Indeed, airlines have been awful investments over the years, because they are the ultimate cyclical industry.

I don't think problems with housebuilding (a cyclical industry) and retailing (ditto) quite take us into that level of decline.

Of course, that doesn't mean a downturn won't emerge to knock this famously cyclical industry.

Paying a rising divvy in a cyclical industry always looked a triumph of hope over experience.

The company, which makes ceramic and other equipment that goes into steel plants, has been seen as heavily dependent on a highly cyclical industry.