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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 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]
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 bad fortunes of the car industry caused the third-largest U.S. carmaker to lay off 12,000 people in late 2007. Later, the company fired another 5,000 employees -- or about 25% of its salaried ...
Shanghai Composite dropped to a four-year low, escalating their economic downturn since the 2015 recession. [37] [38] 2020 stock market crash: 24 Feb 2020: The S&P 500 index dropped 34%, 1145 points, at its peak of 3386 on February 19 to 2237 on March 23. This crash was part of a worldwide recession caused by the COVID-19 lockdowns. [39] [40] [41]
1937 Memorial Day massacre at the Republic Steel Company, Chicago (May 30, 1937). The Little Steel strike was a 1937 labor strike by the Congress of Industrial Organizations (CIO) and its branch the Steel Workers Organizing Committee (SWOC), against a number of smaller steel producing companies, principally Republic Steel, Inland Steel, and Youngstown Sheet and Tube Company.
The big tech and mortgage industries were the first to sound the alarm, with layoffs announced in early 2022, and banks, retailers, and media companies have followed suit.
Companies established in 1937 (17 C, 5 P) A. 1937 mergers and acquisitions (7 P) C. Currencies introduced in 1937 (3 P) L. ... Recession of 1937–1938 This page was ...