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- Since 1945, there have been ten recessions identified by the NBER.
www.frbsf.org/research-and-insights/publications/doctor-econ/2008/01/recession-history/
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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.
- What's A Recession?
- Surveying Past U.S. Recessions
- The Own Goal Recession: May 1937–June 1938
- The V-Day Recession: February 1945–October 1945
- The Post-War Brakes Tap Recession: November 1948–October 1949
- The M*A*S*H* Recession: July 1953–May 1954
- The Investment Bust Recession: August 1957–April 1958
- The 'Rolling Adjustment' Recession: April 1960–February 1961
- The Guns and Butter Recession: December 1969–November 1970
- The Oil Embargo Recession: November 1973–March 1975
Recessions are sometimes defined as two consecutive quarters of decline in real Gross Domestic Product (GDP), which measures the combined value of all the goods and services produced in an economy. In the U.S., the National Bureau of Economic Research (NBER) defines a recession as "a significant decline in economic activity that is spread across th...
Let's take a look at all official U.S. recessions since the Great Depression, focusing on common measurements of their severity as well as causes. 1. Duration: How long did the recession last, according to NBER? 2. GDP decline: How much did economic activity contract from its prior peak? 3. Peak unemployment rate: What was the maximum proportion of...
Duration: 13 monthsGDP decline: 10%Peak unemployment rate: 20%Reasons and causes: Expansionary monetary and fiscal policies had secured a recovery from the Great Depression after 1933, albeit an uneven and incomplete one. In 1936-1937 policymakers changed cou...Duration: Eight monthsGDP decline: 10.9%Peak unemployment rate:3.8%Reasons and causes: The 1945 recession reflected massive cuts in U.S. government spending and employment toward the end and immediately after World War II. Federal spending fell 40% in 1946 and 38%...Duration: 11 monthsGDP decline:1.7%Peak unemployment rate: 7.9%Reasons and Causes: The first phase of the post-war boom was in some ways comparable to the economic recovery from the COVID-19 pandemic. Amid a backlog of consumer demand suppressed during the war...Duration: 10 monthsGDP decline:2.7%Peak unemployment rate: 5.9%Reasons and causes: The wind-down of the Korean War caused government spending to decline dramatically, lowering the federal budget deficitfrom 1.7% of GDP in fiscal 1953 to 0.3% a year later. Mean...Duration: Eight monthsGDP decline:3.7%Peak unemployment rate: 7.4%Reasons and causes: The end of the Korean War unleashed a global investment boom marked by a surge in exports of U.S. capital goods. The Fed responded by tightening monetary policy as the inflation...Duration: 10 monthsGDP decline: 1.6%Peak unemployment rate: 6.9%Reasons and causes: This relatively mild recession was named for the so-called "rolling adjustment" in U.S. industrial sectors tied to consumers' diminished demand for domestic autos amid growing c...Duration: 11 monthsGDP decline: 0.6%Peak unemployment rate:5.9%Reasons and causes: Military spending increased in the late 1960s amid growing U.S. involvement in the Vietnam War and alongside high expenditures on domestic policy initiatives.As a result, the fe...Duration: 16 monthsGDP decline: 3%Peak unemployment rate: 8.6%Reasons and causes: This long, deep recession began following the start of the Arab Oil Embargo, which would quadruple crude prices. That tipped the balance for an economy struggling with the deval...- Dave Roos
- February to October 1945: End of WWII. World War II History. 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.
- November 1948 to October 1949: Post-War Consumer Spending Slows. When wartime rations and restrictions were lifted after WWII, American consumers rushed to catch up on years of pent-up purchases.
- July 1953 to May 1954: Post-Korean War Recession. 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.
- August 1957 to April 1958: Asian Flu Pandemic. An Asian flu vaccine being rushed by helicopter to parts of the U.S. hit by the epidemic, 1957. In 1957, an Asian Flu pandemic spread from Hong Kong across India and into Europe and the United States, sickening untold numbers and ultimately killing more than a million people worldwide.
- 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.
Jul 9, 2024 · There have been 11 recessions since 1948, averaging about one recession every six years. But periods of economic expansion are varied and have lasted as little as one year to as long as a decade. The average recession before 2007 lasted about 11 months.
- Kimberly Amadeo
Aug 15, 2019 · This chart shows every recession the US has gone through since 1960, and how they compare to the economic meltdowns of other countries
Graph and download economic data for Dates of U.S. recessions as inferred by GDP-based recession indicator from Dec 1854 to Sep 2024 about recession indicators, GDP, USA, peak, and trough.
