Is companies’ situation still cyclical?

The prospect of a cyclical deterioration in the United States and the euro zone leads to a weakening of share prices. But this assumes that companies’ financial situation (earnings, default risk) is still cyclical. Can we imagine that companies’ financial situation is no longer cyclical? The following observations point to this conclusion: Real wages that are increas ing slower than productivity, as the gap between productivity and real wage s can then absorb the decline in productivity gains caused by the decline in growth; The ongoing fall in interest paid on corporate debt, thanks to the very low interest rates; The ongoing fall in the corporate tax burden thanks to the expansionary fiscal policies. All things considered, can we believe that companies’ financial situation has become non-cyclical?