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On the Seamen's Savings Bank during theThere have been as many as 47 recessions in the United States dating back to the, and although economists and historians dispute certain 19th-century recessions, the consensus view among economists and historians is that 'The cyclical volatility of GNP and unemployment was greater before the than it has been since the end of.' Cycles in, industrial production, consumption, business investment, and the health of the banking industry contribute to these declines. Recessions have increasingly affected economies on a worldwide scale, especially as countries' economies.The unofficial beginning and ending dates of recessions in the United States have been defined by the (NBER), an American nonprofit research organization.

The NBER defines a as 'a significant decline in economic activity spread across the, lasting more than two quarters which is 6 months, normally visible in real (GDP), real income, employment, industrial production, and wholesale-retail sales'.In the 19th century, recessions frequently coincided with. Determining the occurrence of pre-20th-century recessions is more difficult due to the dearth of, so scholars rely on historical accounts of economic activity, such as contemporary newspapers or business ledgers. Although the NBER does not date recessions before 1857, economists customarily extrapolate dates of U.S. Recessions back to 1790 from business annals based on various contemporary descriptions. Their work is aided by historical patterns, in that recessions often follow external shocks to the such as wars and variations in the weather affecting agriculture, as well as banking crises.Major modern economic statistics, such as and GDP, were not compiled on a regular and standardized basis until after World War II.

The average duration of the 11 recessions between 1945 and 2001 is 10 months, compared to 18 months for recessions between 1919 and 1945, and 22 months for recessions from 1854 to 1919. Because of the great changes in the economy over the centuries, it is difficult to compare the severity of modern recessions to early recessions.

No recession of the post-World War II era has come anywhere near the depth of the, which lasted from 1929 until 1941 and was caused. Contents.Early recessions and crises Attempts have been made to date recessions in America beginning in 1790. These periods of recession were not identified until the 1920s.

To construct the dates, researchers studied business annals during the period and constructed of the data. The earliest recessions for which there is the most certainty are those that coincide with major financial crises.Beginning in 1835, an index of business activity by the provides data for comparison between recessions. Beginning in 1854, the National Bureau of Economic Research dates recession peaks and troughs to the month.

However, a standardized index does not exist for the earliest recessions.In 1791, Congress chartered the to handle the country's financial needs. The bank had some functions of a modern central bank, although it was responsible for only 20% of the young country's currency. In 1811 the bank's charter lapsed, but it was replaced by the, which lasted from 1816–36. NameDatesDurationTime since previous recessionCharacteristicsPanic of 85–178836 4 years72The panic of 1785, which lasted until 1788, ended the business boom that followed the American Revolution. The causes of the crisis lay in the overexpansion and debts incurred after the victory at Yorktown, a postwar deflation, competition in the manufacturing sector from Britain, and lack of adequate credit and a sound currency.

The downturn was exacerbated by the absence of any significant interstate trade. Other factors were the British refusal to conclude a commercial treaty, and actual and pending defaults among debtor groups. The panic among business and propertied groups led to the demand for a stronger federal government.17936 4 years720 yearsLoss of confidence in copper coins due to debasement and counterfeiting led to commercial freeze up that halted the economy of several northern States and was not alleviated until the introduction of new paper money to restore confidence.

During that same time the took place. Its causes included the extension of credit and excessive speculation. The panic was largely solved by providing banks the necessary funds to make open market purchases.17936 3 years724 yearsJust as a land speculation bubble was bursting, deflation from the (which was facing insolvency because of the cost of Great Britain's involvement in the ) crossed to North America and disrupted and markets in the United States and the, and caused a. Prosperity continued in the south, but economic activity was stagnant in the north for three years. The young United States engaged in the with France.1802–1804 recession180242 years363 yearsA boom of war-time activity led to a decline after the ended the. Commodity prices fell dramatically.

