Final answer:
According to the provided information, the economy is currently in an expansion phase, having recovered from the brief recession caused by the COVID-19 pandemic that ended in May 2020.
Step-by-step explanation:
The question concerns the identification of the current point in the business cycle that the economy now occupies. The business cycle comprises four stages: expansion, peak, contraction, and trough. According to the provided information, the most recent recession began in February 2020 due to the COVID-19 pandemic and officially ended in May 2020. Since then, the economy has moved into an expansion phase. The previous cycle lasted from June 2009 to February 2020, marking the longest recorded expansion period, followed by the shortest recession. With the end of the pandemic-induced recession, the economy entered into another expansion phase post-May 2020. Given the absence of a more recent date, it is reasonable to deduce that the economy is currently in an expansion phase, having recovered from the pandemic-induced trough.