price recession

"Manufacturing is in a pricing recession," Mr. Yardeni said.

Years of profligate spending by his Republican predecessor Nelson Rockefeller had been exacerbated by declining tax revenues during the oil price recession of the mid-1970s.

Added to all this were wrangles over the Community Budget and the Common Agricultural Policy together with the protective responses which followed in the wake of the oil price recessions of the 1970s and growing foreign competition.

The message repeatedly announced by the business leaders, the news media and much of the political leadership is that Houston is back on its feet after the catastrophic oil price recession of the 1980's and that it is ready once again to engage in the economic competition it relishes.