WGLJZJTQGJKMJ

I think you are right about the difference between peak and trough.

However, on the left half of the peak, economic growth approaches zero but still at a positive rate.

Compared with expansion which always enjoys a higher growth rate, peak is a transitory period that is charaterized by slowness in GDP growth rate, spending, investments and hiring.

Therefore, the expression "growth rate of spending has begun to slow down" and "the rate of hiring has slowed" best comply with peak.

BTW, no "late expansion" can be found by classfications of economic cycle

WGLJZJTQGJKMJ

I hope the following chart makes more sense to you.

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Economic Cycle

2013-11-22 19:56