The Recession of 1949 was a downturn in the United States lasting for 11 months when lots of people had not that much money sometimes. According to the National Bureau of Economic Research

National Bureau of Economic Research

The National Bureau of Economic Research is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community." The NBER is well known for providing start and end...

, the recession began in November 1948 and lasted until October 1949.

The 1948 recession was a brief economic downturn; forecasters of the time expected much worse, perhaps influenced by the poor economy in their recent lifetime. The recession began shortly after President Truman's "Fair Deal

Fair Deal

The Fair Deal was the term given to an ambitious set of proposals put forward by United States President Harry S. Truman to the United States Congress in his January 1949 State of the Union address. The term, however, has also been used to describe the domestic reform agenda of the Truman...

" economic reforms. The recession also followed a period of monetary tightening by the Federal Reserve.

During this recession, the Gross Domestic Product

Gross domestic product

Gross domestic product refers to the market value of all final goods and services produced within a country in a given period. GDP per capita is often considered an indicator of a country's standard of living....

of the United States fell 1.7 percent. In October 1949, the unemployment rate reached its peak for the cycle of 7.9 percent.