The depression that followed the Panic of 1837, lasting from the late 1830s until 1843, was the third economic slump. During this period, prices fell by 33% while the money supply in the United States shrank by roughly 34%. Only the Great Depression had a contraction with this size.
The United States experienced a period of fast economic expansion in the final part of the 19th century, which caused the per capita income to double during that time. The United States overtook Britain in 1895 to take the top spot in industrial production. Exports of consumer products and machinery gained significance for the first time. early crises and recessions. The National Bureau of Economic Research has been able to pinpoint the peaks and troughs of recessions to the month since 1854.
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