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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 ... The U.S. population was 124,840,471 in 1932 and 128,824,829 in 1937, an increase ... The most important cause was the growth of state ...
This recession was mild enough that it may have only been a slowdown in the growth cycle. One theory holds that this would have been a recession, except the United States began to gear up for the Mexican–American War, which began April 25, 1846. [16] 1847–1848 recession late 1847 – late 1848 ~1 year ~1 year −19.7% —
The price of said assets correspondingly increase, which attracts more speculators, and more credit. And on and on, until there's no credit left to drive the prices higher. It's at this point that ...
The recovery, however, was very slow. The nadir of the Great Depression was 1933, and recovery was rapid until the recession of 1938 proved a setback. There were no major new industries in the 1930s that were big enough to drive growth the way autos, electricity and construction had been so powerful in the 1920s. GDP surpassed 1929 levels in 1940.
US interest rates have been at 23-year high for months, yet unemployment is low, stocks have reached repeated record highs and there’s no recession in sight.
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.
“The scourge of inflation, which hit a 39-year high of 6.8 percent in November, has returned with a vengeance and is the main culprit behind the latest increase,” Schwartz noted.