The Great Depression (jan 1, 1929 – jan 1, 1931)

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During the American Great Depression, the U.S. 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%. Some 7,000 banks, nearly a third of the banking system, failed between 1930 and 1933. In order to facilitate the end of this time period, FDR proclaimed a Bank Holiday, beginning March 6th, 1933 and ending on March 13th.

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