BEGIN:VCALENDAR VERSION:2.0 PRODID:icalendar-ruby CALSCALE:GREGORIAN METHOD:PUBLISH BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1857-06 DTSTART;VALUE=DATE:18570601 DTEND;VALUE=DATE:18590101 DESCRIPTION:The Panic of 1857 was a financial crisis in the United States c aused by the declining international economy and over-expansion of the dom estic economy. Because of the invention of the telegraph by Samuel F. Mors e in 1844\, the Panic of 1857 was the first financial crisis to spread rap idly throughout the United States. The world economy was more interconnect ed by the 1850s\, which made the Panic of 1857 the first worldwide economi c crisis. In the United Kingdom of Great Britain and Ireland\, the First P almerston ministry circumvented the requirements of the Bank Charter Act 1 844\, which required gold and silver reserves to back up the amount of mon ey in circulation. Surfacing news of this circumvention set off the Panic in Britain.\n\nJune 1857 – December 1858 · 1 year 6 months\nBusiness ac tivity: −23.1%\n\nThe failure of the Ohio Life Insurance and Trust Compa ny burst a European speculative bubble in United States' railroads and cau sed a loss of confidence in American banks. Over 5\,000 businesses failed within the first year of the Panic\, and unemployment was accompanied by p rotest meetings in urban areas. This recession was one of the main causes of the American Civil War\, which would begin in 1861 and end in 1865. Thi s is the earliest recession to which the NBER assigns specific months (rat her than years) for the peak and trough.\n\nDates: the National Bureau of Economic Research's business cycle chronology.\nhttps://en.wikipedia.org/w iki/List_of_recessions_in_the_United_States\nhttps://en.wikipedia.org/wiki /Panic_of_1857 SUMMARY:Panic of 1857 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1860-10 DTSTART;VALUE=DATE:18601001 DTEND;VALUE=DATE:18610701 DESCRIPTION:October 1860 – June 1861 · 8 months\nBusiness activity: −1 4.5%\n\nThere was a mild recession before the American Civil War\, which b egan on April 12\, 1861\, although the recession was only limited to some areas. Zarnowitz says the data generally show a contraction occurred in th is period\, but it was quite mild. A financial panic was narrowly averted in 1860 by the first use of clearing house certificates between banks.\n\n Dates: the National Bureau of Economic Research's business cycle chronolog y.\nhttps://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States SUMMARY:1860–1861 recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1865-04 DTSTART;VALUE=DATE:18650401 DTEND;VALUE=DATE:18680101 DESCRIPTION:April 1865 – December 1867 · 2 years 8 months\nBusiness acti vity: −23.8%\n\nThe American Civil War ended in April 1865\, and the cou ntry entered a lengthy period of general deflation that lasted until 1896. The United States occasionally experienced periods of recession during th e Reconstruction Era. Production increased in the years following the Civi l War\, but the country still had financial difficulties. The post-war per iod coincided with a period of some international financial instability.\n \nDates: the National Bureau of Economic Research's business cycle chronol ogy.\nhttps://en.wikipedia.org/wiki/List_of_recessions_in_the_United_State s SUMMARY:1865–1867 recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1869-06 DTSTART;VALUE=DATE:18690601 DTEND;VALUE=DATE:18710101 DESCRIPTION:June 1869 – December 1870 · 1 year 6 months\nBusiness activi ty: −9.7%\n\nA few years after the Civil War\, a short recession occurre d. It was unusual since it came amid a period when railroad investment was greatly accelerating\, even producing the first transcontinental railroad . The railroads built in this period opened up the interior of the country \, giving birth to the Farmers' movement. The recession may be explained p artly by ongoing financial difficulties following the war\, which discoura ged businesses from building up inventories. Several months into the reces sion\, there was a major financial panic.\n\nDates: the National Bureau of Economic Research's business cycle chronology.\nhttps://en.wikipedia.org/ wiki/List_of_recessions_in_the_United_States SUMMARY:1869–1870 recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1873-10 DTSTART;VALUE=DATE:18731001 DTEND;VALUE=DATE:18790401 DESCRIPTION:The Panic of 1873 was a financial crisis that triggered an econ omic depression in Europe and North America that lasted from 1873 to 1877\ , continuing until 1879 in the French Third Republic and in the United Kin gdom of Great Britain and Ireland. In Britain\, the panic started two deca des of economic stagnation known as the "Long Depression" that weakened th e country's economic leadership. In the United States\, the period of econ omic stagnation was known as the "Great Depression" until the events of 19 29 and the early 1930s set a new standard.