4 ms·

GDP only bottomed out at -26% from highest level and unemployment never reached 26% .

• velvet_thunderr 1y ago
  Yes you’re right that real GDP fell by about 26–30% from its peak during the Great Depression which is slightly less than “nearly half.” As for the unemployment part, national averages never reached 50% but some local communities like industrial cities saw much higher unemployment rates. For example Cleveland hit around 50% and Toledo (Ohio) reached as high as 80% during the early 1930s. So the “up to 50%” talks about the extreme hardship in certain regions rather than the U.S. as a whole. https://en.wikipedia.org/wiki/Great_Depression_in_the_United_States#:~:text=In%20Cleveland%2C%20the%20unemployment%20rate%20was%5Bwhen%3F%5D%2050%25%3B%20in%20Toledo%2C%20Ohio%2C%2080%25.%5B73%5D https://en.wikipedia.org/wiki/Great_Depression_in_the_United...