Not all economic changes are created equal. Some sneak in slowly and stay forever, others come and go like waves, and a few follow the seasons like clockwork.

For an analyst, understanding what kind of trend you’re dealing with. Is it secular, cyclical, or seasonal? This can make the difference between a smart forecast and a misleading assumption.

This section breaks down these trends and shows you how to recognize them and, more importantly, how to factor them into your research.