Recession of 1949

The Recession of 1949 was a downturn in the United States lasting for 11 months. According to the National Bureau of Economic Research, the recession began in November 1948 and lasted until October 1949.[1]

The 1948 recession was a brief economic downturn; forecasters of the time expected much worse, perhaps influenced by the poor economy in their recent lifetime.[2] The recession began shortly after President Truman's "Fair Deal" economic reforms. The recession also followed a period of monetary tightening by the Federal Reserve.[3]

During the recession the GDP of US

During this recession, the Gross Domestic Product of the United States fell 1.7 percent. In October 1949, the unemployment rate reached its peak for the cycle of 7.9 percent.[4]

Main causes of the recession

Many regard the aftermath of the end of World War II to be the main cause of the recession. According to C. A. Blyth "the most important cause of 1948-1949 recession was substantial fall in the fixed investments". *[1]

The severity of this recession

Maximum unemployment was about 7.9%. Change in Gross National Product GNP reduced by up to -1.5%. Department store sales fell 22%. The wholesale price and cost of living indexes fell 12 and 5 points.

References

  1. ^ "NBER Business Cycle Expansions and Contractions". NBER. Retrieved 2008-10-01.
  2. ^ Zarnowitz, Victor (1996). Business Cycles: Theory, History, Indicators, and Forecasting. Chicago: University of Chicago Press. p. 416. ISBN 0-226-97891-5.
  3. ^ Labonte, Marc (2002-01-10). "The Current Economic Recession" (PDF). Congressional Research Service. Archived from the original (PDF) on 2009-10-10. Retrieved 2008-03-05.
  4. ^ Labour Force Statistics from the Current Population Survey, Bureau of Labour Statistics. Retrieved on September 19, 2009

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1950 United States Senate elections

The 1950 United States Senate elections occurred in the middle of Harry S. Truman's second term as President. As with most 20th-century second-term mid-terms, the party out of the Presidency made significant gains. The Republican opposition made a net gain of five seats, taking advantage of the Democratic administration's declining popularity during the Cold War and the aftermath of the Recession of 1949. The Democrats held a narrow 49 to 47 seat majority after the election. This became the first time since 1932 that the Senate Majority Leader lost his seat and the only instance where the majority leader lost his seat while his party retained the majority.

Georgia Tech Research Institute

The Georgia Tech Research Institute (GTRI) is the nonprofit applied research arm of the Georgia Institute of Technology in Atlanta, Georgia, United States. GTRI employs around 1,765 people, and is involved in approximately $305 million in research annually for more than 200 clients in industry and government.

Initially known as the Engineering Experiment Station, (EES) the organization was proposed in 1929 by W. Harry Vaughan as an analogue to the agricultural experiment stations; the Georgia General Assembly passed a law that year creating the organization on paper, but did not allocate funds to start it. To boost the state's struggling economy in the midst of the Great Depression, funds were found, and the station was finally established with US$5,000 (equivalent to $80,000 in 2018) in April 1934.

GTRI's research spans a variety of disciplines, including national defense, homeland security, public health, education, mobile and wireless technologies, and economic development. Major customers for GTRI research include United States Department of Defense agencies, the state of Georgia, non-defense federal agencies, and private industry. Overall, contracts and grants from Department of Defense agencies account for approximately 84% of GTRI's total research funding. Since it was established, GTRI has expanded its engineering focus to include science, economics, policy, and other areas that leverage GTRI's partnership with Georgia Tech. GTRI researchers are named on 76 active patents and 43 pending patents.

Harrisburg, Illinois

Harrisburg () is a city in and the county seat of Saline County, Illinois, United States. It is located about 57 miles (92 kilometers) southwest of Evansville, Indiana and 111 mi (179 km) southeast of St. Louis, Missouri. The 2010 population was 9,017, and the surrounding Harrisburg Township had a population of 10,790, including the city residents. Harrisburg is included in the Illinois–Indiana–Kentucky tri-state area and is the principal city in the Harrisburg Micropolitan Statistical Area with a combined population of 24,913.Located at the concurrency of U.S. Route 45, Illinois Route 13, Illinois Route 145, and Illinois Route 34, Harrisburg is known as the "Gateway to the Shawnee National Forest", and is also known for the Ohio River flood of 1937, the old Crenshaw House (also known as the Old Slave House), the Tuttle Bottoms Monster, prohibition-era gangster Charlie Birger, and the 2012 EF4 tornado. A Cairo and Vincennes Railroad boomtown, the city was one of the leading bituminous coal mining distribution hubs of the American Midwest between 1900 and 1937.

At its peak, Harrisburg had a population that reached 16,000 by the early 1930s. The city had one of the largest downtown districts in Southern Illinois. The city was the 20th-most populated city in Illinois outside the Chicago Metropolitan Area and the most-populous city in Southern Illinois outside the Metro East in 1930. However, the city has seen an economic decline due to the decreased demand for high-sulfur coal, the removal of the New York Central railroad, and tributary lowlands leaving much area around the city unfit for growth due to flood risks.

List of recessions in the United States

There have been as many as 47 recessions in the United States dating back to the Articles of Confederation, and although economists and historians dispute certain 19th-century recessions, the consensus view among economists and historians is that "The cyclical volatility of GNP and unemployment was greater before the Great Depression than it has been since the end of World War II." Cycles in the country's agricultural production, industrial production, consumption, business investment, and the health of the banking industry contribute to these declines. U.S. recessions have increasingly affected economies on a worldwide scale, especially as countries' economies become more intertwined.

The unofficial beginning and ending dates of recessions in the United States have been defined by the National Bureau of Economic Research (NBER), an American private nonprofit research organization. The NBER defines a recession as "a significant decline in economic activity spread across the economy, lasting more than two quarters which is 6 months, normally visible in real gross domestic product (GDP), real income, employment, industrial production, and wholesale-retail sales".In the 19th century, recessions frequently coincided with financial crises. Determining the occurrence of pre-20th-century recessions is more difficult due to the dearth of economic statistics, so scholars rely on historical accounts of economic activity, such as contemporary newspapers or business ledgers. Although the NBER does not date recessions before 1857, economists customarily extrapolate dates of U.S. recessions back to 1790 from business annals based on various contemporary descriptions. Their work is aided by historical patterns, in that recessions often follow external shocks to the economic system such as wars and variations in the weather affecting agriculture, as well as banking crises.Major modern economic statistics, such as unemployment and GDP, were not compiled on a regular and standardized basis until after World War II. The average duration of the 11 recessions between 1945 and 2001 is 10 months, compared to 18 months for recessions between 1919 and 1945, and 22 months for recessions from 1854 to 1919. Because of the great changes in the economy over the centuries, it is difficult to compare the severity of modern recessions to early recessions. No recession of the post-World War II era has come anywhere near the depth of the Great Depression, which lasted from 1929 until 1941 and was caused by the 1929 crash of the stock market and other factors.

Morley, Colorado

Morley was a town in Las Animas County, Colorado, that existed between 1878 and 1956. The town was located near the summit of Raton Pass and was originally a railroad stop before being developed into a coal mining town by the Colorado Fuel and Iron Company (CF&I). Morley was a CF&I company town for fifty years until 1956 when the mine was closed and the town demolished.

Saxton, Pennsylvania

Saxton is a borough in Bedford County, Pennsylvania, United States. The population was 736 at the 2010 census.

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