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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.
By 1939, the effects of the 1937 recession had disappeared. Employment in the private sector recovered to the level of the 1936 and continued to increase until the war came and manufacturing employment leaped from 11 million in 1940 to 18 million in 1943. [73] Another response to the 1937 deepening of the Great Depression had more tangible results.
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The story of the Great Depression is often told in pictures: while few people recognize the names "Smoot-Hawley" or "Schechter Poultry," photographs of bank runs and bread lines continue to pack a ...
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 ...
The recovery, however, was very slow. The nadir of the Great Depression was 1933, and recovery was rapid until the recession of 1938 proved a setback. There were no major new industries in the 1930s that were big enough to drive growth the way autos, electricity and construction had been so powerful in the 1920s. GDP surpassed 1929 levels in 1940.
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