Trade was disrupted by pirates, leading to the.Depression of 07–181036 3 years363 yearsThe was passed by the under President as tensions increased with the United Kingdom. Along with trade restrictions imposed by the British, shipping-related industries were hard hit. The fought the embargo and allowed smuggling to take place in. Trade volumes, commodity prices and securities prices all began to fall. Ended the embargoes in May 1810, and a recovery started.1812 recession6 months1818 monthsThe United States entered a brief recession at the beginning of 1812. The decline was brief primarily because the United States soon increased production to fight the, which began June 18, 185–182172 6 years36 3 yearsShortly after the war ended on March 23, 1815, the United States entered a period of financial panic as bank notes rapidly depreciated because of inflation following the war. The 1815 panic was followed by several years of mild depression, and then a major financial crisis – the, which featured widespread, bank failures, a collapse in real estate prices, and a slump in and.1822–1823 recession182121 year121 yearAfter only a mild recovery following the lengthy 1815–21 depression, commodity prices hit a peak in March 1822 and began to fall.

Many businesses failed, unemployment rose and an increase in imports worsened the trade balance.1825–1826 recession182121 year242 yearsThe, a stock crash following a bubble of speculative investments in Latin America led to a decline in business activity in the United States and England. The recession coincided with a major panic, the date of which may be more easily determined than general cycle changes associated with other recessions.1828–1829 recession182121 year242 yearsIn 1826, England forbade the United States to trade with English colonies, and in 1827, the United States adopted a counter-prohibition. Trade declined, just as credit became tight for manufacturers in New England.1833–34 recession183121 year484 yearsThe United States' economy declined moderately in 1833–34.

News accounts of the time confirm the slowdown. The subsequent expansion was driven by land speculation.Free Banking Era to the Great Depression. A swarm gathers on Wall Street during the. Compared to today, the era from 1834 to the Great Depression was characterized by relatively severe and more frequent banking panics and recessions.In the 1830s, U.S.

President fought to end the. Following the, the Second Bank lost its charter in 1836. From 1837 to 1862, there was, but still plenty of state and even local regulation, such as laws against branch banking which prevented diversification.

In 1863, in response to financing pressures of the Civil War, Congress passed the, creating. There was neither a central bank nor deposit insurance during this era, and thus banking panics were common. Recessions often led to bank panics and financial crises, which in turn worsened the recession. The dating of recessions during this period is controversial. Modern economic statistics, such as and unemployment, were not gathered during this period. Evaluated a variety of indices to measure the severity of these recessions. From 1834 to 1929, one measure of recessions is the Cleveland Trust Company index, which measured business activity and, beginning in 1882, an index of trade and industrial activity was available, which can be used to compare recessions.

US recessions, Free Banking Era to the Great DepressionNameDatesDurationTime since previous recessionBusiness activityTrade & industrial activityCharacteristics1836–1838 recession— 2 years 2 years–32.8%—A sharp downturn in the was caused by bank failures, lack of confidence in the, tightening of English Credit, crop failures and Jacksonian policy. Speculation markets were greatly affected when in (gold and silver coinage). Over 600 banks failed in this period. In the South, the cotton market completely collapsed. See:late 1839–late 1843 recession—4 years1 year–34.3%—This was one of the longest and deepest depressions of the 19th century.

It was a period of pronounced and massive default on debt. The Cleveland Trust Company Index showed the economy spent 68 months below its trend and only 9 months above it. The Index declined 34.3% during this depression.1845–late 1846 recession—1 year2 years−5.9%—This recession was mild enough that it may have only been a slowdown in the growth cycle.

One theory holds that this would have been a recession, except the United States began to gear up for the, which began April 25, 1846.1847–48 recessionlate 1847–late 18481 year1 year−19.7%—The Cleveland Trust Company Index declined 19.7% during 1847 and 1848. It is associated with a.1853 –Dec 18541 year5 years−18.4%—Interest rates rose in this period, contributing to a decrease in railroad investment. Security prices fell during this period. With the exception of falling business investment there is little evidence of contraction in this period.June 1857–Dec 18581 year6 months2 years6 months−23.1%—Failure of the burst a European speculative bubble in and caused a loss of confidence in. Over 5,000 businesses failed within the first year of the Panic, and unemployment was accompanied by protest meetings in urban areas.

