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The recession of 1937–1938 was an economic downturn that occurred during the Great Depression in the United States. By the spring of 1937, production, profits, and wages had regained their early 1929 levels. Unemployment remained high, but it was substantially lower than the 25% rate seen in 1933.
The recession of 1937–1938, which slowed down economic recovery from the Great Depression, is explained by fears of the population that the moderate tightening of the monetary and fiscal policy in 1937 were first steps to a restoration of the pre-1933 policy regime.
During the first two years of the Depression (1929 and 1930) Hoover actually achieved budget surpluses of about 0.8% of gross domestic product (GDP). In 1931, when the recession significantly worsened and GDP declined by 15%, the federal budget had only a small deficit of 0.6% of GDP.
By 1939, the effects of the 1937 recession had disappeared. Employment in the private sector recovered to the level of the 1936 and continued to increase until the war came and manufacturing employment leaped from 11 million in 1940 to 18 million in 1943. [73] Another response to the 1937 deepening of the Great Depression had more tangible results.
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These have two major problems and then a third interpretive problem when compared to modern unemployment numbers. 1) They exclude people directly employed in WPA and other New Deal programs. This is an issue Michael Darby covered over four decades ago an in article entitled ""Three-and-a-Half Million U.S. Employees Have Been Mislaid: Or, an ...
The recession may be explained partly by ongoing financial difficulties following the war, which discouraged businesses from building up inventories. [19] Several months into the recession, there was a major financial panic. Panic of 1873 and the Long Depression: October 1873 – March 1879 5 years 5 months 2 years 10 months −33.6% (−27.3% ...