Identifying Business Cycle Stage from Economic Indicators

John is an analyst at a wealth management firm. He is tasked with preparing a report on the current state of the economy and how the business cycle might affect his clients' portfolios. Recently, he noted signs of increasing consumer spending, declining unemployment rates, and rising industrial production. Given these indicators, John is trying to forecast where the economy is likely headed in the short term.

Which stage of the business cycle is most likely being described based on the economic indicators observed by John?