Depression Note

In July 1932, lowest point of the Hoover Depression, the Department of Labor estimated U. S. factory employment at 60.4% of the 1923-25 norm. By March 1937 this index was up to 101%. Last week Secretary of Labor Frances Perkins announced that in March 1938 the figure had fallen to 81.7%. The Roosevelt Depression index showed an increase in non-agrarian unemployed of 50,000 since February, 2,450,000 since March a year ago.

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