October 1926 – November 1927 · 1 year 1 month Business activity: −12.2% This was an unusual and mild recession, thought to be caused largely because Henry Ford closed production in his factories for six 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 Depression is best thought of as a boom, and this minor recession is just proof that the boom "was not general, uninterrupted or extensive". |} Dates: the National Bureau of Economic Research's business cycle chronology. Wiki link