Great Depression in the United States
The Great Depression began in August 1929, when the United States economy first went into an economic recession. Although the country spent two months with declining GDP, it was not until the Wall Street Crash in October 1929 that the effects of a declining economy were felt, and a major worldwide economic downturn ensued. The stock market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth as well as for personal advancement. Altogether, there was a general loss of confidence in the economic future.
Great Depression in the United States
In 1929, the Great Depression began, the asset bubble burst, and the unemployment rate rose. The following year, though most people thought that there was nothing worth worrying about, Hoover took decisive action on issues such as employment, construction, public construction, and agriculture, which helped restore public confidence. The unemployed population rose, although it remained less than 9%.