The Great Depression

U.S. unemployment peaked at 25 per cent in 1933. Persistent high rates of unemployment remained until World War II; even in 1940, U.S. unemployment was an unacceptable 15 per cent.

U.S. GDP did not return to 1929 levels until the 1940s—and U.S. stock market indices did not return to 1929 levels until the 1950s.