Based on the industrial production of 74 U.S. manufacturing industries, we identify the turning points of industry cycles. Industry peaks and troughs are concentrated around national turning points, conrming that the comovement is a salient feature of the business cycle. However, we nd a substantial asymmetry in the distribution of turning points: troughs (upturns) are much more concentrated than peaks (downturns). This is in contrast to the conventional notion of a sudden stop and slow recovery. While both aggregate shocks and spillover eects from input-output linkages are signicant determinants of turning points across industries, their eects are also asymmetric. For example, monetary policy and government spending shocks exhibit larger eects on troughs (upturns) than on peaks (downturns). sunoong.hwang@kiet.re.kr. We are grateful to participants at various seminars for useful comments and suggestions.