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The recession of 1937–1938 was an economic downturn that occurred during the Great Depression in the United States. By the spring of 1937, production, profits, and wages had regained their early 1929 levels. Unemployment remained high, but it was slightly lower than the 25% rate seen in 1933. 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. Manufacturing output fell by 37% from the 1937 peak and was back to 1934 levels. Producers reduced their expenditures on durable goods, and inventories declined, but personal income was only 15% lower than it had been at the peak in 1937. In most sectors, hourly earnings continued to rise throughout the recession, partly compensating for the reduction in the number of hours worked. As unemployment rose, consumer expenditures declined, leading to further cutbacks in production.
References
- David M. Kennedy, Freedom From Fear: The American People in Depression and War, 1929–1945 (1999) p. 352
- William E. Leuchtenburg, Franklin D. Roosevelt and the New Deal, 1932–1940 (1963) pp. 242–43, 272–74
- Reed, Lawrence W. Great Myths of the Great Depression Mackinac Center for Public Policy. http://www.mackinac.org/archives/1998/sp1998-01.pdf
- Hadley Cantril and Mildred Strunk, Public Opinion, 1935–1946 (Princeton University Press, 1951), pp. 61–64.
- Leuchtenburg p. 242–3
- Marie Bussing-Burks, Deficit: Why Should I Care?, Apress, ISBN:978-1430236597, p. 46
- Government Spending Chart: United States 1900–2016 – Federal State Local Data. Usgovernmentdebt.us. Retrieved on 2013-07-14. http://www.usgovernmentdebt.us/spending_chart_1900_2016USp_G0f
- Kennedy, Freedom From Fear p. 352
- Kennedy p. 352
- Leuchtenburg pp. 244–46
- Leuchtenburg p. 256–7
- Tony A. Freyer (2006). Antitrust and Global Capitalism, 1930–2004. Cambridge UP. p. 59. https://books.google.com/books?id=-FgMS9xpeV4C&pg=PA59.
- Robert Goldston, Great Depression: The U.S. in the Thirties (1968) page 229
- About the Great Depression Paul Krugman, November 8, 2008 https://krugman.blogs.nytimes.com/2008/11/08/new-deal-economics/
- Robert Goldston (1968). The Great Depression. Fawcett Publications. p. 228. https://books.google.com/books/about/The_great_depression.html?id=1X5JAAAAYAAJ?. Retrieved 28 September 2013.
- The Great Depression: an international disaster of perverse, Pages 148-149 https://books.google.com/books?id=pT8gMTpQ5L0C&pg=PA148
- Finegold Catalan, Jonathan M. (2 February 2010). "Dangerous Lessons of 1937". Mises.org. Ludwig von Mises Institute. https://mises.org/daily/4039. Retrieved 11 August 2011.
