| 1929 |
3.2% |
NA |
0.6% |
Market crash |
| 1930 |
8.7% |
-8.5% |
-6.4% |
Smoot-Hawley |
| 1931 |
15.9% |
-6.4% |
-9.3% |
Dust Bowl |
| 1932 |
23.6% |
-12.9% |
-10.3% |
Hoover's tax hikes |
| 1933 |
24.9% |
-1.2% |
0.8% |
FDR's New Deal |
| 1934 |
21.7% |
10.8% |
1.5% |
Depression eased thanks to New Deal |
| 1935 |
20.1% |
8.9% |
3.0% |
|
| 1936 |
16.9% |
12.9% |
1.4% |
|
| 1937 |
14.3% |
5.1% |
2.9% |
Spending cuts |
| 1938 |
19.0% |
-3.3% |
-2.8% |
FLSA starts min wage |
| 1939 |
17.2% |
8.0% |
0% |
Drought ended |
| 1940 |
14.6% |
8.8% |
0.7% |
U.S. draft |
| 1941 |
9.9% |
17.7% |
9.9% |
Pearl Harbor |
| 1942 |
4.7% |
18.9% |
9.0% |
Defense tripled |
| 1943 |
1.9% |
17.0% |
3.0% |
Germany surrendered at Stalingrad |
| 1944 |
1.2% |
8.0% |
2.3% |
Bretton Woods |
| 1945 |
1.9% |
-1.0% |
2.2% |
War ends. Min wage $0.40 |
| 1946 |
3.9% |
-11.6% |
18.1% |
Employment Act |
| 1947 |
3.6% |
-1.1% |
8.8% |
Marshall Plan negotiated |
| 1948 |
4.0% |
4.1% |
3.0% |
Truman reelected |
| 1949 |
6.6% |
-0.6% |
-2.1% |
Fair Deal; NATO |
| 1950 |
4.3% |
8.7% |
5.9% |
Korean War; Min wage $0.75 |
| 1951 |
3.1% |
8.0% |
6.0% |
Expansion |
| 1952 |
2.7% |
4.1% |
0.8% |
Expansion |
| 1953 |
4.5% |
4.7% |
0.7% |
Korean War ended |
| 1954 |
5.0% |
-0.6% |
-0.7% |
Dow returned to 1929 level |
| 1955 |
4.2% |
7.1% |
0.4% |
Unemployment fell |
| 1956 |
4.2% |
2.1% |
3.0% |
Min wage $1.00 |
| 1957 |
5.2% |
2.1% |
2.9% |
Recession |
| 1958 |
6.2% |
-0.7% |
1.8% |
|
| 1959 |
5.3% |
6.9% |
1.7% |
Expansion |
| 1960 |
6.6% |
2.6% |
1.4% |
Recession |
| 1961 |
6.0% |
2.6% |
0.7% |
JFK; Min wage $1.15 |
| 1962 |
5.5% |
6.1% |
1.3% |
Cuban Missile Crisis |
| 1963 |
5.5% |
4.4% |
1.6% |
LBJ; Min wage $1.25 |
| 1964 |
5.0% |
5.8% |
1.0% |
Tax cut |
| 1965 |
4.0% |
6.5% |
1.9% |
US enters Vietnam War |
| 1966 |
3.8% |
6.6% |
3.5% |
Expansion |
| 1967 |
3.8% |
2.7% |
3.0% |
Min wage $1.40 |
| 1968 |
3.4% |
4.9% |
4.7% |
Min wage $1.60 |
| 1969 |
3.5% |
3.1% |
6.2% |
Nixon took office |
| 1970 |
6.1% |
0.2% |
5.6% |
Recession |
| 1971 |
6.0% |
3.3% |
3.3% |
Emergency Employment Act; Wage-price controls |
| 1972 |
5.2% |
5.3% |
3.4% |
Ongoing Stagflation; Watergate break-in |
| 1973 |
4.9% |
5.6% |
8.7% |
CETA ; Gold standard ; Vietnam War ended |
| 1974 |
7.2% |
-0.5% |
12.3% |
Nixon resigns; Min. wage $2.00 |
| 1975 |
8.2% |
-0.2% |
6.9% |
Recession ended |
| 1976 |
7.8% |
5.4% |
4.9% |
Expansion |
| 1977 |
6.4% |
4.6% |
