USA HISTORY

Detailed explanation-1: -Unemployment in the U.S. rose to 25%, and in some countries rose as high as 33%. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by approximately 60%.

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: -In the United States, unemployment rose to 25% at its highest level during the Great Depression. Literally, a quarter of the country’s workforce was out of work. This number translated to 15 million unemployed Americans. As the Depression spread worldwide, it rose as high as 33% in some countries.

Detailed explanation-4: -A labor market analysis of the Great Depression finds that many workers were unemployed for much longer than one year. Of those fortunate to have jobs, many experienced cutbacks in hours (i.e., involuntary part-time employment). Men typically were more adversely affected than women.

Detailed explanation-5: -Unemployment rate The rate peaked at 25.6% during the Great Depression, in May 1933, according to NBER data. This year, more than 23 million Americans were unemployed as of mid-April as the coronavirus pandemic caused broad shutdowns of economic activity, according to the Bureau of Labor Statistics.