months (August, 1918 to January, 1920), with its ex- 104 business cycles 1980 (I) 1980 (III) 1981 (I) 1981 (III) 1982 (I) 1982 (III) 1983 (I) Year (Quarter) Real GDP (1996$) 5150 5100 5050 5000 4950 4900 4850 4800 4750 4700 pansion lasting 10 months, while the longest lasted more than 10 years (July, 1990 to March, 2001). Clearly the length of business cycles varies considerably. Asyut Travel 2016.