The stock market crash in 1929 was swift and severe. It rippled throughout the financial community, and banks started to fail. That slowed economic growth, reduced business activity, and increased the unemployment rate. As the effects rippled, it took longer to gauge the full impact of the Great Depression. For example, it took four years for the unemployment rate to peak.
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%.
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The stock market crash in 1929 was swift and severe. It rippled throughout the financial community, and banks started to fail. That slowed economic growth, reduced business activity, and increased the unemployment rate. As the effects rippled, it took longer to gauge the full impact of the Great Depression. For example, it took four years for the unemployment rate to peak.
Explanation:
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Explanation:
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%.
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