\n\nOctober 1873 – March 1879 · 5 years 5 months\nBusiness activity: −33.6% (−27.3%)\n\nEconomic pr oblems in Europe prompted the failure of Jay Cooke &\; Company\, the la rgest bank in the United States\, which burst the post-Civil War speculati ve bubble. The Coinage Act of 1873 also contributed by immediately depress ing the price of silver\, which hurt North American mining interests. The deflation and wage cuts of the era led to labor turmoil\, such as the Grea t Railroad Strike of 1877. In 1879\, the United States returned to the gol d standard with the Specie Payment Resumption Act. This is the longest per iod of economic contraction recognized by the NBER\, though the Long Depre ssion is sometimes held to be the entire period from October 1873 to Decem ber 1896.\n\nDates: the National Bureau of Economic Research's business cy cle chronology.\nhttps://en.wikipedia.org/wiki/List_of_recessions_in_the_U nited_States\nhttps://en.wikipedia.org/wiki/Panic_of_1873 SUMMARY:Panic of 1873 and the Long Depression END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1882-03 DTSTART;VALUE=DATE:18820301 DTEND;VALUE=DATE:18850601 DESCRIPTION:The Depression of 1882–1885\, or Recession of 1882–1885\, w as an economic contraction in the United States that lasted from March 188 2 to May 1885\, according to the National Bureau of Economic Research. Las ting 38 months\, it was the third-longest recession in the NBER's chronolo gy of business cycles since 1854. Only the Great Depression (1929–1939) and the Long Depression (1873–1879) were longer.\n\nMarch 1882 – May 1 885 · 3 years 2 months\nBusiness activity: −32.8%\n\nLike the Long Depr ession that preceded it\, the recession of 1882–1885 was more of a price depression than a production depression. From 1879 to 1882\, there had be en a boom in railroad construction which came to an end\, resulting in a d ecline in both railroad construction and in related industries\, particula rly iron and steel. A major economic event during the recession was the Pa nic of 1884.\n\nDates: the National Bureau of Economic Research's business cycle chronology.\nhttps://en.wikipedia.org/wiki/List_of_recessions_in_th e_United_States\nhttps://en.wikipedia.org/wiki/Depression_of_1882%E2%80%93 1885 SUMMARY:Depression of 1882–1885 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1887-03 DTSTART;VALUE=DATE:18870301 DTEND;VALUE=DATE:18880501 DESCRIPTION:March 1887 – April 1888 · 1 year 1 month\nBusiness activity: −14.6%\n\nInvestments in railroads and buildings weakened during this p eriod. This slowdown was so mild that it is not always considered a recess ion. Contemporary accounts apparently indicate it was considered a slight recession.\n\nDates: the National Bureau of Economic Research's business c ycle chronology.\nhttps://en.wikipedia.org/wiki/List_of_recessions_in_the_ United_States SUMMARY:1887–1888 recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1890-07 DTSTART;VALUE=DATE:18900701 DTEND;VALUE=DATE:18910601 DESCRIPTION:July 1890 – May 1891 · 10 months\nBusiness activity: −22.1 %\n\nAlthough shorter than the recession in 1887–1888 and still modest\, a slowdown in 1890–1891 was somewhat more pronounced than the preceding recession. International monetary disturbances are blamed for this recess ion\, such as the Panic of 1890 in the United Kingdom.\n\nDates: the Natio nal Bureau of Economic Research's business cycle chronology.\nhttps://en.w ikipedia.org/wiki/List_of_recessions_in_the_United_States SUMMARY:1890–1891 recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1893-01 DTSTART;VALUE=DATE:18930101 DTEND;VALUE=DATE:18940701 DESCRIPTION:\n\nThe Panic of 1893 was an economic depression in the United States. It began in February 1893 and officially ended eight months later. The Panic of 1896 followed. It was the most serious economic depression i n American history until the Great Depression of the 1930s. The Panic of 1 893 deeply affected every sector of the economy and produced political uph eaval that led to a political realignment and the presidency of William Mc Kinley.\n\nJanuary 1893 – June 1894 · 1 year 5 months\nBusiness activit y: −37.3%\n\nThe failure of the United States Reading Railroad and withd rawal of European investment led to a stock market and banking collapse: t his Panic was also precipitated in part by a run on the gold supply. The T reasury had to issue bonds to purchase enough gold. Profits\, investment a nd income all fell\, leading to political instability\, the height of the U.S. populist movement and the Free Silver movement. Estimates on unemploy ment vary\, it may have peaked anywhere from 8.2 to 18.4%.