April 1865 – December 1867 · 2 years 8 months Business activity: −23.8% The American Civil War ended in April 1865, and the country entered a lengthy period of general deflation that lasted until 1896. The United States occasionally experienced periods of recession during the Reconstruction Era. Production increased in the years following the Civil War, but the country still had financial difficulties. The post-war period coincided with a period of some international financial instability. Dates: the National Bureau of Economic Research's business cycle chronology. Wiki link