This is the earliest recession to which the NBER assigns specific months (rather than years) for the peak and trough.1860–61 recessionOct 1860–June 18618 months1 year10 months−14.5%—There was a recession before the, which began April 12, 1861. Zarnowitz says the data generally show a contraction occurred in this period, but it was quite mild.

A financial panic was narrowly averted in 1860 by the first use of between banks.1865–67 recessionApril 1865–Dec 18672 years8 months3 years10 months−23.8%—The ended in April 1865, and the country entered a lengthy period of general deflation that lasted until 1896. The United States occasionally experienced periods of recession during the. Production increased in the years following the Civil War, but the country still had financial difficulties. The post-war period coincided with a period of some.1869–70 recessionJune 1869–Dec 18701 year6 months1 year6 months−9.7%—A few years after the Civil War, a short recession occurred. It was unusual since it came amid a period when railroad investment was greatly accelerating, even producing the. The railroads built in this period opened up the interior of the country, giving birth to the.

The recession may be explained partly by ongoing financial difficulties following the war, which discouraged businesses from building up inventories. Several months into the recession, there was a.and theOct 1873 –Mar 18795 years5 months2 years10 months−33.6% (−27.3%)—Economic problems in Europe prompted the failure of, the largest bank in the United States, which burst the post-. The also contributed by immediately depressing the price of silver, which hurt North American mining interests. The deflation and wage cuts of the era led to labor turmoil, such as the. In 1879, the United States returned to the gold standard with the.

This is the longest period of economic contraction recognized by the NBER. The is sometimes held to be the entire period from 1873–96.Mar 1882 –May 18853 years2 months3 years−32.8%−24.6%Like the Long Depression that preceded it, the recession of 1882–85 was more of a than a production depression. From 1879 to 1882, there had been a boom in railroad construction which came to an end, resulting in a decline in both railroad construction and in related industries, particularly iron and steel. A major economic event during the recession was the.1887–88 recessionMar 1887 –April 18881 year1 month1 year10 months−14.6%−8.2%Investments in railroads and buildings weakened during this period.

This slowdown was so mild that it is not always considered a recession. Contemporary accounts apparently indicate it was considered a slight recession.1890–91 recessionJuly 1890 –May 189110 months1 year5 months−22.1%−11.7%Although shorter than the recession in 1887–88 and still modest, a slowdown in 1890–91 was somewhat more pronounced than the preceding recession.

International monetary disturbances are blamed for this recession, such as the in the United Kingdom.Jan 1893 –June 18941 year5 months1 year8 months−37.3%−29.7%Failure of the United States and withdrawal of European investment led to a. This Panic was also precipitated in part by a on the gold supply. The Treasury had to issue bonds to purchase enough gold. Profits, investment and income all fell, leading to political instability, the height of and the movement.

Estimates on unemployment vary, it may have peaked anywhere from 8.2–18.4%.Dec 1895 –June 18971 year6 months1 year6 months−25.2%−20.8%The period of 1893–97 is seen as a generally depressed cycle that had a short spurt of growth in the middle, following the Panic of 1893. Production shrank and deflation reigned.1899–1900 recessionJune 1899 –Dec 19001 year6 months2 years−15.5%−8.8%This was a mild recession in the period of general growth beginning after 1897. Evidence for a recession in this period does not show up in some annual data series.1902–04 recessionSep 1902 –Aug 19041 year11 months1 year9 months−16.2%−17.1%Though not severe, this downturn lasted for nearly two years and saw a distinct decline in the national product.

Industrial and commercial production both declined, albeit fairly modestly. The recession came about a year after a.May 1907 –June 19081 year1 month2 years9 months−29.2%−31.0%A run on deposits on October 22, 1907, set events in motion that would lead to a severe monetary contraction. The fallout from the panic led to Congress.Jan 1910 –Jan 19122 years1 year7 months−14.7%−10.6%This was a mild but lengthy recession. The national product grew by less than 1%, and commercial activity and industrial activity declined. The period was also marked by deflation.Recession of 1913–1914Jan 1913–Dec 19141 year11 months1 year−25.9%−19.8%Productions and real income declined during this period and were not offset until the start of increased demand.

