Recovery
In the United States, the National Bureau of Economic Analysis dates the recession through March 1879. In January 1879, the United States returned to the gold standard which it had abandoned during the Civil War; according to economist Rendigs Fels, the gold standard put a floor to the deflation, and this was further boosted by especially good agricultural production in 1879. The view that a single recession lasted from 1873 to 1896 or 1897 is not supported by most modern reviews of the period. It has even been suggested that the trough of this business cycle may have occurred as early as 1875. In fact, from 1869 to 1879, the US economy grew at a rate of 6.8% for real net national product (NNP) and 4.5% for real NNP per capita. Real wages were flat from 1869 to 1879, while from 1879 to 1889, nominal wages rose 23% and prices fell 4.2%.
Read more about this topic: Long Depression
Famous quotes containing the word recovery:
“Walking, and leaping, and praising God.”
—Bible: New Testament Acts, 3:8.
Referring to the miraculous recovery of a lame man, through the intervention of Peter.
“It’s even pleasant to be sick when you know that there are people who await your recovery as they might await a holiday.”
—Anton Pavlovich Chekhov (1860–1904)
“With any recovery from morbidity there must go a certain healthy humiliation.”
—Gilbert Keith Chesterton (1874–1936)