Recovery Spring, Faltering Fall: March to November 1933

Todd Neumann, Jason E Taylor

Research output: Contribution to journalArticlepeer-review


Recovery from the Great Depression began in March 1933, simultaneous to Franklin Roosevelt’s inauguration. However, the pace of that recovery between that date and the Second World War was extremely uneven with some dramatic starts and stops. Between March and July 1933, manufacturing production rose 78 percent, production of durable goods was up 199 percent, total industrial production rose 57 percent, and the Dow Jones Industrial Average rose 71 percent. Then the economy contracted sharply again beginning in August 1933—the July 1933 level of industrial production was not reached again until August 1935. This paper addresses two questions. What factors were responsible for bringing about the sharp recovery in the spring of 1933 and what factors brought this short-lived economic surge to an end?
Original languageEnglish
Pages (from-to)54-67
JournalExplorations in Economic History/Elsevier
StatePublished - Apr 9 2016


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