The Great Depression, which began with the stock market crash in 1929 and lasted through the 1930s, had a profound economic impact on the United States. It triggered widespread unemployment, peaking at about 25% in 1933, and caused numerous bank failures and business closures, resulting in drastic reductions in consumer spending and investment. Families faced severe hardships, with many losing homes and savings, leading to a dramatic decline in living standards. The federal government responded with the New Deal, a series of programs and reforms aimed at economic recovery and social welfare. The Great Depression reshaped the American economy and the role of government in economic affairs.