Michael Thompson, managing director of Global Market Intelligence at S&P Capital IQ, told CNBC, "if you go back 30 years there is a pretty predictable looking cycle, when there is a contraction you have a natural recovery, the most disconcerting thing is that we had the sharpest contraction in 2008/2009 and effectively the bounce back was very anaemic so when you look at that kind of stuff you have to be very careful."