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In general, the business cycle is said to go through expansion, then the peak, followed by contraction, and then it finally bottoms out with the trough.
Referring to the most recently completed 12 month period. For example, trailing 12 month earnings refers to a company's earnings over the 12 months ending on the last day of the most recent month. Showing developments on a trailing 12 month basis is common way of tracking a company's finances. It is less commonly called last 12 months.