Search results
Results From The WOW.Com Content Network
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.
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.
The Depression's damage to large cities, suburbs, towns and rural areas varied according to the economic base. Most serious in larger cities was the collapse of the construction industry with new starts falling to less than 10% of the norm of the late 1920s.
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.
For premium support please call: 800-290-4726 more ways to reach us
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% —
A recession is broadly defined as two consecutive quarters of contraction. On a quarter-on-quarter basis, GDP slipped 0.1%, compared with a 0.3% rise expected in the Reuters poll.
This page was last edited on 7 June 2020, at 15:16 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply ...