The report was fresh evidence that the recession is taking the steam out of inflation.

This would become a serious problem for Jaguar when the 1992 recession took hold.

We've come a long way since the recession took hold, but we still need to do more.

Of course, the recession has taken a heavy toll on jobs.

Until last week, the Administration's basic approach was to sit tight and let the recession take care of itself.

Ground was lost, however, as the recession of 1982-83 took hold.

But the deal fell through in late 1990 after the recession took hold.

Another interpretation is that there may be a lot more bad news waiting, especially if a recession does take hold.

"We've never seen a recession take this kind of a toll in the service industry."

The recession has taken its toll on all areas of fashion, particularly the luxury level.