The US unemployment rate soared to over 24% during the Great Depression, the highest in recorded history.

The Great Depression is one of history's most notable periods of deflation

The stock market crash of 1929 helped trigger a period of deflation in the United States by creating a drastic decrease in the total money supply. Because of the United States' central role in the world economy, virtually every single country was impacted by the recession.

Markets have always recovered and hit new highs following crashes

The crash that preceded the Great Depression was the most severe the US has ever experienced. It was 28 times worse than the downturn that followed the Cuban Missile Crisis.

The Great Depression was an international depression felt far beyond the US

Many countries suffered through a depression in the 1930s that the First World War, the US stock market crash, and an economic downturn in Germany turned into an international crisis.

The story of the Wall Street Crash of 1929

The 1920s in the US "roared" with rapid economic growth after the conclusion of World War I. But in October 1929, the bubbly stock markets crashed dramatically, plunging the nation into the decadelong Great Depression.

The UK was already in a depression before the US Great Depression took hold

The US Great Depression was felt globally, but the severity and length of different countries’ economic downturns varied. For instance, Japan was the first country to exit its depression.

US depression rates at historic high among adults

More than 18% of US adults reported that they currently have or are being treated for depression in both 2024 and 2025. In the 2025 survey, more than 11,000 adults were surveyed. The numbers have ticked upward since 2015—by about 8 percentage points—with most of the increase occurring from the 2020 pandemic onward.

Track how much the US government has spent on bailouts.

Tariffs once fueled the US economy

US tariffs peaked in 1930 with the Smoot-Hawley Tariff Act, which slashed global trade by 65%. Once a key revenue source, tariffs gave way to income taxes in 1913, leading to decades of lower trade barriers. Today, US tariffs remain among the lowest worldwide.

An estimated 91% of all Americans had used a coupon at least once as of 2022

Coupon use accelerated during the Great Depression, when the US unemployment rate reached nearly 25 percent. While coupons were invented in the late 1800s, they became more popular during the Depression as a way to stretch household budgets during the era’s economic hardships. Companies soon began distributing coupons via newspapers and women’s magazines.

Communism grew in appeal during the Great Depression

With at least a quarter of the country out of work, some Americans disenchanted with capitalism began looking at alternatives. Watch this five-minute video to learn about communism's growing allure during the Great Depression.

US homeownership rates declined from the start of the Great Recession through 2016.

The US has been through 34 recessions since 1854

From 1855 to 2020, the average US recession lasted for an average of 17 months. But in the 20th and 21st centuries, the average recession length has shortened, decreasing to 14 months.

What was it like to live through the Great Depression?

Hear the personal accounts of four people who lived through the Great Depression, as told by NPR's Throughline. Listen to this 47-minute podcast episode to get a bit more insight into the countrywide economic crisis and what it meant it for everyday people.

Stand-up became more popular during the Great Depression

The stock market crash of 1929 caused vaudeville theaters to shutter. Audiences were looking for lighthearted distractions from the country’s financial problems, though, and stand-up became more popular, albeit in very different venues.

The highest inflation ever recorded in US history was estimated at 30% in 1778, just after the Revolutionary War.

The US youth unemployment rate jumped from 6.6% in 2023 to 10.4% in 2025.

The 1929 stock market crash is a defining example of a financial bubble burst

Fueled by margin speculation and intense optimism, stock prices soared to unsustainable levels before collapsing in late October—erasing billions in market value within days.

The unemployment rate is calculated using a monthly survey that the Bureau of Labor Statistics uses to identify those who are employed or actively looking for work.

Teen depression levels jumped during the pandemic

US government data published in 2025 but gathered from August 2021 through August 2023 indicated that depression prevalence among teens aged 12 to 19 was at 19.2%. It was even higher among females of that age group—26.5%

In the 1970s, the US experienced a period of stagflation

It was characterized by high inflation, slow economic growth, and high unemployment. The crisis was triggered by a combination of factors, including loose monetary policy that spurred excess demand and spiraling oil prices caused by an OPEC embargo in 1973.

The Social Security System was created to protect Americans from economic disasters like the Great Depression

President Franklin Delano Roosevelt’s New Deal created new government agencies and programs in the wake of the Great Depression.

