USA HISTORY

Detailed explanation-1: -How did the Great Depression affect the American economy? In the United States, where the Depression was generally worst, industrial production between 1929 and 1933 fell by nearly 47 percent, gross domestic product (GDP) declined by 30 percent, and unemployment reached more than 20 percent.

Detailed explanation-2: -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%.

Detailed explanation-3: -There were steep declines in production, employment, incomes and trade. Agricultural regions and communities were worst affected due to the fall of agricultural prices and ruin of urban centres. Unemployment created further poverty in the society and people were living in destitute conditions.

Detailed explanation-4: -There was a significant drop in consumer spending and investments that caused a major decline in industrial output and laid off employees from companies. By 1933, the unemployment rate had risen to 25%, and the GDP of the USA contracted to half of its value due to deflation.

Detailed explanation-5: -1 Unemployment rose to 25%, and homelessness increased. 2 Housing prices plummeted, international trade collapsed, and deflation soared. 3 It took 25 years for the stock market to recover.