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A History of the Federal Reserve – Volume 2, Book 2: 1970–1986. Chicago: University of Chicago Press. pp. 1243– 1256. ISBN 978-0226213514. Sumner, Scott B. (2021). The Money Illusion: Market Monetarism, the Great Recession, and the Future of Monetary Policy. Chicago: University of Chicago Press. ISBN 978-0226773681
During this recession, the Gross Domestic Product of the United States fell 3.2%. Although the recession ended in March 1975, the unemployment rate did not peak for several months. In May 1975, the rate reached its height for the cycle of 9%. [35] The recession also lasted from 1973 to 1975 in the United Kingdom.
Source: Bureau of Economic Analysis The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world (i.e. the United States, Canada, Western Europe, Australia, and New Zealand) during the 1970s, putting an end to the overall post–World War II economic expansion.
The urban crisis of the 1960s continued to escalate in the 1970s, with major episodes of riots in many cities every summer. The postwar suburbanization boom had left America's inner cities neglected, as middle-class whites gradually moved out. Rundown housing was increasingly filled by an underclass, with high unemployment rates and high crime ...
US unemployment rate, 1960–1975. The period of this recession is represented by the second shaded section. The recession of 1969–1970 was a relatively mild recession in the United States. According to the National Bureau of Economic Research, the recession lasted for 11 months, beginning in December 1969 and ending in November 1970. [1]
This, in turn, led to black market butchers, runs on beef supplies, and the rise of pasta as a main dish. In time, of course, meat supplies stabilized and prices dropped, but the damage had been done.
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]
144 years ago, the Great Fire of Chicago took over the city, causing hundreds of millions of dollars in damages.