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Article: Great Depression
- Article from:
- Gale Encyclopedia of U.S. Economic History
CopyrightCOPYRIGHT 1999 The Gale Group Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GREAT DEPRESSION
The stock market crash on October 29, 1929, sent the United States careening into the longest and darkest economic depression in American history. Between 1929 and 1933, all major economic indexes told the same story. The gross national product (GNP), the total of all goods and services produced each year, fell from $104.4 billion in 1929 to $74.2 billion in 1933, setting back the GNP per capita rate by twenty years. Industrial production declined 51 percent before reviving slightly in 1932. Unemployment statistics revealed the impact of the Depression on Americans. In 1929, the U.S. Labor Department reported that there were nearly 1.5 million persons without jobs in ...