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Though not severe, this downturn lasted for nearly two years and saw a distinct decline in the national product. Industrial and commercial production both declined, albeit fairly modestly.
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A run on Knickerbocker Trust Company deposits on October 22, 1907, set events in motion that would lead to a severe monetary contraction. The fallout from the panic led to Congress creating the Federal Reserve System.
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This was a mild but lengthy recession. The national product grew by less than 1%, and commercial activity and industrial activity declined. The period was also marked by deflation.
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Productions and real income declined during this period and were not offset until the start of World War I increased demand.
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Severe hyperinflation in Europe took place over production in North America.
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The 1921 recession began a mere 10 months after the post-World War I recession, as the economy continued working through the shift to a peacetime economy. The recession was short, but extremely painful.
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From the depression of 1920–21 until the Great Depression, an era dubbed the Roaring Twenties, the economy was generally expanding.
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This was an unusual and mild recession, thought to be caused largely because Henry Ford closed production in his factories for six months to switch from production of the Model T to the Model A.
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Stock markets crashed worldwide. A banking collapse took place in the United States.
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The Recession of 1937 is only considered minor when compared to the Great Depression, but is otherwise among the worst recessions of the 20th century.
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he decline in government spending at the end of World War II led to an enormous drop in gross domestic product, making this technically a recession
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The 1948 recession was a brief economic downturn; forecasters of the time expected much worse, perhaps influenced by the poor economy in their recent lifetimes.
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After a post-Korean War inflationary period, more funds were transferred to national security
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Monetary policy was tightened during the two years preceding 1957, followed by an easing of policy at the end of 1957
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Another primarily monetary recession occurred after the Federal Reserve began raising interest rates in 1959.
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he relatively mild 1969 recession followed a lengthy expansion. At the end of the expansion, inflation was rising, possibly a result of increased deficits.
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A quadrupling of oil prices by OPEC coupled with high government spending because of the Vietnam War led to stagflation in the United States.
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the NBER considers a short recession to have occurred in 1980, followed by a short period of growth and then a deep recession. Unemployment remained relatively elevated in between recessions.
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The Iranian Revolution sharply increased the price of oil around the world in 1979, causing the 1979 energy crisis.
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After the lengthy peacetime expansion of the 1980s, inflation began to increase and the Federal Reserve responded by raising interest rates from 1986 to 1989.
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The 1990s were the longest period of growth in American history. The collapse of the speculative dot-com bubble, a fall in business outlays and investments, and the September 11th attacks,[46] brought the decade of growth to an end.
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The subprime mortgage crisis led to the collapse of the United States housing bubble. Falling housing-related assets contributed to a global financial crisis, even as oil and food prices soared.