\n\nDates: the N ational Bureau of Economic Research's business cycle chronology.\nhttps:// en.wikipedia.org/wiki/List_of_recessions_in_the_United_States\nhttps://en. wikipedia.org/wiki/Panic_of_1893 SUMMARY:Panic of 1893 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1895-12 DTSTART;VALUE=DATE:18951201 DTEND;VALUE=DATE:18970701 DESCRIPTION:The Panic of 1896 was an acute economic depression in the Unite d States that was less serious than other panics of the era\, precipitated by a drop in silver reserves\, and market concerns on the effects it woul d have on the gold standard. Deflation of commodities' prices drove the st ock market to new lows in a trend that began to reverse only after the 189 6 Klondike Gold Rush. During the panic\, call money would reach 125 percen t\, the highest level since the Civil War.\n\nDecember 1895 – June 1897 · 1 year 6 months\nBusiness activity: −25.2%\n\nThe period of 1893–18 97 is seen as a generally depressed cycle that had a short spurt of growth in the middle\, following the Panic of 1893. Production shrank and deflat ion reigned.\n\nDates: the National Bureau of Economic Research's business cycle chronology.\nhttps://en.wikipedia.org/wiki/List_of_recessions_in_th e_United_States\nhttps://en.wikipedia.org/wiki/Panic_of_1896 SUMMARY:Panic of 1896 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1899-06 DTSTART;VALUE=DATE:18990601 DTEND;VALUE=DATE:19010101 DESCRIPTION:June 1899 – December 1900 · 1 year 6 months\nBusiness activi ty: −15.5%\n\nThis was a mild recession in the period of general growth beginning after 1897. Evidence for a recession in this period does not sho w up in some annual data series.\n\nDates: the National Bureau of Economic Research's business cycle chronology.\nhttps://en.wikipedia.org/wiki/List _of_recessions_in_the_United_States SUMMARY:1899–1900 recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1902-09 DTSTART;VALUE=DATE:19020901 DTEND;VALUE=DATE:19040901 DESCRIPTION:September 1902 – August 1904 · 1 year 11 months\nBusiness ac tivity: −16.2%\n\nThough not severe\, this downturn lasted for nearly tw o years and saw a distinct decline in the national product. Industrial and commercial production both declined\, albeit fairly modestly. The recessi on came about a year after a 1901 stock crash.\n\nDates: the National Bure au of Economic Research's business cycle chronology.\nhttps://en.wikipedia .org/wiki/List_of_recessions_in_the_United_States SUMMARY:1902–1904 recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1907-05 DTSTART;VALUE=DATE:19070501 DTEND;VALUE=DATE:19080701 DESCRIPTION:The Panic of 1907\, also known as the 1907 Bankers' Panic or Kn ickerbocker Crisis\, was a financial crisis that took place in the United States over a three-week period starting in mid-October\, when the New Yor k Stock Exchange suddenly fell almost 50% from its peak the previous year. The panic occurred during a time of economic recession\, and there were n umerous runs affecting banks and trust companies. The 1907 panic eventuall y spread throughout the nation when many state and local banks and busines ses entered bankruptcy. The primary causes of the run included a retractio n of market liquidity by a number of New York City banks and a loss of con fidence among depositors\, exacerbated by unregulated side bets at bucket shops.\n\nMay 1907 – June 1908 · 1 year 1 month\nBusiness activity: − 29.2%\n\nA run on Knickerbocker Trust Company deposits on October 22\, 190 7\, set events in motion that would lead to a severe monetary contraction. The fallout from the panic led to Congress creating the Federal Reserve S ystem.\n\nDates: the National Bureau of Economic Research's business cycle chronology.\nhttps://en.wikipedia.org/wiki/List_of_recessions_in_the_Unit ed_States\nhttps://en.wikipedia.org/wiki/Panic_of_1907 SUMMARY:Panic of 1907 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1910-01 DTSTART;VALUE=DATE:19100101 DTEND;VALUE=DATE:19120201 DESCRIPTION:The Panic of 1910–11 was a minor economic depression that fol lowed the enforcement of the Sherman Antitrust Act\, which regulates the c ompetition among enterprises\, trying to avoid monopolies and\, generally speaking\, a failure of the market itself. The short-term panic lasted app roximately 1 year and led to a drop of the major U.S. stock market index b y ~26%. It mostly affected the stock market and business traders who were smarting from the activities of trust busters\, especially with the breaku p of the Standard Oil Company and the American Tobacco company.\n\nJanuary 1910 – January 1912 · 2 years\nBusiness activity: −14.7%\n\nThis was a mild but lengthy recession. The national product grew by less than 1%\, and commercial activity and industrial activity declined. The period was also marked by deflation.