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The Dow Jones Industrial Average, 1928–1930. The "Roaring Twenties", the decade following World War I that led to the crash, [4] was a time of wealth and excess.Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector.
Data for 1910-1930 from Christina Romer (1986), "Spurious Volatility in Historical Unemployment Data", The Journal of Political Economy, 94(1): 1-37. Data for 1930-1940 from Robert M. Coen (1973). "Labor Force and Unemployment in the 1920's and 1930's: A Re-Examination Based on Postwar Experience", The Review of Economics and Statistics, 55(1 ...
The New York Times reported some of the causes and consequences of higher black unemployment in February 2018: "Even at the low of 6.8 percent recorded in December [2017] — it climbed back to 7.7 percent in January — the unemployment level for black Americans would qualify as a near crisis for whites. And the relative gains have not erased ...
Essays on the Great Depression (2000) Bernstein, Michael A. The Great Depression: Delayed Recovery and Economic Change in America, 1929–1939 (1989) focus on low-growth and high-growth industries; Bordo, Michael D., Claudia Goldin, and Eugene N. White, eds. The Defining Moment: The Great Depression and the American Economy in the Twentieth ...
Year: 2,294 banks went down with nearly $1.7 billion in deposits. 28,285 businesses failed for a daily rate of 133 failures in 1931. Unemployment rises to 16%. Unemployment rises to 16%. US nominal GDP falls to $77 billion, and growth is −8.5%.
The Great Depression had particularly strong effects on the Black community in the 1920s and 30s, forcing Black women to reckon with their relationship to the U.S. government. Due to the downturned economy, jobs were scarce and Black men were a huge target of the lay-offs, making up a large population of the unemployed during the Depression.
Locked in the Poorhouse: Cities, Race, and Poverty in the United States is a 30-year update of the final report of the National Advisory Commission on Civil Disorders (the Kerner Commission), co-authored by former Kerner Commissioner, Senator and Milton S. Eisenhower Foundation Chairman Fred R. Harris and Eisenhower Foundation President Alan Curtis.
Thus, another factor that is masked by the raw numbers is that the areas African Americans were moving into were already experiencing black unemployment rates of up to 40%, and where there were few employers that utilized unskilled and undereducated labor, at all (Wright 1987:175).