Economic expansion is usually reflected through high employment and productivity. That's when risky assets like the S&P 500 rally, as it drives future revenue expectations.

However, what we're seeing is quite alarming. The unemployment rate has been rising over the past 4 years, yet the S&P 500 rallies anyway.
This shows how technological innovation and companies running their businesses more efficiently can reduce the need for human workers.
The world is becoming ever more competitive.