The Great Depression officially began in the United States in 1929, marked by the stock market crash on October 29, known as Black Tuesday. This economic crisis led to widespread unemployment, bank failures, and significant declines in industrial output. As bank failures increased, consumer confidence plummeted, resulting in reduced spending and business closures. The effects of the Great Depression were felt worldwide, leading to economic hardship that lasted through the 1930s, ultimately prompting government interventions and reforms such as the New Deal under President Franklin D. Roosevelt to stimulate recovery and support those affected.