\n\nDates: the National Bureau of Economic Resear ch's business cycle chronology.\nhttps://en.wikipedia.org/wiki/List_of_rec essions_in_the_United_States\nhttps://en.wikipedia.org/wiki/Panic_of_1910% E2%80%931911 SUMMARY:Panic of 1910–1911 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1913-01 DTSTART;VALUE=DATE:19130101 DTEND;VALUE=DATE:19150101 DESCRIPTION:January 1913 – December 1914 · 1 year 11 months\nBusiness ac tivity: −25.9%\n\nProductions and real income declined during this perio d and were not offset until the start of World War I increased demand. Inc identally\, the Federal Reserve Act was signed during this recession\, cre ating the Federal Reserve System\, the culmination of a sequence of events following the Panic of 1907. The financial crisis of 1914 occurred follow ing the assassination of Archduke Franz Ferdinand of Austria-Hungary\, the subsequent July Crisis\, and British declaration of war on Germany\, whic h led to U.S. Treasury Secretary William Gibbs McAdoo to close the New Yor k Stock Exchange beginning on July 31.\n\nDates: the National Bureau of Ec onomic Research's business cycle chronology.\nhttps://en.wikipedia.org/wik i/List_of_recessions_in_the_United_States SUMMARY:Recession of 1913–1914 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1918-08 DTSTART;VALUE=DATE:19180801 DTEND;VALUE=DATE:19190401 DESCRIPTION:The post–World War I recession was an economic recession that hit much of the world in the aftermath of World War I. In many nations\, especially in North America\, economic growth continued and even accelerat ed during World War I as nations mobilized their economies to fight the wa r in Europe. After the war ended\, the global economy began to decline. In the United States\, 1918–1919 saw a modest economic retreat\, but the s econd part of 1919 saw a mild recovery. A more severe recession hit the Un ited States in 1920 and 1921\, when the global economy fell very sharply.\ n\nAugust 1918 – March 1919 · 7 months\nBusiness activity: −24.5%\n\n Severe hyperinflation in Europe took place over production in North Americ a. This was a brief but very sharp recession and was caused by the end of wartime production\, along with an influx of labor from returning troops. This\, in turn\, caused high unemployment.\n\nDates: the National Bureau o f Economic Research's business cycle chronology.\nhttps://en.wikipedia.org /wiki/List_of_recessions_in_the_United_States\nhttps://en.wikipedia.org/wi ki/Post-World_War_I_recession SUMMARY:Post-World War I recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1920-01 DTSTART;VALUE=DATE:19200101 DTEND;VALUE=DATE:19210801 DESCRIPTION:The Recession of 1920–1921 was a sharp deflationary economic contraction in the United States\, United Kingdom and other countries\, be ginning 14 months after the end of World War I. It lasted from January 192 0 to July 1921. The extent of the deflation was not only large\, but large relative to the accompanying decline in real product.\n\nJanuary 1920 – July 1921 · 1 year 6 months\nBusiness activity: −38.1%\n\nThe 1921 rec ession began a mere 10 months after the post-World War I recession\, as th e economy continued working through the shift to a peacetime economy. The recession was short\, but extremely painful. The year 1920 was the single most deflationary year in American history\; production\, however\, did no t fall as much as might be expected from the deflation. GNP may have decli ned between 2.5 and 7 percent\, even as wholesale prices declined by 36.8% . The economy had a strong recovery following the recession.\n\nDates: the National Bureau of Economic Research's business cycle chronology.\nhttps: //en.wikipedia.org/wiki/List_of_recessions_in_the_United_States\nhttps://e n.wikipedia.org/wiki/Depression_of_1920%E2%80%931921 SUMMARY:Depression of 1920–1921 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1923-05 DTSTART;VALUE=DATE:19230501 DTEND;VALUE=DATE:19240701 DESCRIPTION:May 1923 – June 1924 · 1 year 2 months\nBusiness activity: −25.4%\n\nFrom the depression of 1920–1921 until the Great Depression\ , an era dubbed the Roaring Twenties\, the economy was generally expanding . Industrial production declined in 1923–24\, but on the whole this was a mild recession.\n\nDates: the National Bureau of Economic Research's bus iness cycle chronology.\nhttps://en.wikipedia.org/wiki/List_of_recessions_ in_the_United_States SUMMARY:1923–1924 recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1926-10 DTSTART;VALUE=DATE:19261001 DTEND;VALUE=DATE:19271201 DESCRIPTION:October 1926 – November 1927 · 1 year 1 month\nBusiness acti vity: −12.2%\n\nThis was an unusual and mild recession\, thought to be c aused largely because Henry Ford closed production in his factories for si x months to switch from production of the Model T to the Model A. Charles P. Kindleberger says the period from 1925 to the start of the Great Depres sion is best thought of as a boom\, and this minor recession is just proof that the boom "was not general\, uninterrupted or extensive". |}\n\nDates : the National Bureau of Economic Research's business cycle chronology.