Business: Depression Note

In July 1932, lowest point of the Hoover Depression, the Department of Labor estimated U. S. factory employment at 60.4% of the 1923-25 norm. By March 1937 this index was up to 101%. Last week Secretary of Labor Frances Perkins announced that in March 1938 the figure had fallen to 81.7%. The Roosevelt Depression index showed an increase in non-agrarian unemployed of 50,000 since February, 2,450,000 since March a year ago.


Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!