When consumer confidence declined following the stock market fall during the Great Depression, factories and other businesses had to reduce production and start laying off employees as a result of the decline in spending and investment.
For those who were fortunate enough to keep their jobs, incomes dropped and their purchasing power shrunk.
What was the Great Depression about?
The Great Depression, which lasted from 1929 to 1939, was the worst economic downturn in the history of the industrialized world. It started after the 1929 stock market catastrophe, which paralyzed Wall Street and caused the loss of millions of investors.
The 1929 stock market crash set off the Great Depression, which was exacerbated by the Dust Bowl in the 1930s by Franklin D. Roosevelt.
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