Was there a rescission in the 1980's?

Yes, there was a recession in the 1980s, specifically a significant one that occurred in the early part of the decade. This recession, which lasted from July 1981 to November 1982, was marked by high inflation and unemployment, largely driven by tight monetary policy aimed at combating inflation. The economic downturn was exacerbated by rising oil prices and a decline in manufacturing. The recovery began in late 1982, leading to a period of economic growth in the following years.