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Check Point - Historical Example of Labor Supply and Demand

Check Point - Historical Example of Labor Supply and Demand...

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In the 1920s, the banking system in the U.S. was about $50 billion, which was about 50% of the GDP (Gross Domestic Product). As a result, of this 13 million people became unemployed. In 1932, 34 million people belonged to families with no regular full-time wage earner. Industrial production fell by nearly 45% between 1929 and 1932. The construction of new homes were not built dropped by 80% between the years 1929 and 1932. Between the years of 1929 and 1932, about 5,000 banks went out of business. By 1933, 11,000 of the U.S.’ 25,000 banks had failed. Between 1929 and 1933, U.S. GDP (Gross Domestic Product) fell around 30%; the stock market lost almost 90% of its value. In 1929, the unemployment rate averaged 3%. In 1933, 25% of all workers and 37% of all nonfarm workers were unemployed. Over one million families lost their farms between 1930 and 1934. Corporate profits had dropped from $10 billion in 1929 to $1 billion in 1932. Between 1929 and 1932, the income of the average American family reduced by
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Unformatted text preview: 40%. Nine million savings accounts closed between 1930 and 1933 because the American people needed their money to live on. There were 273,000 families evicted from their homes in 1932 because they had no way to make the payment. There were two million homeless people migrating around the country. Over 60% of Americans put into categories by the federal government in 1933 and the most popular was the poor Americans. In the last prosperous year (1929), there were 279,678 immigrants recorded, but in 1933, only 23,068 came to the U.S. In the early 1930s, more people emigrated from the U.S. than immigrated to it. The U.S. government sponsored a Mexican Repatriation program, which intended to encourage people to voluntarily move to Mexico, but thousands, including some U.S. citizens, deported against their will. Many people became ill with diseases such as tuberculosis (TB). The 1930 U.S. Census determined the U.S. population to be 122,775,046. About 40% of the population was under 20 years....
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