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List of USA recessions

Page history last edited by PBworks 15 years, 9 months ago

 

 

 

Recessions

Name   Dates   Duration  

Comments

 References
Panic of 1797 1797–1800 &&&&&&&&&&&&&&03.&&&&&03 years The effects of the deflation of the Bank of England crossed the Atlantic Ocean to North America and disrupted commercial and real estate markets in the United States colonies and the Caribbean. Britain's economy was greatly affected by developing disflationary repercussions because it was fighting France in the French Revolutionary Wars at the time. [6]
Depression of 1807 1807–1814 &&&&&&&&&&&&&&07.&&&&&07 years The Embargo Act of 1807 was passed by the United States Congress under President Thomas Jefferson. It devastated shipping-related industries. The Federalists fought the embargo and allowed smuggling to take place in New England. [7][8]
Panic of 1819 1819–1824 &&&&&&&&&&&&&&05.&&&&&05 years The first major financial crisis in the United States featured widespread foreclosures, bank failures, unemployment, and a slump in agriculture and manufacturing. It also marked the end of the economic expansion that followed the War of 1812. [9][10]
Panic of 1837 1837–1843 &&&&&&&&&&&&&&06.&&&&&06 years A sharp downturn in the American economy was caused by bank failures and lack of confidence in the paper currency. Speculation markets were greatly affected when American banks stopped payment in specie (gold and silver coinage). [11]
Panic of 1857 1857–1860 &&&&&&&&&&&&&&03.&&&&&03 years Failure of the Ohio Life Insurance and Trust Company bursted a European speculative bubble in United States railroads and caused a loss of confidence in American banks. Over 5,000 businesses failed within the first year of the Panic, and unemployment was accompanied by protest meetings in urban areas. [12]
Panic of 1873 1873–1879 &&&&&&&&&&&&&&06.&&&&&06 years Economic problems in Europe prompted the failure of the Jay Cooke & Company, the largest bank in the United States, which bursted the post-Civil War speculative bubble. The Coinage Act of 1873 also contributed by immediately depressing the price of silver, which hurt North American mining interests. [13]
Long Depression 1873–1896 &&&&&&&&&&&&&023.&&&&&023 years The collapse of the Vienna Stock Exchange caused a depression that spread throughout the world. It is important to note that during this period, the global industrial production greatly increased. In the United States, for example, industrial output increased fourfold. [14]
Panic of 1893 1893–1896 &&&&&&&&&&&&&&03.&&&&&03 years Failure of the United States Reading Railroad and withdrawal of European investment lead to a stock market and banking collapse. This Panic was also precipitated in part by a run on the gold supply. [15]
Panic of 1907 1907–1908 &&&&&&&&&&&&&&01.&&&&&01 year A run on Knickerbocker Trust Company stock on October 22, 1907 set events in motion that would later lead to the Great Depression in the United States. [16]
Post-World War I recession 1918–1921 &&&&&&&&&&&&&&03.&&&&&03 years Severe hyperinflation in Europe took place over production in North America. It 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. [17]
Great Depression 1929–1939 &&&&&&&&&&&&&010.&&&&&010 years Stock markets crashed worldwide, and a banking collapse took place in the United States. This sparked a global downturn, including a second, more minor recession in the United States, the Recession of 1937. [18]
Recession of 1953 1953–1954 &&&&&&&&&&&&&&01.&&&&&01 year After a post-Korean War inflationary period, more funds were transferred into national security. The Federal Reserve changed fiscal policy to be more restrictive in 1952 due to fears of further inflation. [19][20]
Recession of 1957 1957–1958 &&&&&&&&&&&&&&01.&&&&&01 year 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 budget surplus of 0.8% of GDP in 1957 to a budget deficit of 0.6% of GDP in 1958, and then to 2.6% of GDP in 1959. [21]
1973 oil crisis 1973–1975 &&&&&&&&&&&&&&02.&&&&&02 years A quadrupling of oil prices by OPEC coupled with high government spending due to the Vietnam War lead to stagflation in the United States. [22]
Early 1980s recession 1980–1982 &&&&&&&&&&&&&&02.&&&&&02 years The Iranian Revolution sharply increased the price of oil around the world in 1979, causing the 1979 energy crisis. This was caused by the new regime in power in Iran, which exported oil at inconsistent intervals and at a lower volume, forcing prices to go up. Tight monetary policy in the United States to control inflation lead to another recession. The changes were made largely because of inflation that was carried over from the previous decade due to the 1973 oil crisis and the 1979 energy crisis. [23][24]
Early 1990s recession 1990–1991 &&&&&&&&&&&&&&01.&&&&&01 year Industrial production and manufacturing-trade sales decreased in early 1991. [25]
Early 2000s recession 2001–2003 &&&&&&&&&&&&&&02.&&&&&02 years The collapse of the dot-com bubble, the September 11th attacks, and accounting scandals contributed to a relatively mild contraction in the North American economy. [26]

 

 

 

 

 

 

 

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