The evidences show that cyclical industry debt decreases significantly as the macroeconomic changes from expansion to recession.

结果表明：在宏观经济衰退期，周期型行业较以前显著降低了债务比率；

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The current boom is a strong cyclical expansion, not necessarily a secular upswing.

ECONOMIST: Too triumphalist by half

"The deficit will be reduced by the cyclical expansion that is now under way, which will absorb spare capacity in the economy, " Charles Collyns, deputy director of the IMF's Western Hemisphere Department, told reporters.

CNN: IMF: U.S. needs to balance budget

While this secular bet will not be settled for some time, MSFT should get a cyclical boost late this year with the Windows 8 launch, expansion into the ARM- and Intel-based tablet markets, Office and Server product line refreshes, and a potential macro recovery and cyclical rebound in PCs.

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