Over 1.9 million Americans—more than a quarter of those unemployed—have been classified as 'long-term' unemployed in a given month in 2026, meaning they've been out of work for at least 27 weeks.

Central banking in the US has had a fraught political history

That history includes its doomed early efforts in the First and Second National Banks, as well as its failure to address the worst financial period in US history, the Great Depression.

The Smoot-Hawley Tariff Act is among the most famous pieces of economic legislation in the US

In a desperate move to save the economy from the deepening global depression, the US placed tariffs on thousands of goods from abroad. This approach backfired, as many of America’s trade partners took retaliatory measures.

The world's most famous case of deflation happened after Black Thursday

While the details are not fully agreed upon, many economists point to the Federal Reserve's tightening of the money supply as a prime culprit, leading to a significant deflationary spiral.

In 2023, the US money supply fell at its fastest rate since the 1930s

The money supply tracks how much cash, as well as electronic funds like savings accounts, is circulating through the economy. And a downward turn can be a bad sign.

COVID-19's shock to employment rates sparked some economists to fear deflation

COVID-19 simultaneously disrupted the supply chain and the labor market. Since the unemployment rate had hit record highs, some economists were worried that the supply chain would recover before the labor market. If that had happened, businesses would have been producing goods, but no one would have been able to buy them because they wouldn't have the disposable income to do so.

The US federal government employs roughly 3 million people

Tracking began in 1939, when the federal workforce consisted of about 1 million people. The total peaked in 1990 at 3.4 million, and hit a recent low in 2014 at 2.7 million.

Average three-month CD rates reached a historical high of 18.65% in December 1980

Comparatively, average three-month CD rates reached a low of 0.09% in June 2021 amid the economic turmoil of the COVID-19 pandemic. When inflation began to rise in 2022, the Fed began initiating rate hikes to incentivize saving.

How the Great Depression and end of WWI paved the way for Hitler's rise to power

The end of WWI was triggered by an armistice that blamed the conflict on Germany and required the financially struggling country to pay reparations. This outraged nationalists and ignited conspiracies that Hitler was able to capitalize on, according to this six-minute video. It was during this financial strain that the Great Depression hit.

Union membership was 9.9% in 2024, the lowest in nearly 40 years

In 1983, for comparison, 20.1% of the US workforce was unionized, or 17.7 million people.

Explore an interactive tool that reveals why Americans are unemployed—almost 30% of unemployed Americans ages 25 to 54 cited being laid off as the reason for their unemployment, for instance.

See the growth of US consumer debt

Americans reached an all-time high debt burden in 2024. Data compiled from The Kaplan Group shows the evolution of auto loans, mortgages, credit card debt, and student loans from 2003 to 2023, and finds that after a brief decline after 2008, the total debt burden grew rapidly.

The share of the immigrant population in the US peaked at nearly 16% in January 2025

In January 2025, the US reached a historic high of 53.3 million immigrants—nearly 16% of the population. By June of that year, the number had fallen by more than a million, ending 50 years of continuous growth in the immigrant population.

The National Housing Act established the Federal Housing Administration

During the Great Depression, 1,000 homes were foreclosed on per day, and half of the mortgages across the country defaulted. To address this crisis, President Franklin D. Roosevelt signed the National Housing Act. It established the Federal Housing Administration, which is still around today and helps protect lenders and buyers.

How the Great Depression still shapes the way Americans eat

From fortified foods to nutrition labels, the legacy of an early financial crisis lives on in kitchens across the United States. Ethnic foods with their (supposedly) hunger-triggering spices were vilified and considered “stimulants” along the lines of caffeine and so, in their stead came prune puddings, canned-meat stews, and dairy-heavy vegetable casseroles featuring America’s first fortified foods. Read more here.

The stock market has crashed many times throughout history

Have you ever wondered how long it takes the market to recover after a crash? This chart outlines major stock market dips throughout history and tracks how many days it took for the market to recover.

Relive the biggest swings in the Dow’s history

From the 1929 crash to the Coronavirus Pandemic in 2020, this piece spotlights five of the most dramatic single-day moves in the Dow’s 125-year history.

The worst US bank runs since 1900

From the Panic of 1907 to the Silicon Valley Bank collapse in 2023, this bank scholar and former Fed official goes into the history of the country's worst bank runs.