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 ...