The January Industrial Curve
A recession in 1937 marked a major setback in the nation’s recovery from the Depression. Industrial production fell sharply and unemployment increased markedly between August 1937 and May 1938. Playing on the breadline, an iconic image of the era, Herblock depicts captains of industry lining up at the White House to seek aid. Following an emergency appropriation of $5 billion for work relief and public works by Congress, economic recovery began to pick up again by June.
A recession in 1937 marked a major setback in the nation’s recovery from the Depression. Industrial production fell sharply and unemployment increased markedly between August 1937 and May 1938. Playing on the breadline, an iconic image of the era, Herblock depicts captains of industry lining up at the White House to seek aid. Following an emergency appropriation of $5 billion for work relief and public works by Congress, economic recovery began to pick up again by June.