University note victory and good economic recovery (7)
I believe the answer is:
upswing
'economic recovery' is the definition.
(I've seen this before)
'university note victory and good' is the wordplay.
'university' becomes 'u'.
'note' becomes 'ps' (PS is an example**).
'victory' becomes 'win' (I've seen this before).
'and' means one lot of letters go next to another.
'good' becomes 'g' (abbreviation).
'u'+'ps'+'win'+'g'='UPSWING'
(Other definitions for upswing that I've seen before include "Golfer's first movement" , "Improving trend" , "Trend towards what is higher or better" , "on course?" , "Remarkably typical" .)