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Dec 6, 2022 · The highest rate of U.S. unemployment was 24.7% in 1933, during the Great Depression. Unemployment remained above 14% from 1931 to 1940. It remained in the single digits until September 1982 when it reached 10.1%.
- Kimberly Amadeo
Mar 1, 2024 · The Great Depression then saw longest recession in U.S. history, with the highest ever unemployment rates, and it was not until the Second World War where many of the affected areas saw...
Oct 17, 2023 · The highest rate of unemployment since the BLS began calculating these figures was 24.9% in 1933, during the Great Depression. What Is the Lowest Unemployment Rate in U.S. History?
- What Caused The Great Depression?
- Stock Market Crash of 1929
- Bank Runs and The Hoover Administration
- Fdr and The Great Depression
- The New Deal: A Road to Recovery
- African Americans in The Great Depression
- Women in The Great Depression
- Great Depression Ends and World War II Begins
Throughout the 1920s, the U.S. economy expanded rapidly, and the nation’s total wealth more than doubled between 1920 and 1929, a period dubbed “the Roaring Twenties.” The stock market, centered at the New York Stock Exchange on Wall Street in New York City, was the scene of reckless speculation, where everyone from millionaire tycoons to cooks and...
On October 24, 1929, as nervous investors began selling overpriced shares en masse, the stock market crash that some had feared happened at last. A record 12.9 million shares were traded that day, known as “Black Thursday.” Five days later, on October 29, or “Black Tuesday,”some 16 million shares were traded after another wave of panic swept Wall S...
Despite assurances from President Herbert Hoover and other leaders that the crisis would run its course, matters continued to get worse over the next three years. By 1930, 4 million Americans looking for work could not find it; that number had risen to 6 million in 1931. Meanwhile, the country’s industrial production had dropped by half. Bread line...
Hoover, a Republican who had formerly served as U.S. secretary of commerce, believed that government should not directly intervene in the economy and that it did not have the responsibility to create jobs or provide economic relief for its citizens. In 1932, however, with the country mired in the depths of the Great Depression and some 15 million p...
Among the programs and institutions of the New Deal that aided in recovery from the Great Depression was the Tennessee Valley Authority (TVA), which built dams and hydroelectric projects to control flooding and provide electric power to the impoverished Tennessee Valley region, and the Works Progress Administration (WPA), a permanent jobs program t...
One-fifth of all Americans receiving federal relief during the Great Depression were Black, most in the rural South. But farm and domestic work, two major sectors in which Black workers were employed, were not included in the 1935 Social Security Act, meaning there was no safety net in times of uncertainty. Rather than fire domestic help, private e...
There was one group of Americans who actually gained jobs during the Great Depression: Women. From 1930 to 1940, the number of employed women in the United Statesrose 24 percent from 10.5 million to 13 million Though they’d been steadily entering the workforce for decades, the financial pressures of the Great Depression drove women to seek employme...
With Roosevelt’s decision to support Britain and France in the struggle against Germany and the other Axis Powers, defense manufacturing geared up, producing more and more private-sector jobs. The Japanese attack on Pearl Harborin December 1941 led to America’s entry into World War II, and the nation’s factories went back into full production mode....
The U.S. economy shrank by a third from the beginning of the Great Depression to the bottom four years later. Real GDP fell 29% from 1929 to 1933. The unemployment rate reached a peak of 25% in 1933. Consumer prices fell 25%; wholesale prices plummeted 32%.
As the effects of the Depression cascaded across the US economy, millions of people lost their jobs. By 1930 there were 4.3 million unemployed; by 1931, 8 million; and in 1932 the number had risen to 12 million. By early 1933, almost 13 million were out of work and the unemployment rate stood at an astonishing 25 percent.
In the United States, union membership more than doubled between 1930 and 1940. This trend was stimulated by both the severe unemployment of the 1930s and the passage of the National Labor Relations (Wagner) Act (1935), which encouraged collective bargaining.
