Measure of Recovery in Profits and Wages Since 1920–21 Depression

February 20, 1925
Entire Report

The stimulation of industrial activity produced by the war reached a climax in the year 1919, which was marked by the greatest industrial boom and the greatest credit inflation in the history of the United States.

In the spring of 1920 a depression set in which continued for nearly two years. It brought about abrupt deflation of credit and at its depths produced temporary industrial prostration.

The extent of the recovery in the manufacturing industry from the low point of the post-war depression may now be measured by new statistics compiled by the Bureau of the Census. Comparisons of these statistics with other basic statistics compiled by the Bureau of Internal Revenue and the Bureau of Labor Statistics are given in the following pages. They provide the basis for significant conclusions as to the course of profits, wages and the cost of living during the last five years.

Statistics of Manufacture

The status of manufacturers at (1919) the height of the boom; (1921) the depth of the depression, and in 1923, the latest year for which complete figures are available, is revealed in the following table, giving the basic data on manufactures gathered by the Census Bureau.

  1923 1921 1919
Number of establishments 195,714 196,267 214,383
Persons engaged. 10,176,750 8,265,821 10,688,849
Proprietors 147,380 172,871 250,571
Salaried employes 1,266,137
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Jun. 21, 1961  Wage Policy in Recovery
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Sep. 18, 1957  Control of Living Costs
Nov. 02, 1955  Wages, Prices, Profits
Jan. 26, 1954  Minimum Wage Raise
Jan. 02, 1954  Cost of Living
Jan. 21, 1953  Guaranteed Annual Wage
Dec. 17, 1952  Future of Price and Wage Controls
Nov. 19, 1951  Fringe Benefits and Wage Stabilization
Dec. 06, 1950  Wage Control
Jun. 13, 1949  Wages in Deflation
Jun. 04, 1947  Guarantees of Wages and Employment
Oct. 29, 1946  Decontrol of Wages
Dec. 01, 1945  Minimum Wages
Sep. 29, 1945  Wage Policy
Oct. 27, 1944  Wage Security
May 17, 1943  Incentive Wage Payments
Aug. 25, 1941  Prices, Profits, and Wage Control
Apr. 28, 1941  Wartime Changes in the Cost of Living
Sep. 21, 1940  Two Years of the Wage-Hour Law
Nov. 01, 1938  Industry and Labor Under the Wage-Hour Act
Jan. 20, 1938  Wage Rates and Workers' Incomes
Apr. 11, 1935  The Cost of Living in the United States
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May 24, 1930  The Anthracite Wage Agreement
Feb. 20, 1925  Measure of Recovery in Profits and Wages Since 1920–21 Depression
Economic Crises