\nh ttps://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States SUMMARY:1926–1927 recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1929-08 DTSTART;VALUE=DATE:19290801 DTEND;VALUE=DATE:19330401 DESCRIPTION:The Great Depression was a severe global economic downturn from 1929 to 1939. The period was marked by high rates of unemployment and pov erty\, drastic reductions in industrial production and international trade \, and widespread bank and business failures around the world. The economi c contagion began in 1929 in the United States\, the largest economy in th e world\, with the devastating Wall Street crash of 1929 often considered the beginning of the Depression. Among the countries with the most unemplo yed were the U.S.\, the United Kingdom\, and Germany.\n\nAugust 1929 – M arch 1933 · 3 years 7 months\nPeak unemployment: 21.3% (1932)– 24.9% (1 933) · GDP: −26.7%\nS&P 500: −79.7% over the recession\n\nA banking p anic leading to the Wall Street crash of 1929 and a collapse in the money supply took place in the United States that was exacerbated by internation al commitment to the gold standard. Extensive new tariffs and other factor s contributed to an extremely deep depression. GDP\, industrial production \, employment\, and prices fell substantially. A small economic expansion within the depression began in 1933\, with gold inflow expanding the money supply and improving expectations\; the expansion would end in 1937. The ultimate recovery\, which would occur with the start of World War II in 19 40\, was credited to monetary policy and monetary expansion.\n\nDates: the National Bureau of Economic Research's business cycle chronology.\nhttps: //en.wikipedia.org/wiki/List_of_recessions_in_the_United_States\nhttps://e n.wikipedia.org/wiki/Great_Depression SUMMARY:Great Depression END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1937-05 DTSTART;VALUE=DATE:19370501 DTEND;VALUE=DATE:19380701 DESCRIPTION:The recession of 1937–1938 was an economic downturn that occu rred during the Great Depression in the United States.\n\nMay 1937 – Jun e 1938 · 1 year 1 month\nPeak unemployment: 17.8% −19.0% (1938) · GDP: −18.2%\nS&P 500: −29.6% over the recession\n\nThe Recession of 1937 i s only considered minor when compared to the Great Depression\, but is oth erwise among the worst recessions of the 20th century. Three explanations are offered as causes for the recession: the tight fiscal policy resulting from an attempt to balance the budget after New Deal spending\; the tight monetary policy of the Federal Reserve\; and the declining profits of bus inesses leading to a reduction in business investment.\n\nDates: the Natio nal Bureau of Economic Research's business cycle chronology.\nhttps://en.w ikipedia.org/wiki/List_of_recessions_in_the_United_States\nhttps://en.wiki pedia.org/wiki/Recession_of_1937%E2%80%931938 SUMMARY:Recession of 1937–1938 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1945-02 DTSTART;VALUE=DATE:19450201 DTEND;VALUE=DATE:19451101 DESCRIPTION:February 1945 – October 1945 · 8 months\nPeak unemployment: 5.2% (1946) · GDP: −12.7%\nS&P 500: +23.6% over the recession\n\nThe de cline in government spending at the end of World War II led to an enormous drop in gross domestic product\, making this technically a recession. Thi s was the result of demobilization and the shift from a wartime to peaceti me economy. The post-war years were unusual in a number of ways (unemploym ent was never high)\, and this era may be considered a "sui generis end-of -the-war recession".\n\nDates: the National Bureau of Economic Research's business cycle chronology.\nhttps://en.wikipedia.org/wiki/List_of_recessio ns_in_the_United_States SUMMARY:Recession of 1945 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1948-11 DTSTART;VALUE=DATE:19481101 DTEND;VALUE=DATE:19491101 DESCRIPTION:The recession of 1949 was a downturn in the United States lasti ng for 11 months. According to the National Bureau of Economic Research\, the recession began in November 1948 and lasted until October 1949.\n\nNov ember 1948 – October 1949 · 11 months\nPeak unemployment: 7.9% (October 1949) · GDP: −1.7%\nS&P 500: −2.8% over the recession\n\nThe 1948 re cession was a brief economic downturn\; forecasters of the time expected m uch worse\, perhaps influenced by the poor economy in their recent lifetim es. The recession also followed a period of monetary tightening.\n\nDates: the National Bureau of Economic Research's business cycle chronology.