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- Starting with an eight-month slump in 1945, the U.S. economy has weathered 13 different recessions since World War II.
www.history.com/news/us-economic-recessions-timelineHow the US Got Out of 13 Economic Recessions Since World War II
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Before the COVID-19 recession began in March 2020, no post-World War II era had come anywhere near the depth of the Great Depression, which lasted from 1929 until 1941 (which included a bull market between 1933 and 1937) and was caused by the 1929 crash of the stock market and other factors.
- February to October 1945: End of WWII
- November 1948 to October 1949: Post-War Consumer Spending Slows
- July 1953 to May 1954: Post-Korean War Recession
- August 1957 to April 1958: Asian Flu Pandemic
- April 1960 to February 1961: The Recession That Cost Nixon An Election
- December 1969 to November 1970: Putting The Brakes on 1960s Inflation
- November 1973 to March 1975: The Oil Embargo
- January to July 1980: Second Energy Crisis and Inflation Recession
- July 1981 to November 1982: Double Dip Recession
- July 1990 to March 1991: S&L Crisis and Gulf War Recession
World War II was an economic boon for the U.S. economy as the government infused tens of billions of dollars into manufacturing and other industries to meet wartime needs. But with the surrender of both Germany and Japan in 1945, military contracts were slashed and soldiers started coming home, competing with civilians for jobs. As government spend...
When wartime rations and restrictions were lifted after WWII, American consumers rushed to catch up on years of pent-up purchases. From 1945 to 1949, American households bought 20 million refrigerators, 21.4 million cars, and 5.5 million stoves. When the consumer spending boom began to level off in 1948, it triggered a “mild” 11-month recession in ...
This relatively short and mild recession followed the script of the post-WWII recession as heavy government military spending dried up after the end of the Korean War. During a 10-month contraction, GDP lost 2.2 percent and unemployment peaked around 6 percent. The post-Korean War recession was exacerbated by the Federal Reserve’s monetary policy. ...
In 1957, an Asian Flu pandemicspread from Hong Kong across India and into Europe and the United States, sickening untold numbers and ultimately killing more than a million people worldwide. The illness also triggered a global recession that cut U.S. exports by more than $4 billion. Again, the economic problems were compounded by the Fed raising int...
Just two years later, Richard M. Nixon was vice president when the nation sunk into yet another recession. Nixon blamed the economic slump for his loss to John F. Kennedyin the 1960 presidential election. There were two major causes of this 10-month recession, during which GDP declined 2.4 percent and unemployment reached nearly 7 percent. The firs...
This extremely mild recession was another course correction engineered by the Fed under the Nixon administration. After the previous recession, the U.S. economy went on a decade-long expansion that saw inflation rise to over 5 percent in 1969. In response, the Fed once again raised interest rates, which had the intended consequence of cooling the h...
This recession marked the longest economic slump since the Great Depressionand was caused by a perfect storm of bad economic news. First, there was the Oil Embargo of 1973, imposed by the Organization of the Petroleum Exporting Countries (OPEC). With the oil supply restricted, gas prices soared and Americans cut spending elsewhere. At the same time...
Oil prices skyrocketed again in 1979 caused by disruptions to the oil supply during the Iranian Revolutionand increased global oil demand. This led to high prices and long lines at the gas pump in the United States. Meanwhile, inflation had grown to a staggering 13.5 percent and the Fed had no choice but to raise interest rates, which put the brake...
This far more painful recession came close on the heels of the short 1980 recession, introducing Americans to the phrase “double-dip recession.” For the third time in a decade, one of the recessionary triggers was an oil crisis. The Iranian Revolution was over, but the new regime under Ayatollah Khomeini continued to export oil inconsistently and a...
A host of factors led to the economic slowdown of the early 1990s. One was the failure of thousands of Savings & Loan institutions in the late 1980s which hit the mortgage lending market particularly hard. Fewer mortgages meant record low levels new construction, which had far-reaching effects across the economy. While that may have been enough to ...
- Dave Roos
May 31, 2024 · The U.S. has experienced 34 recessions since 1857 according to the NBER, varying in length from two months (February to April 2020) to more than five years (October 1873 to March 1879).
This chart shows every recession the US has gone through since 1960, and how they compare to the economic meltdowns of other countries
- COVID-19 Recession (February - April 2020) The COVID-19 recession is by far the deepest since World War II. It is also the shortest, lasting only two months from peak to trough.
- The Great Recession of 2008 (December 2007 - June 2009) The Great Recession was the longest recession since World War II; it was also the deepest until the COVID-19 recession of 2020.
- The September 11 Recession (March - November 2001) This recession is often called the “dot-com recession” because it started when the stock prices of internet companies crashed.
- The Gulf War Recession (July 1990 - March 1991) The Gulf War Recession was brief and mild: It lasted only eight months, and real GDP fell 3.6% in the fourth quarter of 1990.
Jun 13, 2023 · What have recessions looked like in the past? The US has gone through 34 recessions since 1857. Thirteen of those occurred after World War II. From 1857 to 2020, recessions lasted an average of 17 months. In the 20th and 21st centuries, the average recession length decreased to 14 months.
Jul 9, 2024 · There have been 19 major recessions in the United States. Learn how GDP, unemployment, and more were affected, how bad they were, and when they ended.
