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Industry and agriculture alike profited from the thriving economy. Average income grew steadily throughout the decade and production soared. Levels of investment grew to new heights. However, the economy began to slow down in 1928, and the trend continued in 1929. Agricultural prices slipped, a result of production surpluses and a downturn in business activity. Despite this and other warning signs, patterns of investment continued much as they had in the mid-20s, giving little recognition to the economic slowdown. The stage was set for a major market correction. On October 24, 1929, dubbed Black Thursday, the stock market crashed...
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