The unemployment rate during the Great Depression peaked at nearly 25 percent in 1933. This drastic increase came after an initial spike from 3 percent in 1929 to nearly 8 percent in 1930.
The economic turmoil of the era, characterized by stock market crashes, bank failures, and widespread business closures, led to massive job losses. By 1933, nearly one in four Americans who were willing and able to work were without jobs.
In contrast, the unemployment rate is just 5 percent today, showcasing how far the economy has come since those bleak days. The recovery from the Great Depression required significant government intervention and a long-term commitment to economic reform, which ultimately laid the groundwork for a more resilient economy.