According to industry analyst Brian Foley of Brian Foley and Associates, Sparta, New Jersey, the current "stagnant period" for general aviation is "no cause for panic or even pessimism." He added, "Most recoveries aren't linear and the occasional pullback can be expected. A year ago we postulated this recovery might have a W-shape, and that appears to be what's happening." Foley blames double-digit percentage drops in global stock markets for the slowdown. He said, "Europe is the world's second largest business-aviation market. Financially, it's been in disarray." Still, he sees a positive long-term outlook once the European markets adjust themselves ("They always do," he said). The current slowdown won't be as long or as deep as the spiral downturn of 2008-2009, said Foley.