1973–1975 recession facts for kids

The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s. It was different from many previous recessions by being a stagflation, where high unemployment and high inflation existed at the same time.

Among the causes were the 1973 oil crisis and the fall of the Bretton Woods system after the Nixon Shock.

The recession in the United States lasted from November 1973 (the Richard Nixon presidency) to March 1975 (the Gerald Ford presidency), and its effects on the US were felt through the Jimmy Carter presidency until the mid-term of Ronald Reagan's first term as president.

Images for kids

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  US unemployment rate, 1969–1981

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  Oil prices in USD, 1861–2015 (1861–1944 averaged US crude oil, 1945–1983 Arabian Light, 1984–2015 Brent). Red line adjusted for inflation, blue not adjusted.

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  In the parlance of recession shapes, the Recession of 1973–75 in the United States could be considered a U-shaped recession, because of its prolonged period of weak growth and contraction.       Percent change from preceding period in real gross domestic product (annualized; seasonally adjusted);       Average GDP growth 1947–2009 Source: Bureau of Economic Analysis

See also

In Spanish: Recesión de 1973–1975 para niños