-
Consumer Spending
76.5% -
GDP
5.6% -
1970's Energy Crisis
The 1970s energy crisis was a period when the major industrial countries of the world, particularly the United States, Canada, Western Europe, Japan, Australia, and New Zealand, faced substantial petroleum shortages, real and perceived, as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports. -
Humphrey-Hawkins
In response to rising unemployment levels in the 1970s, Representative Augustus Hawkins and Senator Hubert Humphrey created the Full Employment and Balanced Growth Act. It was signed into law by President Jimmy Carter on October 27, 1978, and codified as 15 USC § 3101[permanent dead link]. The Act explicitly instructs the nation to strive toward four ultimate goals: full employment, growth in production, price stability, and balance of trade and budget. -
Unemployment Rates
4.9% -
Consumer Price
44.4 -
GDP Per Capita
$6,741 -
Inflation
9% -
Stock Market Crash of 1973-74
The 1973–74 stock market crash caused a bear market between January 1973 and December 1974. Affecting all the major stock markets in the world, particularly the United Kingdom, it was one of the worst stock market downturns in modern history -
Inflation
12% -
Consumer Spending
59.5% -
Consumer Price
49.3 -
GDP
.5% -
GDP Per Capita
$7,242 -
Unemployment Rates
5.6% -
Inflation
6% -
Consumer Spending
75.6% -
Consumer Price
53.8 -
GDP
.2% -
GDP Per Capita
$7,820 -
Recession Recovery
In the United States, the economic recovery from the 1973 to 1975 recession had many of the characteristics of a typical U-type recovery. GNP (the measure at the time) reached and exceeded its pre-recession level by first quarter 1976. Industrial production had recovered to its pre-recession levels by the end of 1976 -
Unemployment Rates
8.5% -
Consumer Spending
87.0% -
Unemployment Rates
7.7% -
Inflation
6% -
Consumer Price
56.9 -
Gas Prices Rise
Gas prices in 1976 start to rise and end the year at .59 cents 3 cents higher than the 1975 -
GDP
5.4% -
GDP Per Capita
$8,611 -
Inflation
7% -
Consumer Spending
84.4 -
Consumer Price
60.6 -
GDP
4.6% -
GDP Per Capita
$9,471 -
Consumer Spending
66.1% -
Copyright Act
The copyright act of 1978 changes law's on copyrights affecting business' all over the country -
Unemployment Rates
6.1% -
Inflation
9% -
Consumer Price
65.2 -
GDP
5.6% -
GDP
3.2% -
GDP Per Capita
$10,587 -
Inflation
13% -
Consumer Spending
61.0 -
Consumer Price
72.6 -
Unemployment Rates
5.8% -
Interest Rates
20% -
Business Cycle
Recession -
Fiscal Policies
-
Iran Hostage Crisis
US citizens at the embassy were taken hostage causing an outrage from the US people -
GDP Per Capita
$11,696