How Great Was the Great Depression?
Economic Episodes in American History: The Great Depression, Part 3
How did the Great Depression impact the American economy? 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%.
- Some 7,000 banks, nearly a third of the banking system, failed between 1930 and 1933.
In this video, Great Depression expert David Wheelock of the St. Louis Fed uses data to describe the severity of the economic conditions that occurred during the Great Depression.
Part 3: How Great Was the Great Depression? (3:06)