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Great Depression - The 1931 recession

Time: 1931

Place: U.S.

Details: 2,294 banks went down with nearly $1.7 billion in deposits. 28,285 businesses failed for a daily rate of 133 failures in 1931. Unemployment rises to 16%. US nominal GDP falls to $77 billion, and growth is -8.5%. Annual inflation is -9.3%.

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Crowd at New York's American Union Bank during a bank run early in the Great Depression
Great Depression-First major round of U.S. bank failures
Dec, 1930 - U.S.
Crowd at New York's American Union Bank during a bank run early in the Great Depression
Great Depression-Minor recession begins
Aug, 1929 - U.S.
Crowd at New York's American Union Bank during a bank run early in the Great Depression
Great Depression-Mini-stock market crash occurs
Monday Mar 25, 1929 - U.S.
Crowd at New York's American Union Bank during a bank run early in the Great Depression
Great Depression-Federal Reserve begins lowering the discount rate
Friday Nov 1, 1929 - Eccles Building, Washington D.C., U.S.
Crowd at New York's American Union Bank during a bank run early in the Great Depression
Great Depression-Federal Reserve's federal funds rate reaches 2%
Dec, 1930 - Eccles Building, Washington, D.C., U.S.

1931

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