\nht tps://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States\nhttps ://en.wikipedia.org/wiki/Recession_of_1949 SUMMARY:Recession of 1949 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1953-07 DTSTART;VALUE=DATE:19530701 DTEND;VALUE=DATE:19540601 DESCRIPTION:The recession of 1953 was a period of economic downturn in the United States that began in the second quarter of 1953 and lasted until th e first quarter of 1954. The total recession cost roughly $56 billion. It has been described by James L. Sundquist\, a staff member of the Bureau of the Budget and speechwriter for President Harry S. Truman\, as "relativel y mild and brief." The 1953 recession is an example of a V-shaped recessio n\, with a sharp three quarter decline that is followed by a sharp recover y.\n\nJuly 1953 – May 1954 · 10 months\nPeak unemployment: 6.1% (Septem ber 1954) · GDP: −2.6%\nS&P 500: +20.9% over the recession\n\nAfter a p ost-Korean War inflationary period\, more funds were transferred to nation al security. In 1951\, the Federal Reserve reasserted its independence fro m the U.S. Treasury and in 1952\, the Federal Reserve changed monetary pol icy to be more restrictive because of fears of further inflation or of a b ubble forming.\n\nDates: the National Bureau of Economic Research's busine ss cycle chronology.\nhttps://en.wikipedia.org/wiki/List_of_recessions_in_ the_United_States\nhttps://en.wikipedia.org/wiki/Recession_of_1953 SUMMARY:Recession of 1953 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1957-08 DTSTART;VALUE=DATE:19570801 DTEND;VALUE=DATE:19580501 DESCRIPTION:The recession of 1958\, also known as the Eisenhower Recession\ , was a sharp worldwide economic downturn in 1958. The effect of the reces sion spread beyond the United States to Europe and Canada\, causing many b usinesses to shut down. Officially\, recessionary circumstances lasted fro m the middle of 1957 to April 1958. Though it is generally regarded as a m oderate recession\, it was the most significant recession during the post –World War II economic expansion between 1945 and 1973.\n\nAugust 1957 – April 1958 · 8 months\nPeak unemployment: 7.5% (July 1958) · GDP: −3.7%\nS&P 500: −9.3% over the recession\n\nMonetary policy was tighte ned during the two years preceding 1957\, followed by an easing of policy at the end of 1957. The budget balance resulted in a change in budget surp lus of 0.8% of GDP in 1957 to a budget deficit of 0.6% of GDP in 1958\, an d then to 2.6% of GDP in 1959.\n\nDates: the National Bureau of Economic R esearch's business cycle chronology.\nhttps://en.wikipedia.org/wiki/List_o f_recessions_in_the_United_States\nhttps://en.wikipedia.org/wiki/Recession _of_1958 SUMMARY:Recession of 1958 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1960-04 DTSTART;VALUE=DATE:19600401 DTEND;VALUE=DATE:19610301 DESCRIPTION:The recession of 1960–1961 was a recession in the United Stat es. According to the National Bureau of Economic Research\, the recession lasted for 10 months\, beginning in April 1960 and ending in February 1961 . The recession preceded the third-longest economic expansion in U.S. hist ory\, from February 1961 until the beginning of the recession of 1969–19 70 in December 1968.\n\nApril 1960 – February 1961 · 10 months\nPeak un employment: 7.1% (May 1961) · GDP: −1.6%\nS&P 500: +14.6% over the rece ssion\n\nAnother primarily monetary recession occurred after the Federal R eserve began raising interest rates in 1959. The government switched from deficit (or 2.6% in 1959) to surplus (of 0.1% in 1960). When the economy e merged from this short recession\, it began the second-longest period of g rowth in NBER history.\n\nDates: the National Bureau of Economic Research' s business cycle chronology.\nhttps://en.wikipedia.org/wiki/List_of_recess ions_in_the_United_States\nhttps://en.wikipedia.org/wiki/Recession_of_1960 %E2%80%931961 SUMMARY:Recession of 1960–1961 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1969-12 DTSTART;VALUE=DATE:19691201 DTEND;VALUE=DATE:19701201 DESCRIPTION:The recession of 1969–1970 was a relatively mild recession in the United States. According to the National Bureau of Economic Research\ , the recession lasted for 11 months\, beginning in December 1969 and endi ng in November 1970. It followed an economic slump that began in 1968.\n\n December 1969 – November 1970 · 11 months\nPeak unemployment: 6.1% (Dec ember 1970) · GDP: −0.6%\nS&P 500: −7.0% over the recession\n\nThe re latively mild 1969 recession followed a lengthy expansion. At the end of t he expansion\, inflation was rising\, possibly a result of increased defic its. This relatively mild recession coincided with an attempt to start clo sing the budget deficits of the Vietnam War (fiscal tightening) and the Fe deral Reserve raising interest rates (monetary tightening).