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Period: to
United States Economy
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Panic of 1797
The Bank of England was unable to maintain specie payments, which produced a cascade effect of currency shortages that crossed to the economy of the United States. It caused the massive inability to pay debt and lack of capital investment. This event caused inflation in the United States and caused the United States to go into a recession and eventually a trough. This impacted the United States because of currency shortages, which causes debt issues for several years. -
Embargo act of 1807
The Embargo act of 1807 was put into action by President Thomas Jefferson and enacted by Congress. The goal was to force Britain and France to respect American rights during the Napoleonic Wars. This event had a huge impact on a lot of jobs (especially ones directly connected to exporting) and the economy. The United States went into a recession due to the increasing unemployment rate. -
Recession of 1828
In 1826, England cutt off all trade with the United States, and in 1827, the United States adopted a counter-prohibition. The decline in trade resulted in an increase in the unemployment rate and a decrease in GDP. -
Long Depression
The Long Depression was a worldwide depression, but mainly impacted Europe and the United States. The depression led to deflation and a decrease in the employment rate, which eventually spiraled the U.S. into the Great Depression. -
Expansion of 1914
The United States went into a 44 month expansion shortly after the beginning of World War I. Europeans bought American war supplies and later the United States itself joined the war, which majorly increased the employment rate as well as the GDP in the United States. -
Expansion of 1949
A four year expansion coincided with the Korean War. The GDP rose and the unemployment rate greatly decreased. This impacted the U.S. economy because the war created many jobs, also lowering the poverty rate. -
Expansion of 1961
This expansion came after a brief recession in 1960.The employment rate increased by a third, incomes dramatically rose and poverty rates fell. This was one of the largest expansions in the United States, greatly impacting the U.S. economy (positively). -
Expansion of 1991
This was the largest expansion in the United States history at 120 months (10 years). The growth was due to the dot com bubble. There was a significant amount of computer software and equipment purchased. This increased the employment rate as well as the GDP. -
