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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.
Throughout the industrial world, cities were devastated during the Great Depression, beginning in 1929 and lasting through most of the 1930s. Worst hit were port cities (as world trade fell) and cities that depended on heavy industry, such as the steel and automotive industries. Service-oriented cities were hurt less severely.
The thesis is based on the observation that after years of deflation and a very severe recession important economic indicators turned positive in March 1933 when Franklin D. Roosevelt took office. Consumer prices turned from deflation to a mild inflation, industrial production bottomed out in March 1933, and investment doubled in 1933 with a ...
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.
Economic collapse, also called economic meltdown, is any of a broad range of poor economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death ...
The First New Deal (1933–1934) dealt with the pressing banking crisis through the Emergency Banking Act and the 1933 Banking Act.The Federal Emergency Relief Administration (FERA) provided US$500 million (equivalent to $11.8 billion in 2023) for relief operations by states and cities, and the short-lived CWA gave locals money to operate make-work projects from 1933 to 1934. [2]
For example, the NBER didn't declare the recent pandemic-related recession in March 2020 an official recession until July 2021. The contrarian: Michael Burry of "The Big Short" fame in 2015.
In 1937 the short period of economic recovery in the Netherlands stagnated again when the United States suffered its Recession of 1937–38. Another reason for stagnation were the rising political tensions caused by Germany's increasingly aggressive behaviour, causing uncertainty and the withdrawal of capital from European economies.