6.7% |
Carter took office |
| 1978 |
6.0% |
5.5% |
9.0% |
Fed raised rate to 20% to stop inflation |
| 1979 |
6.0% |
3.2% |
13.3% |
|
| 1980 |
7.2% |
-0.3% |
12.5% |
Recession |
| 1981 |
8.5% |
2.5% |
8.9% |
Reagan tax cuts; Min. wage $3.35 |
| 1982 |
10.8% |
-1.8% |
3.8% |
Job Training Partnership Act; Garn-St.Germain Act |
| 1983 |
8.3% |
4.6% |
3.8% |
Reagan increased military spending |
| 1984 |
7.3% |
7.2% |
3.9% |
|
| 1985 |
7.0% |
4.2% |
3.8% |
Expansion |
| 1986 |
6.6% |
3.5% |
1.1% |
Tax cuts |
| 1987 |
5.7% |
3.5% |
4.4% |
Black Monday |
| 1988 |
5.3% |
4.2% |
4.4% |
Fed raised rate |
| 1989 |
5.4% |
3.7% |
4.6% |
Reforms made to address S&L Crisis |
| 1990 |
6.3% |
1.9% |
6.1% |
Recession |
| 1991 |
7.3% |
-0.1% |
3.1% |
Desert Storm; Min. wage $4.25 |
| 1992 |
7.4% |
3.5% |
2.9% |
NAFTA drafted |
| 1993 |
6.5% |
2.8% |
2.7% |
Omnibus Budget Reconciliation Act |
| 1994 |
5.5% |
4.0% |
2.7% |
School to Work Act |
| 1995 |
5.6% |
2.7% |
2.5% |
Expansion |
| 1996 |
5.4% |
3.8% |
3.3% |
Welfare reform |
| 1997 |
4.7% |
4.4% |
1.7% |
Min. wage $5.85 |
| 1998 |
4.4% |
4.5% |
1.6% |
LTCM crisis |
| 1999 |
4.0% |
4.8% |
2.7% |
Euro; Serbian airstrike |
| 2000 |
3.9% |
4.1% |
3.4% |
NASDAQ hit record high |
| 2001 |
5.7% |
1.0% |
1.6% |
Bush tax cuts; 9/11 attacks |
| 2002 |
6.0% |
1.7% |
2.4% |
War on Terror |
| 2003 |
5.7% |
2.8% |
1.9% |
JGTRRA |
| 2004 |
5.4% |
3.9% |
3.3% |
Expansion |
| 2005 |
4.9% |
3.5% |
3.4% |
Bankruptcy Abuse Prevention Act; Katrina |
| 2006 |
4.4% |
2.8% |
2.5% |
Expansion |
| 2007 |
5.0% |
2.0% |
4.1% |
|
| 2008 |
7.3% |
0.1% |
0.1% |
Min. wage $6.55; Financial crisis |
| 2009 |
9.9% |
-2.6% |
2.7% |
ARRA; Min. wage $7.25; Jobless benefits extended |
| 2010 |
9.3% |
2.7% |
1.5% |
Obama tax cuts |
| 2011 |
8.5% |
1.5% |
3.0% |
26 months of job losses by July; Debt ceiling crisis; Iraq War ended |
| 2012 |
7.9% |
2.3% |
1.7% |
QE; 10-year rate at 200-year low; Fiscal cliff |
| 2013 |
6.7% |
1.8% |
1.5% |
Stocks up 30%; Long term = 5% unemployment |
| 2014 |
5.6% |
2.3% |
0.8% |
Unemployment at 2007 levels |
| 2015 |
5.0% |
2.7% |
0.7% |
Natural rate |
| 2016 |
4.7% |
1.7% |
2.1% |
Presidential race |
| 2017 |
4.1% |
2.3% |
2.1% |
Dollar weakened |
| 2018 |
3.9% |
2.9% |
1.9% |
Trump tax cuts |
| 2019 |
3.6% |
2.3% |
2.3% |
Goldilocks economy |
| 2020 |
6.7% |
-3.4% |
1.4% |
COVID-19 pandemic and recession |
| 2021 |
3.9% |
NA |
7.0% |
COVID-19 pandemic and recovery |