Review of the quarter's economic trends [July 1980]

Bell, David N.F. and Fraser, Neil and Hamilton, Douglas and Harrigan, F. and Jowett, Anne and Kirwan, Frank X. and McNicoll, Iain and Moar, Lyle and O'Donnell, N. and Orton, Ian (1980) Review of the quarter's economic trends [July 1980]. Quarterly Economic Commentary, 6 (1). pp. 1-5. ISSN 0306-7866

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The world economy is now clearly moving into recession. Industrial output in the United States, having risen by 9.7% between 1st quarter 1978 and 1st quarter 1979, fell back in the first three months of 1980, with production in March 1.5% below the level of the same month in 1979. The UK economy has entered a recession whose depth and intensity are likely to exceed the corresponding characteristics of the 1974-75 downturn.