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In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP had fallen 5.1% by the second quarter of 2009) and the unemployment rate reached 24.9% (the highest since was the 10.8% rate reached during the 1981–1982 recession).
- 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.
- The (likely) coronavirus recession. The global economy has not yet entered a recession, but economists are predicting that the effects of the coronavirus pandemic -- including businesses being shut down and millions of workers staying at home -- will cause U.S. GDP to decline for at least the first two quarters of 2020.
- The Great Recession (December 2007 to June 2009) The country's GDP fell 4.3% and the unemployment rate would eventually reach 10%. The recession lasted 18 months and required massive government stimulus to turn the economy around, including a $700 billion bailout of the financial industry, along with insurance and automobile companies, and another government stimulus package worth more than $800 billion.
- Dot-com recession (March 2001 to November 2001) The dot-com bubble burst in 2000, when an over-inflated Nasdaq lost more than 75% of its value and wiped out a generation of tech investors.
- Gulf War recession (July 1990 to March 1991) A mild recession kicked off in 1990, as the Federal Reserve had been slowly raising interest rates for over two years to keep inflation in check.
Jul 4, 2024 · Great Depression. The Great Depression, however, is widely considered to have been the most severe recession in U.S. history. Following the Wall Street Crash in 1929, the country's economy...
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.
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Since the Great Depression of the early 1930s, there have been 14 U.S. recessions. They come around, on average, once every six or seven years. Sometimes the gap is longer — for example, there were 12 years between the Great Recession of 2008 and the COVID-19 recession in 2020.
