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Consumer confidence is low, and Wall Street is in a state of flux. Find out how the recent economic crisis started and how it's having an impact over the world.
- Black Thursday: October 24, 1929, when 16 million shares of stock were quickly sold by panicked investors. The following Tuesday, the stock market collapsed completely.
- Banks: Between 1929 and 1934, 9,812 banks collapsed; the worst year was 1933 when 4,000 banks suspended operations.
- Dow Jones: The average high in the decade of the 1920s was 100; the low was 67. On July 8, 1932, the market dropped to 41.22. Stock market fell 80 percent between 1930 and 1933.
- Average Annual Earnings: In the 1920s, the average was $1,236; in the 1930s, it was $1,368. Wages fell 42.5 percent between 1929 and 1933.
- Unemployment: In 1929, the jobless rate was 3.2%; it peaked at 24.9% in 1993, when 11.4 million people were out of work. The rate was 17.2% in 1939.
- Food Spending: Americans spent $19.5 billion on food in 1929; the figure fell to $11.5 billion in 1933.
- The New Deal: President Franklin D. Roosevelt's programs included the Works Progress Administration, which gave jobs to thousands of unemployed in everything from construction to the arts.
- Social Security: President Franklin Roosevelt signed the Social Security Act into law in 1935, assuring retired workers age 65 and older of a steady income.