[Partisan Gunslinger]

Try again. Estimated declines in United States manufacturing output in selected sectors (1872–1876)[26] Industry % decline in output Durable goods 30% Iron and steel 45% Construction 30% Overall 10% From the source of your graph. Overall, 10% decline in output.

But GDP per person was way up. Businesses evolve, resources get allocated differently.

And this. In the US, from 1873–1879, 18,000 businesses went bankrupt, including hundreds of banks, and ten states went bankrupt

In a dynamic economy new, more efficient, businesses will replace businesses that refuse to keep up with the times. The bottom line is overall economic activity, and that was way up in the 1873 to 1880 period.

[Toddsterpatriot]

200 Years of American Financial Crises