The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the overall post–World War II economic expansion. It differed from many previous recessions by involving stagflation, in which high unemployment and high inflation existed simultaneously. November 1973 – March 1975 · 1 year 4 months Peak unemployment: 9.0% (May 1975) · GDP: −3.2% S&P 500: −23.0% over the recession The 1973 oil crisis, a quadrupling of oil prices by OPEC, coupled with the 1973–1974 stock market crash led to a stagflation recession in the United States. Dates: the National Bureau of Economic Research's business cycle chronology. Wiki link Wiki link