1929: Unemployment very low, averaging 3.2% for the year. October 1929: The Wall Street Crash happens. The following year, unemployment reaches 8.9%, and in June the Smoot-Hawley Tariff is introduced, increasing costs for US imports and plunging Europe into economic crisis.1931: Unemployment in the US reaches 16.3%. 1931: Major bank collapse deepens the crisis. 1932: Unemployment reaches 24.1%. In November, Roosevelt is elected. The new president introduces new policies intended to counter the depression and unemployment begins to gradually fall after peaking in 1933. 1936 Roosevelt reelected. December 1941: US enters WWII, and the subsequent mobilization enables the American economy to escape the Great Depression for good.