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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).
The American economist Charles P. Kindleberger of long-term studying of the Great Depression pointed out that in the 1929, before and after the collapse of the stock market, the Fed lowered interest rates, tried to expand the money supply and eased the financial market tensions for several times; however, they were not successful.
After the Wall Street crash of 1929, when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with the Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932.
The U.S. economy likely lost a staggering 22 million jobs in April, in what would be the steepest plunge in payrolls since the Great Depression and the starkest sign yet of how the novel ...
The U.S. unemployment rate climbed from a half-century low of 3.5% to 4.4% in March – and is expected to go a lot higher.But could the rate, as some predict, surpass the 25% joblessness the U.S ...
The Economies of Africa and Asia in the Iinter-war Depression (1989) Davis, Joseph S. The World Between the Wars, 1919–39: An Economist's View (1974) Drinot, Paulo, and Alan Knight, eds. The Great Depression in Latin America (2014) excerpt; Eichengreen, Barry. Golden Fetters: The gold standard and the Great Depression, 1919–1939. 1992 ...
Other data series are available back to 1912. The unemployment rate has varied from as low as 1% during World War I to as high as 25% during the Great Depression. More recently, it reached notable peaks of 10.8% in November 1982 and 14.7% in April 2020. Unemployment tends to rise during recessions and fall during expansions.
In the United States the unofficial beginning and ending dates of national economic expansions have been defined by an American private non-profit research organization known as the National Bureau of Economic Research (NBER). The NBER defines an expansion as a period when economic activity rises substantially, spreads across the economy, and ...