The Great Depression (1929-1933)

The Great Depression was a severe worldwide economic depression that lasted from 1929 to the late 1930s. It began in the United States and rapidly spread to the rest of the world, leading to a substantial decrease in international trade, personal income, tax revenue, and industrial activity. The crisis caused unprecedented levels of unemployment, hunger, and homelessness, and had profound social, economic, and political implications. The lessons learned from the Great Depression continue to influence economic policy and societal attitudes towards wealth, income inequality, and government intervention.

The Roosevelt Recession (May 1937 – June 1938)

The Roosevelt Recession, also known as the Recession of 1937, was a severe economic downturn that occurred during the presidency of Franklin D. Roosevelt. After a period of growth and recovery from the Great Depression, the US government implemented policies aimed at reducing the federal deficit, which included cuts in spending and increases in taxes. These policies had the unintended consequence of causing a contraction in the economy, leading to a sharp decline in industrial production, employment, and consumer spending. The recession was ultimately overcome by a return to deficit spending and increased government investment, which helped to stimulate economic growth once again.t was known as "the recession within the Depression" because it occurred before the Great Depression's recovery was complete. Real GDP declined by 11% and industrial production fell by 32%. 

The Union Recession (February – October 1945)

When the United States reached the sixth and last year of World War II, government expenditure fell, causing GDP to fall. The Union Recession was caused by subsequent demobilization and a wider transition from war to peacetime.  Contrary to analysts' predictions at the time, the recession was more slower and shallower than expected, possibly due to conditioned expectations from prior recessions.

The Post-War Recession (November 1948 – October 1949)

The Post-War Recession of 1945-1946 was caused by the sudden drop in military spending and the shift from a wartime to a peacetime economy after the end of World War II. The transition from war to peace led to a sharp decline in government spending, which had been a major contributor to economic growth during the war. The recession affected various sectors of the economy, with the auto industry and other manufacturers being hit particularly hard. The sudden drop in demand for war-related products led to widespread layoffs and high unemployment rates. 

The Post-Korean War Recession (July 1953 – May 1954)

The Post-Korean War Recession was a short but significant period of an economic slowdown that occurred in the United States between 1953 and 1954. The recession was largely caused by a reduction in government spending, which had been boosted during the Korean War. As the war ended, government spending decreased, causing a contraction in the economy. The worst affected during this recession were workers in heavy industries such as steel and automobiles, who experienced a significant decrease in employment. Additionally, consumer spending also decreased as people became more cautious about their finances. 

The Eisenhower Recession (August 1957 – April 1958)

"The Eisenhower Recession," also known as the Recession of 1958, was a period of economic contraction that occurred during the presidency of Dwight D. Eisenhower. Although the economy had been expanding in the early to mid-1950s, it began to slow down in 1957, triggered by a drop in consumer spending, a decline in business investment, and a tightening of monetary policy by the Federal Reserve to combat inflation. "The Asian Flu" further cut labor supply and delayed manufacturing. Industries related to housing and construction, such as lumber and steel, as well as employment in the manufacturing sector, were the worst affected. The recession lasted for approximately eight months before the economy started to recover.

The Rolling Adjustment Recession (April 1960 – February 1961)

This recession happens when a downturn in one economic sector has a broad impact on the economy as a whole. This recession coincided with the internationalization of the automobile sector and the resulting fall in domestic vehicle sales/production. During this 10-month slump, GDP fell 2.4% and unemployment rose to over 7%. 

The Nixon Recession (December 1969 – November 1970)

This recession was lasting only 11 months from peak to trough and being quite moderate. This prepared the door for floating currencies and central banks to exert greater influence over their economies through monetary policy. Because the dollar lost value relative to other currencies, this exacerbated the subsequent recession and inflation. The dollar plunged by a third during the 1970s

The Oil Shock Recession (November 1973 – March 1975)

The Oil Shock Recession was a period of the economic downturn that occurred in the 1970s. The recession was triggered by the OPEC oil embargo of 1973, which caused a sharp increase in oil prices and reduced oil supplies. This led to inflation and a decline in economic growth, with unemployment rates rising and consumer spending decreasing. The worst affected were industries that heavily relied on oil, such as transportation and manufacturing, as well as low-income households that struggled to cope with rising energy costs. The recession ultimately ended in the early 1980s, after a shift towards more energy-efficient technologies and a decrease in oil prices. 

The Energy Crisis I Recession (January – July 1980) and Energy Crisis II Recession (July 1981 – November 1982)

The Energy Crisis I and II recessions were periods of economic downturn in the United States that were triggered by disruptions in the supply of oil. Energy Crisis I, which began in 1973, was the result of an oil embargo imposed by Arab oil-producing nations on countries that supported Israel during the Yom Kippur War. This led to a sharp increase in oil prices, which in turn led to inflation and slowed economic growth. Energy Crisis II, which occurred in the late 1970s and early 1980s, was caused by a combination of factors, including political instability in oil-producing countries, decreased oil production, and increased global demand. The worst affected by both crises were industries heavily dependent on energy, such as transportation and manufacturing, as well as consumers who faced higher prices for gasoline and other energy products. These recessions ultimately led to a shift in U.S. energy policy towards greater energy independence and alternative energy sources. 

The Gulf War Recession (July 1990 – March 1991)

The Gulf War Recession occurred in the early 1990s and was primarily triggered by the 1990-1991 Gulf War. The war led to a sharp increase in oil prices and caused significant uncertainty in global markets. The recession resulted in a decline in consumer spending and business investment, leading to increased unemployment and decreased economic growth. The worst affected were industries related to travel, such as airlines and hotels, as well as defense-related industries. 

The Dot Com Recession (March – November 2001)

A rush of optimism around the initial wave of internet firms, along with historically low financing rates, culminated in tech IPOs and stock values becoming wildly overpriced. The stock values of internet businesses plummeted. The tech-heavy NASDAQ lost approximately 77% of its value and took over 15 years to recover. It is critical to note that a stock market meltdown does not always result in a recession. Nevertheless, the horrific assault on the World Trade Center on September 11, 2001, entrenched a negative perspective, tipping the US economy into a recession. Overall, the Dot Com Recession lasted 8 months, with unemployment reaching 5.5% and GDP declining by 0.95%.

The Great Recession of 2008 (December 2007 – June 2009)

The Great Recession of 2008 was a global financial crisis that began in the United States with the bursting of the housing bubble and subsequent subprime mortgage crisis. Financial institutions had been packaging and selling risky mortgages as investments, and when defaults on these mortgages increased, the value of those investments plummeted. This led to a credit freeze, with banks and other financial institutions being unwilling to lend money to each other or to consumers. The worst affected were homeowners who lost their homes due to foreclosure, people who lost their jobs due to the economic downturn, and those with retirement savings that were heavily invested in the stock market. 

The COVID-19 Recession (February 2020 – April 2020)

The COVID-19 recession, also known as the coronavirus recession, was triggered by the global outbreak of the COVID-19 virus in early 2020. It caused widespread lockdowns and disruptions to global supply chains, leading to a sharp decline in economic activity. The Coronavirus recession was just two months long, yet it had the greatest GDP decrease individuals lost their employment in the United States. Throughout 2021, real GDP increased by 5.6%, while the unemployment rate fell to lows.