\n\nDates: the National Bureau of Economic Research's business cycle chronology.\nhttps:/ /en.wikipedia.org/wiki/List_of_recessions_in_the_United_States\nhttps://en .wikipedia.org/wiki/Recession_of_1969%E2%80%931970 SUMMARY:Recession of 1969–1970 END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1973-11 DTSTART;VALUE=DATE:19731101 DTEND;VALUE=DATE:19750401 DESCRIPTION:The 1973–1975 recession or 1970s recession was a period of ec onomic stagnation in much of the Western world during the 1970s\, putting an end to the overall post–World War II economic expansion. It differed from many previous recessions by involving stagflation\, in which high une mployment and high inflation existed simultaneously.\n\nNovember 1973 – March 1975 · 1 year 4 months\nPeak unemployment: 9.0% (May 1975) · GDP: −3.2%\nS&P 500: −23.0% over the recession\n\nThe 1973 oil crisis\, a q uadrupling of oil prices by OPEC\, coupled with the 1973–1974 stock mark et crash led to a stagflation recession in the United States.\n\nDates: th e National Bureau of Economic Research's business cycle chronology.\nhttps ://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States\nhttps:// en.wikipedia.org/wiki/1973%E2%80%931975_recession SUMMARY:1973–1975 recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1980-01 DTSTART;VALUE=DATE:19800101 DTEND;VALUE=DATE:19800801 DESCRIPTION:The United States entered recession in January 1980 and returne d to growth six months later in July 1980. Although recovery took hold\, t he unemployment rate remained unchanged through the start of a second rece ssion in July 1981. The downturn ended 16 months later\, in November 1982. The economy entered a strong recovery and experienced a lengthy expansion through 1990.\n\nJanuary 1980 – July 1980 · 6 months\nPeak unemploymen t: 7.8% (July 1980) · GDP: −2.2%\nS&P 500: +12.7% over the recession\n\ nThe NBER considers a very short recession to have occurred in 1980\, foll owed by a short period of growth and then a deep recession. Unemployment r emained relatively elevated in between recessions. The recession began as the Federal Reserve\, under Paul Volcker\, raised interest rates dramatica lly to fight the inflation of the 1970s. The early 1980s are sometimes ref erred to as a "double-dip" or "W-shaped" recession.\n\nDates: the National Bureau of Economic Research's business cycle chronology.\nhttps://en.wiki pedia.org/wiki/List_of_recessions_in_the_United_States\nhttps://en.wikiped ia.org/wiki/Early_1980s_recession_in_the_United_States SUMMARY:1980 recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1981-07 DTSTART;VALUE=DATE:19810701 DTEND;VALUE=DATE:19821201 DESCRIPTION:The United States entered recession in January 1980 and returne d to growth six months later in July 1980. Although recovery took hold\, t he unemployment rate remained unchanged through the start of a second rece ssion in July 1981. The downturn ended 16 months later\, in November 1982. The economy entered a strong recovery and experienced a lengthy expansion through 1990.\n\nJuly 1981 – November 1982 · 1 year 4 months\nPeak une mployment: 10.8% (November 1982) · GDP: −2.7%\nS&P 500: +5.6% over the recession\n\nThe Iranian Revolution sharply increased the price of oil aro und the world in 1979\, causing the 1979 energy crisis. This was caused by the new regime in power in Iran\, which exported oil at inconsistent inte rvals and at a lower volume\, forcing prices up. Tight monetary policy in the United States to control inflation led to another recession. The chang es were made largely because of inflation carried over from the previous d ecade because of the 1973 oil crisis and the 1979 energy crisis.\n\nDates: the National Bureau of Economic Research's business cycle chronology.\nht tps://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States\nhttps ://en.wikipedia.org/wiki/Early_1980s_recession_in_the_United_States SUMMARY:1981–1982 recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-1990-07 DTSTART;VALUE=DATE:19900701 DTEND;VALUE=DATE:19910401 DESCRIPTION:The United States entered a recession in 1990\, which lasted 8 months through March 1991. Although the recession was mild relative to oth er post-war recessions\, it was characterized by a sluggish employment rec overy\, most commonly referred to as a jobless recovery. Unemployment cont inued to rise through June 1992\, even though a positive economic growth r ate had returned the previous year. The immediate causes of the recession were a generally weak economy and the 1990 oil price shock.