Incidentally, the was signed during this recession, creating the, the culmination of a sequence of events following the.Aug 1918 –March 19197 months3 years8 months−24.5%−14.1%Severe in Europe took place over production in North America. This was a brief but very sharp recession and was caused by the end of wartime production, along with an influx of labor from returning troops. This, in turn, caused high unemployment.Jan 1920 –July 19211 year6 months10 months−38.1%−32.7%The 1921 recession began a mere 10 months after the post-World War I recession, as the economy continued working through the shift to a peacetime economy. The recession was short, but extremely painful. The year 1920 was the single most deflationary year in American history; production, however, did not fall as much as might be expected from the deflation. GNP may have declined between 2.5 and 7 percent, even as wholesale prices declined by 36.8%.

The economy had a strong recovery following the recession.1923–24 recessionMay 1923 –June 19241 year2 months2 years−25.4%−22.7%From the depression of 1920–21 until the Great Depression, an era dubbed the, the economy was generally expanding. Industrial production declined in 1923–24, but on the whole this was a mild recession.1926–27 recessionOct 1926 –Nov 19271 year1 month2 years3 months−12.2%−10.0%This was an unusual and mild recession, thought to be caused largely because closed production in his factories for six months to switch from production of the to the. Says the period from 1925 to the start of the Great Depression is best thought of as a boom, and this minor recession just proof that the boom 'was not general, uninterrupted or extensive'.Great Depression onward. Annualized GDP change from 1923 to 2009. Data are annual from 1923 to 1946 and quarterly from 1947 to the second quarter of 2009.Following the end of World War II and the large adjustment as the economy adjusted from wartime to peacetime in 1945, the collection of many economic indicators, such as unemployment and GDP, became standardized. Recessions after World War II may be compared to each other much more easily than previous recessions because of these available data.

The listed dates and durations are from the official chronology of the National Bureau of Economic Research. GDP data are from the, unemployment from the (after 1948). The unemployment rate often reaches a peak associated with a recession after the recession has officially ended.Until the start of the in 2020, no post-World War II era came anywhere near the depth of the Great Depression.

In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP has fallen 5.1% as of the second quarter of 2009) and unemployment rate reached 10% (the highest since was the 10.8% rate reached during the 1981–82 recession).The dates recessions on a monthly basis back to 1854; according to their chronology, from 1854 to 1919, there were 16 cycles. The average recession lasted 22 months, and the average expansion 27. From 1919 to 1945, there were six cycles; recessions lasted an average 18 months and expansions for 35. From 1945 to 2001, and 10 cycles, recessions lasted an average 10 months and expansions an average of 57 months. This has prompted some economists to declare that the business cycle has become less severe.Many factors that may have contributed to this moderation including the establishment of deposit insurance in the form of the in 1933 and increased regulation of the banking sector.

Other changes include the use of fiscal policy in the form of to alleviate cyclical volatility. The creation of the in 1913 has been disputed as a source of stability with it and its policies having mixed successes. Since the early 1980s the sources of the has been attributed to numerous causes including public policy, industry practices, technology, and even good luck.

NamePeriod RangeDuration (months)Time since previous recession (months)Peak unemploy­mentGDP decline (peak to trough)CharacteristicsAug 1929–Mar 1933 Oct 1929–Dec 1941433 years7 months0211 year9 months24.921.3%(1932) – 24.9%(1933)26.7−26.7%A banking panic and a collapse in the money supply took place in the United States that was exacerbated by international commitment to the. And contributed to an extremely deep depression.

GDP, industrial production, employment, and prices fell substantially. The economy began to recover in the mid 1930s, with gold inflow expanding the money supply and improving expectations, but double dipped during the Recession of 1937–38. The ultimate recovery has been credited to monetary policy and monetary expansion.1937May 1937–June 1938131 year1 month0504 years2 months19.017.8% –19.0%(1938)03.4−18.2%The is only considered minor when compared to the Great Depression, but is otherwise among the worst recessions of the 20th century.

