Commercial business failures and employment impacts during and after the panic (1907–1909)

1. Business failures remain elevated before the panic

   Mar 1, 1907Labels: Business failures

   • FRED NBER
   • FRED Table

2. Business-cycle peak signals downturn begins

   May 1, 1907Labels: NBER peak

   • NBER Cycles
   • Fed History

3. Knickerbocker Trust suspends after a bank run

   Oct 22, 1907Labels: Knickerbocker Trust

   • Fed History
   • Panic 1907

4. Clearinghouse certificates substitute for scarce cash

   Oct 26, 1907Labels: Clearinghouse certificates

   • CoinBooks
   • Fed History

5. Business failures spike as credit tightens

   Dec 1, 1907Labels: Business failures

   • FRED NBER
   • Fed History

6. Business failures reach a peak in January 1908

   Jan 1, 1908Labels: Business failures

   • FRED NBER
   • FRED Table

7. Unemployment rises sharply during the contraction

   Apr 1, 1908Labels: Unemployment

   • Panic 1907
   • Fed History

8. Aldrich–Vreeland Act creates emergency currency tools

   May 30, 1908Labels: Aldrich Vreeland

   • Congress Law
   • Cato Study

9. NBER trough marks end of the 1907–1908 contraction

   Jun 1, 1908Labels: NBER trough

   • NBER Cycles
   • NBER Dating

10. Failures ease but remain high through late 1908

    Dec 1, 1908Labels: Business failures

    • FRED NBER
    • FRED Table

11. Commercial failures continue into early 1909

    Jan 1, 1909Labels: Business failures

    • FRED NBER
    • NBER Cycles

12. By late 1909, failures settle to lower levels

    Sep 1, 1909Labels: Business failures

    • FRED NBER
    • FRED Table

13. National Monetary Commission work advances a lasting outcome

    Jan 1, 1912Labels: National Monetary

    • NMC Overview
    • Cato Study