The quadrupling of OPEC oil prices in late 1973 and early 1974 had a profound and permanent impact on the U.S. economy. The initial impact was an explosion in the prices of most goods and services, as well as the longest and most severe decline in national output since the 1930s. The recession trough occurred over two years ago and the rate of inflation has fallen substantially since 1974. While the inflation rate remains quite high by historical standards, the primary focus of concern, at least in official circles, seems to have shifted toward the persistence of an unacceptably high unemployment rate and the associated loss of national output.