 The economy was in recession by the time of the February 1974 election, but economic growth was re-established by 1976—although inflation, which had run into double digits before Labour came to power, was now above 20%.It would remain high for the rest of this ministry, rarely falling below 10%.Unemployment was now well in excess of 1,000,000 people, whereas it had been less than 600,000 at the start of the decade.