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The automobile industry in 1929 set a record by selling more than 5 million vehicles. The next year, even after cutting prices in the wake of the market crash, sales dropped by 2 million. By 1932 the number of vehicles sold plummeted to a paltry 1.33 million, a drop of 4 million from the 1929 record. The Depression affected the entire economy and had a major impact on the car manufacturing areas in the Midwest. Unemployment in Detroit and Flint, Michigan, hit 13 percent in 1930, when the national average was only 6.6 percent. Later, in 1932, half the male population of Detroit was unemployed. Ford employed 120,000 in March 1929, but by August 1931 that number fell to 37,000. After 1932 car sales slowly crept back to mid-1920s levels but slid again in response to the break in the nation's recovery that occurred in 1937 and 1938.
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This section contains 139 words (approx. 1 page at 300 words per page) |
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