Sector Resilience in Economic Cycles

John, a portfolio manager, is analyzing the current economic environment to make informed investment decisions for his clients. He recalls that in the late cycle phase of the business cycle, typically characterized by rising inflation and decreasing consumer spending, certain sectors may perform better than others. John is considering the implications of the economic indicators he’s observing, particularly the Consumer Price Index (CPI) and the unemployment rate. Based on this analysis, he wants to reposition his portfolio to align it with the prevailing economic conditions.

Which sector is likely to be most resilient and demonstrate consistent performance during the latter stages of an economic cycle?