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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 1937–38, 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 would be first steps to a restoration of the pre March 1933 policy regime.
[48] [49] It was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. [50] [51] One contributing policy that reversed reflation was the Banking Act of 1935, which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. [52]
In 1937, the American economy unexpectedly fell, lasting through most of 1938. Production declined sharply, as did profits and employment. Unemployment jumped from 14.3% in 1937 to 19.0% in 1938. [70] A contributing factor to the Recession of 1937 was a tightening of monetary policy by the Federal Reserve.
I've become increasingly dismayed at the mainstream media's failure to explain the root cause of the Great Recession. While the crisis spawned entertaining films like Inside Job and captivating ...
There have been 13 official recessions dating back to 1937, according to Calvasina's research. ... as early as nine months before the end of a recession. There is one exception: the 2001 recession ...
This recession was one of the main causes of the American Civil War, which would begin in 1861 and end in 1865. This is the earliest recession to which the NBER assigns specific months (rather than years) for the peak and trough. [6] [8] [21] 1860–1861 recession October 1860 – June 1861 8 months 1 year 10 months −14.5% —
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.