Illustration 12.22. From the following series of annual data, for which the trend values have already been calculated, isolate cyclical fluctuations. Year 1931 1932 1933 1934 1935 1936 Actual value Trend value 170 231 261 267 278 302 287 228 239 251 263 275 Year 1937 1938 1939 1940 1941 1942 1943 Actual value 299 298 340 273 210 158 173 Trenl value 299 311 323 334 346 358 370

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