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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 ...
A small economic expansion within the depression began in 1933, with gold inflow expanding the money supply and improving expectations; the expansion would end in 1937. The ultimate recovery, which would occur with the start of World War II in 1940, was credited to monetary policy and monetary expansion. [57] Recession of 1937–1938: May 1937 –
The American economy then took a sharp downturn, lasting for 13 months through most of 1938. Industrial production fell almost 30 per cent within a few months and production of durable goods fell even faster. Unemployment jumped from 14.3% in 1937 to 19.0% in 1938, rising from 5 million to more than 12 million in early 1938. [216]
A fragile stock market recovery had long since fallen apart by the time Sept. 24, 1937 rolled around, but a fresh wave of panic sent the Dow Jones Industrial Average Fear and Loathing of Market ...
In the 29 years that Joe Gray has worked flotillas of barges up and down the Ohio River, he has witnessed the decline at the heart of industrial America.
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.
The CIO had much success in organizing, with the Steel Workers Organizing Committee getting a contract with U.S. Steel in 1937, and winning the Flint Sit-Down Strike and getting General Motors to recognize the United Auto Workers (UAW) as the collective bargainer for GM workers. Having succeeded with GM, the UAW next turned its attention to ...
The Republicans in Washington had a Whiggish vision of an industrial nation, with great cities, efficient factories, productive farms, all national banks, all knit together by a modern railroad system, to be mobilized by the United States Military Railroad. The South had resisted policies such as tariffs to promote industry and homestead laws ...