Recession of 1937–38
The Recession of 1937–1938 was an economic downturn that occurred during the Great Depression in the United States.
By the spring of 1937, production, profits, and wages had regained their 1929 levels. Unemployment remained high, but it was slightly lower than the 25% rate seen in 1933. The American economy took a sharp downturn in mid-1937, lasting for 13 months through most of 1938. Industrial production declined almost 30 percent and production of durable goods fell even faster.
Unemployment jumped from 14.3% in 1937 to 19.0% in 1938. Manufacturing output fell by 37% from the 1937 peak and was back to 1934 levels. Producers reduced their expenditures on durable goods, and inventories declined, but personal income was only 15% lower than it had been at the peak in 1937. In most sectors, hourly earnings continued to rise throughout the recession, which partly compensated for the reduction in the number of hours worked. As unemployment rose, consumers expenditures declined, thereby leading to further cutbacks in production.
Podcasts:
1937-1938
by: Adrian RolliniThings have come to a pretty pass,
Our romance is growing flat,
For you like this and the other
While I go for this and that.
Goodness knows what the end will be,
Oh, I don't know where I'm at...
It looks as if we two will never be one,
Something must be done.
You say eether and I say eyether,
You say neether and I say nyther,
Eether, eyether, neether, nyther,
Let's call the whole thing off!
You like potato and I like potahto,
You like tomato and I like tomahto,
Potato, potahto, tomato, tomahto!
Let's call the whole thing off!
But oh! If we call the whole thing off,
Then we must part.
And oh! If we ever part,
Then that might break my heart!
So, if you like pajamas and I like pajahmas,
I'll wear pajamas and give up pajahmas.
For we know we need each other,
So we better call the calling off off.
Let's call the whole thing off!
You say laughter and I say lawfter,
You say after and I say awfter,
Laughter, lawfter, after, awfter,
Let's call the whole thing off!
You like vanilla and I like vanella,
You, sa's'parilla and I sa's'parella,
Vanilla, vanella, Choc'late, strawb'ry!
Let's call the whole thing off!
But oh! If we call the whole thing off,
Then we must part.
And oh! If we ever part,
Then that might break my heart!
So, if you go for oysters and I go for ersters
I'll order oysters and cancel the ersters.
For we know we need each other,
So we better call the calling off off!
Let's call the whole thing off!