The
Great Depression began in August 1929, when the United States economy first went into an
economic recession. Although the country spent two months with declining
GDP, it was not until the
Wall Street Crash in October 1929 that the effects of a declining economy were felt, and a major worldwide economic downturn ensued.
The usual explanations include numerous factors, especially high consumer debt, ill-regulated markets that permitted overoptimistic loans by banks and investors, and the lack of high-growth new industries,
[2] all interacting to create a downward economic spiral of reduced spending, falling confidence and lowered production.
[3]
Industries that suffered the most included construction, agriculture as [URL='https://en.wikipedia.org/wiki/Dust_Bowl']dust-bowl conditions persisted in the agricultural heartland, shipping, mining, and logging as well as durable goods like automobiles and appliances that could be postponed.[/URL]