Three explanations are offered as causes for the recession: the tight fiscal policy resulting from an attempt to balance the budget after spending; the tight monetary policy of the Federal Reserve; and the declining profits of businesses leading to a reduction in business investment.Recession of 19451945Feb 1945–Oct 1945088 months0806 years8 months05.25.2%(1946)12.7−12.7%The decline in government spending at the end of World War II led to an enormous drop in gross domestic product, making this technically a recession. This was the result of demobilization and the shift from a wartime to peacetime economy. The post-war years were unusual in a number of ways (unemployment was never high), and this era may be considered a ' end-of-the-war recession'.1948Nov 1948–Oct 19491111 months0373 years1 month07.97.9%(Oct 1949)01.7−1.7%The 1948 recession was a brief economic downturn; forecasters of the time expected much worse, perhaps influenced by the poor economy in their recent lifetimes. The recession also followed a period of monetary tightening.1953July 1953–May 19541010 months0453 years9 months06.16.1%(Sep 1954)02.6−2.6%After a post- inflationary period, more funds were transferred to. In 1951, the Federal Reserve from the U.S. Treasury and in 1952, the Federal Reserve changed monetary policy to be more restrictive because of fears of further inflation or of a forming.1957Aug 1957–April 1958088 months0393 years3 months07.57.5%(July 1958)03.1−3.7%Monetary policy was tightened during the two years preceding 1957, followed by an easing of policy at the end of 1957.

The budget balance resulted in a change in of 0.8% of GDP in 1957 to a of 0.6% of GDP in 1958, and then to 2.6% of GDP in 1959.1960Apr 1960–Feb 19611010 months0242 years07.17.1%(May 1961)01.6−1.6%Another primarily monetary recession occurred after the Federal Reserve began raising interest rates in 1959. The government switched from deficit (or 2.6% in 1959) to surplus (of 0.1% in 1960). When the economy emerged from this short recession, it began the second-longest period of growth in NBER history. The Dow Jones Industrial Average (Dow) finally reached its lowest point on February 20, 1961, about 4 weeks after President Kennedy was inaugurated. 1969Dec 1969–Nov 19701111 months1068 years10 months06.1 6.1%(Dec 1970)00.6−0.6%The relatively mild 1969 recession followed a lengthy expansion. At the end of the expansion, inflation was rising, possibly a result of increased deficits. This relatively mild recession coincided with an attempt to start closing the budget deficits of the (fiscal tightening) and the Federal Reserve raising interest rates (monetary tightening).1973Nov 1973–Mar 1975161 year4 months0363 years09.0 9.0%(May 1975)03.2−3.2%The, a quadrupling of oil prices by, coupled with the led to a recession in the United States.1980Jan 1980–July 1980066 months0584 years10 months07.8 7.8%(July 1980)02.2−2.2%The NBER considers a very short recession to have occurred in 1980, followed by a short period of growth and then a deep recession.

Unemployment remained relatively elevated in between recessions. The recession began as the Federal Reserve, under, raised interest rates dramatically to fight the.

The early 1980s are sometimes referred to as a ' or ' recession.1981July 1981–Nov 1982161 year4 months0121 year10.8 10.8%(Nov 1982)02.7−2.7%The sharply increased the price of oil around the world in 1979, causing the. This was caused by the new regime in power in, which exported oil at inconsistent intervals and at a lower volume, forcing prices up. Tight in the United States to control inflation led to another recession. The changes were made largely because of inflation carried over from the previous decade because of the and the 1979 energy crisis.1990July 1990–Mar 1991088 months0927 years8 months07.8 7.8%(June 1992)01.4−1.4%After the lengthy peacetime expansion of the 1980s, inflation began to increase and the Federal Reserve responded by raising interest rates from 1986 to 1989. This weakened but did not stop growth, but some combination of the subsequent, the debt accumulation of the 1980s, and growing consumer pessimism combined with the weakened economy to produce a brief recession.2001Mar 2001–Nov 2001088 months12010 years06.3 6.3%(June 2003)00.3−0.3%The 1990s once were the longest period of growth in American history.

The collapse of the speculative, a fall in business outlays and investments, and the, brought the decade of growth to an end. Despite these major shocks, the recession was brief and shallow.2007Dec 2007–June 2009181 year6 months0736 years1 month10.010.0%(October 2009)03.9−5.1%The led to the collapse of the. Falling housing-related assets contributed to a, even as oil and food prices soared. The crisis led to the failure or collapse of many of the United States' largest financial institutions:, and, as well as a crisis in the.

