1973–1975 recession
The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s. It was different from many previous recessions by being a stagflation, where high unemployment and high inflation existed at the same time.
Among the causes were the 1973 oil crisis and the fall of the Bretton Woods system after the Nixon Shock.
The recession in the United States lasted from November 1973 (the Richard Nixon presidency) to March 1975 (the Gerald Ford presidency),[1] and its effects on the US were felt through the Jimmy Carter presidency until the mid-term of Ronald Reagan's first term as president.
1973–1975 Recession Media
US unemployment rate, 1969–1981
Oil prices in USD, 1861–2015 (1861–1944 averaged US crude oil, 1945–1983 Arabian Light, 1984–2015 Brent). Red line adjusted for inflation, blue not adjusted.
A graph of the recession in the United States from 1973-75.* * Blue line is Percent Change From Preceding Period in Real Gross Domestic Product (annualized; seasonally adjusted) * Red line is Average GDP growth 1947–2009*Data is from the Bureau of Economic Analysis.
UK inflation history
References
- ↑ "NBER Business Cycle Expansions and Contractions". NBER. Archived from the original on 17 July 2007. Retrieved 1 October 2008.
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