I agree with parkfell's post above. Both of us were in the training system in the early '90s the last time there was a boom like this and both of us also watched the slump that followed. Since then there have been lesser booms and slumps. Whether there is a real 7 year cycle or not I am less sure because, historically, when the market slumps it is always following an unforeseen 'black swan' type event such as 9/11, SARS, the sub-prime mortgage crisis or the Gulf War.
Right now demand is close to exceeding supply, to the extent that candidates dumped from integrated school's holding pools several years ago after repeated failures to find jobs are being called back into the system. The market is certainly close to a historic high although jobs are not yet being offered on the basis of 'show me your license - you're hired'.