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The American economy took a sharp downturn in mid-1937, lasting for 13 months through most of 1938. Industrial production declined almost 30 percent, and production of durable goods fell even faster. Unemployment jumped from 14.3% in May 1937 to 19.0% in June 1938. [1] Manufacturing output fell by 37% from the 1937 peak and was back to 1934 ...
Though not severe, this downturn lasted for nearly two years and saw a distinct decline in the national product. Industrial and commercial production both declined, albeit fairly modestly. [26] The recession came about a year after a 1901 stock crash. Panic of 1907: May 1907 – June 1908 1 year 1 month 2 years 9 months −29.2% −31.0%
Due to the more temperate climate, large-scale plantations in the American South grew labor-intensive cash crops like sugarcane, rice, cotton, and tobacco requiring the importation of thousands of enslaved Africans to maintain. Early American farmers were not self-sufficient; they relied upon other farmers, specialized craftsmen, and merchants ...
As a result of this change nearly two thirds of the banks formed over the next ten years were quite small, averaging just above the 25,000 in required capital. [14] The number of banks would nearly double (number of banks divided by Real GDP) from 1890 to 1920 due to the lack of oversight and qualification when banking charters were being ...
American imports and exports plunged by more than two thirds, but since international trade was less than 5% of the American economy, the damage done was limited. The entire world economy, led by the United States, had fallen into a downward spiral that got worse and worse, and in 1931–32 began plunging downward even faster.
The high price of petroleum encouraged intensified exploration in the US and elsewhere, and eventually resulted in the discovery of large new petroleum deposits. American oil production surged in the early 1920s, particularly in north Texas and the Los Angeles Basin in California, driving down both imports and the price of oil. [27]
Source: Chauncey M. Depew (ed.), One Hundred Years of American Commerce 1795–1895 p. 111 1864, Pennsylvania oil drilling early in the history of the petroleum industry in the United States Railroad executives invented modern methods for running large-scale business operations, creating a blueprint that all large corporations basically followed.
The Great Compression refers to the period of substantial wage compression in the United States that began in the early 1940s. During that time, economic inequality as shown by wealth distribution and income distribution between the rich and poor became much smaller than it had been in preceding time periods.