\n\nJuly 1990 – March 1991 · 8 months\nPeak unemployment: 7.8% (June 1992) · GDP: −1.4%\nS&P 500: +4.8% over the recession\n\nAfter the lengthy peacetime expansion of the 1980s\, inflation began to increase and the Federal Reser ve responded by raising interest rates from 1986 to 1989. This weakened bu t did not stop growth\, but some combination of the subsequent 1990 oil pr ice shock\, the debt accumulation of the 1980s\, and growing consumer pess imism combined with the weakened economy to produce a brief recession.\n\n Dates: the National Bureau of Economic Research's business cycle chronolog y.\nhttps://en.wikipedia.org/wiki/List_of_recessions_in_the_United_States\ nhttps://en.wikipedia.org/wiki/Early_1990s_recession_in_the_United_States SUMMARY:Early 1990s recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-2001-03 DTSTART;VALUE=DATE:20010301 DTEND;VALUE=DATE:20011201 DESCRIPTION:The early 2000s recession was a major decline in economic activ ity which mainly occurred in developed countries. The recession affected t he European Union during 2000 and 2001 and the United States from March to November 2001. The United Kingdom\, Canada and Australia avoided the rece ssion\, while Russia\, a nation that did not experience prosperity during the 1990s\, began to recover from it. Japan's 1990s recession continued. A combination of the Dot-com bubble collapse and the September 11 attacks l engthened and worsened the recession.\n\nMarch 2001 – November 2001 · 8 months\nPeak unemployment: 6.3% (June 2003) · GDP: −0.3%\nS&P 500: − 8.1% over the recession\n\nThe 1990s were the longest period of economic g rowth in American history up to that point. The collapse of the speculativ e dot-com bubble\, a fall in business outlays and investments\, and the Se ptember 11th attacks\, brought the decade of growth to an end. Despite the se major shocks\, the recession was brief and shallow.\n\nDates: the Natio nal Bureau of Economic Research's business cycle chronology.\nhttps://en.w ikipedia.org/wiki/List_of_recessions_in_the_United_States\nhttps://en.wiki pedia.org/wiki/Early_2000s_recession SUMMARY:Early 2000s recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-2007-12 DTSTART;VALUE=DATE:20071201 DTEND;VALUE=DATE:20090701 DESCRIPTION:The Great Recession was a period of contraction in economies ar ound the world that occurred from late 2007 to mid-2009\, overlapping with the closely related 2008 financial crisis. The scale and timing of the re cession varied from country to country. At the time\, the International Mo netary Fund (IMF) concluded that it was the most severe economic and finan cial meltdown since the Great Depression of the 1930s.\n\nDecember 2007 – June 2009 · 1 year 6 months\nPeak unemployment: 10.0% (October 2009) · GDP: −5.1%\nS&P 500: −37.9% over the recession\n\nThe subprime mort gage crisis led to the collapse of the United States housing bubble. Falli ng housing-related assets contributed to the 2008 financial crisis\, even as oil and food prices soared. The crisis led to the failure or collapse o f many of the United States' largest financial institutions: Bear Stearns\ , Fannie Mae\, Freddie Mac\, Lehman Brothers\, and AIG\, as well as a cris is in the automobile industry. The government responded with an unpreceden ted $700 billion bank bailout and $787 billion fiscal stimulus package. Th e National Bureau of Economic Research declared the end of this recession over a year after the end date. The Dow Jones Industrial Average (Dow) fin ally reached its lowest point on March 9\, 2009.\n\nDates: the National Bu reau of Economic Research's business cycle chronology.\nhttps://en.wikiped ia.org/wiki/List_of_recessions_in_the_United_States\nhttps://en.wikipedia. org/wiki/Great_Recession SUMMARY:Great Recession END:VEVENT BEGIN:VEVENT DTSTAMP:20261017T023852Z UID:us-recession-2020-02 DTSTART;VALUE=DATE:20200201 DTEND;VALUE=DATE:20200501 DESCRIPTION:The COVID-19 recession was a global economic recession caused b y COVID-19 lockdowns. The recession began in most countries in February 20 20. After a year of global economic slowdown that saw stagnation of econom ic growth and consumer activity\, the COVID-19 lockdowns and other precaut ions taken in early 2020 drove the global economy into crisis. Within seve n months\, every advanced economy had fallen into recession.\n\nFebruary 2 020 – April 2020 · 2 months\nPeak unemployment: 14.7% (April 2020) · G DP: −19.2%\nS&P 500: −9.7% over the recession\n\nThe economic effects of the pandemic were severe after the first quarter of 2020. More than 24 million people lost jobs in the United States in just three weeks in April . The economic impact of the virus is still being determined\, but the rec ession was the shortest on record. |}\n\nDates: the National Bureau of Eco nomic Research's business cycle chronology.\nhttps://en.wikipedia.org/wiki /List_of_recessions_in_the_United_States\nhttps://en.wikipedia.org/wiki/CO VID-19_recession SUMMARY:COVID-19 recession END:VEVENT END:VCALENDAR