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In 2009 the sun was at the bottom of its cycle.
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It is also at the bottom of its down cycle.
While yesterday's report from the government seemed to confirm the widespread notion that the economy was bumping along the bottom of its growth cycle, "the worst, as far as individual companies' earnings are concerned, may not be over," said William V. Fries, manager of the Thornburg Value Fund.
In previous cycles unemployment has bottomed out on average 0.8 per cent below Nairu, suggesting that at the bottom of this cycle it will be around 4.2 per cent.
Olli Rehn, the commissioner in charge of enlargement, puts it another way: "We are at the bottom of the cycle, and populism is at its height".It is tempting to tell them to stop whingeing.
Many economists say that China has an institutionalised bias to over-reporting growth at the bottom of a cycle and under-reporting it at the top, to reduce the volatility of the numbers.
It is asset rich, cash generative and unloved as it goes though the bottom of the cycle.
The growth in manufacturing since the bottom of the cycle may be stalling, but it has not reversed.
It's easier to consolidate at the bottom of the cycle, once rig rates have fallen and suddenly those $500 million ultra-deepwater semi-submersible rigs can no longer cover their finance costs.
"At the bottom of the cycle, you have a better opportunity to fix an airline.
At the bottom of the cycle, total retail sales were down 11 percent from the peak level.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com