Business timeline By jensynglidewell 1980 May, Interest rates dropped and payrolls turned positive 1980 July, Recession "ends" 1980 January, Rescission starts after inflation started rising. Period: 1980 to 1978 1980-1989 timeline 1981 July, economic downturn triggered by tight monetary policy in an effort to fight mounting inflation. 1982 March, Unemployment rate was 9% 1982 October, Inflation had fallen to 5 percent and long-run interest rates began to decline. 1982 December, Unemployment rate stood at its peak of 10.8%. 1983 End of 1983, unemployment rate was 8.3% 1984 1984 presidential election unemployment rate was 7.2% 1987 The unemployment rate did not fall below 6%, until September 1987.