USA HISTORY

Detailed explanation-1: -raised interest rates. In 1932, the unemployment rate in Toledo, Ohio was one of the worst in the nation at A. 40 percent.

Detailed explanation-2: -At the height of the Depression in 1933, 24.9% of the nation’s total work force, 12, 830, 000 people, were unemployed. Wage income for workers who were lucky enough to have kept their jobs fell 42.5% between 1929 and 1933. It was the worst economic disaster in American history.

Detailed explanation-3: -The Great Depression, which began in the United States in 1929 and spread worldwide, was the longest and most severe economic downturn in modern history.

Detailed explanation-4: -Among the suggested causes of the Great Depression are: the stock market crash of 1929; the collapse of world trade due to the Smoot-Hawley Tariff; government policies; bank failures and panics; and the collapse of the money supply.

Detailed explanation-5: -The Great Depression is referred to as the greatest and also the longest economic downturn or recession in modern history. It started in the USA. After that, it had a rippling effect on the economies of the world. It is said that the Great Depression started with the USA stock market crash in October 1929.