The government responded with an unprecedented. The National Bureau of Economic Research declared the end of this recession over a year after the end date. The Dow Jones Industrial Average finally reached its lowest point on March 9, 2009.Mar 2020–present12910 years9 monthsA novel coronavirus emerged in, China in November 2019. The government in China first instituted travel restrictions, quarantines and stay-at-home orders. When efforts to contain the virus in China were unsuccessful, other countries instituted similar measures in an attempt to contain and slow the spread of the virus. The initial outbreak expanded into a global pandemic. The economic effects of pandemic were severe.

Based on reports for The United Department of Labor, as of April 9, 2020, more than 16 million people had been put out of work in the United States in just three weeks. Some argue that the excessive accumulation of contributed to the downturn. Corporate debt in November 2019 reached nearly $10 trillion, equal to a record 47% of the entire U.S. Globally, $29 trillion in corporate debt existed in February 2019, with one-quarter becoming due within five years. These two factors would result in the of the in March 2020.

Official economic impact of the virus is still being determined but the stock market responded negatively to the shock to supply chains, primarily in technology industries.See also.Notes. The rule of thumb defining recession as two of negative GDP growth is not used by NBER. The NBER looks for monthly dating (GDP is a quarterly figure) and GDP will sometimes be positive even in clear periods of decline, e.g.

In the second quarter of 1974, GDP was slightly positive even in the middle of the severe. The NBER's monthly chronology of recessions begins in 1854. In the 1920s, the economist Willard Thorp, working for the NBER, dated business cycles back to 1790 (with the first recession beginning in 1796). Thorp's dates remain the standard for this period.

Thorp's crude annual dates are not directly comparable to the NBER's monthly dates i.e. A two-year recession from the annual dates could be many months shorter or longer than 24. ^ The peak to trough decline in business activity and trade and industrial activity during a given recession.

From 1834 to 1882, Zarnowitz uses the Cleveland Trust Company index. Beginning in 1873, he uses a composite of three trend-adjusted indices – the Cleveland Trust Company Index, the Persons Index which begins in 1875 and a business activity index from beginning in 1877. For the, both the Cleveland Trust Company index, and the composite are given. The index for trade and industrial activity is the Axe and Houghton Index, beginning in February 1879. It is based on pig iron production, bank clearings (outside New York City), import volume, and the revenue per mile earned by different railroads.

The NBER's monthly chronology of recessions begins in 1854. In the 1920s, the economist Willard Thorp, working for the NBER, dated business cycles back to 1790 (with the first recession beginning in 1796). Thorp's dates remain the standard for this period. Thorp's crude annual dates are not directly comparable to the NBER's monthly dates i.e.

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The blockheads house. The blockheads Explore, mine, craft and build in this giant and detailed sandbox game. Navigate huge simulated worlds thousands of blocks wide with a full temperature and climate system, seasons, an equator, and frozen poles. Secret tips on how to build a house under the ocean in the game The Blockheads. By utilizing these pro gaming tips, you can strategically place a glass (or any material) house underneath the sea. Great Blockhead House Designs!!!!! Ok, so all the pictures below are just things I found on Google and wanted to share to you guys ^-^ I hope it persuades you or inspires you to make better or the same house designs! The Blockheads. Explore, mine, craft and build in this giant and detailed sandbox game. Navigate huge simulated worlds thousands of blocks wide with a full temperature and climate system, seasons, an equator, and frozen poles. Explore complex cave systems and flowing water, and survive deserts and snowy mountain tops. This feature is not available right now. Please try again later.

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.Edited By Seshan Vijayraghvan Tuesday November 26, 2019Skoda Auto Volkswagen India will reportedly shut its Chakan plant near Pune, Maharashtra for an extended period of 30 days.Edited By Seshan Vijayraghvan Tuesday November 26, 2019Skoda Auto Volkswagen India will reportedly shut its Chakan plant near Pune, Maharashtra for an extended period of 30 days.