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Entitled: "Unemployed workers in front of a shack with Christmas tree" East 12th Street, New York City. Photographed by Russell Leo, January 1938. Thrown away tree left from Christmas 1937 set up near a shack filled with unemployed men. They were all children once, and probably had a real Christmas. Now they're just trying to keep from freezing to death. The Recession of 1937-38 was an economic downturn that occurred during the Great Depression in the United States. By the spring of 1937, production, profits, and wages had regained their 1929 levels. Unemployment remained high, but it was slightly lower than the 25% rate seen in 1933. The American economy took a sharp downturn in mid 1937, lasting for 13 months through most of 1938. Industrial production declined almost 30 percent and production of durable goods fell even faster. Unemployment jumped from 14.3% in 1937 to 19.0% in 1938.
