Long Depression
In the United States, economists typically refer to the Long Depression as the Depression of 1873–1879, kicked off by the Panic of 1873, and followed by the Panic of 1893, book-ending the entire period of the wider Long Depression. The National Bureau of Economic Research dates the contraction following the panic as lasting from October 1873 to March 1879. At 65 months, it is the longest-lasting contraction identified by the NBER, eclipsing the Great Depression's 43 months of contraction. In the United States, from 1873 to 1879, 18,000 businesses went bankrupt, including 89 railroads. Ten states and hundreds of banks went bankrupt. Unemployment peaked in 1878, long after the initial financial panic of 1873 had ended. Different sources peg the peak U.S. unemployment rate anywhere from 8.25% to 14%.
Scranton general strike
The Long Depression, sparked in the US by the Panic of 1873, had far reaching implications for US industry, shuttering more than a hundred railroads in the first year and cutting construction of new rail lines from 7,500 miles of track in 1872 to 1,600 miles in 1875. Approximately 18,000 businesses failed between 1873, and in 1875, production in iron and steel alone dropped as much as 45%, and a million or more lost their jobs. In 1876 alone, 76 railroad companies went bankrupt or entered receivership.