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In the United States, the Great Depression began with the Wall Street Crash of October 1929 and then spread worldwide. The nadir came in 1931–1933, and recovery came in 1940. The stock market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic ...
In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP had fallen 5.1% by the second quarter of 2009) and the unemployment rate reached 24.9% (the highest since was the 10.8% rate reached during the 1981–1982 recession). [40]
The Great Depression (1929–1939) was a severe global economic downturn that affected many countries across the world. It became evident after a sharp decline in stock prices in the United States, the largest economy in the world at the time, leading to a period of economic depression. [ 1] The economic contagion began around September 1929 ...
Differences explicitly pointed out between the recession and the Great Depression include the facts that over the 79 years between 1929 and 2008, great changes occurred in economic philosophy and policy, [ 9] the stock market had not fallen as far as it did in 1932 or 1982, the 10-year price-to-earnings ratio of stocks was not as low as in the ...
The United States entered recession in January 1980 and returned to growth six months later in July 1980. [ 1] Although recovery took hold, the unemployment rate remained unchanged through the start of a second recession in July 1981. [ 2] The downturn ended 16 months later, in November 1982. [ 1]
The Great Depression in a monetary view. In their 1963 book A Monetary History of the United States, 1867–1960, Milton Friedman and Anna Schwartz laid out their case for a different explanation of the Great Depression. Essentially, the Great Depression, in their view, was caused by the fall of the money supply.
The unemployment rate (U-3), measured as the number of persons unemployed divided by the civilian labor force, rose from 5.0% in December 2007 to peak at 10.0% in October 2009, before steadily falling to 4.7% by December 2016 and then to 3.5% by December 2019. [ 40] By August 2023, it reached 3.8 percent.
The values indicate the average annual rate of change in the unemployment rate over the years in office. 1945–present data is from Bureau of Labor Statistics Labor Force Statistics; data prior to 1945 is from McElvaine's The Great Depression, Three Rivers Press (2009), Chapter 4