What event is commonly associated with high unemployment exceeding 25% in 1837?

The event commonly associated with high unemployment exceeding 25% in 1837 is the Panic of 1837. This financial crisis marked a significant economic downturn in the United States, triggered by a combination of factors such as speculative lending practices, a collapse of the cotton market, and bank failures.

During this period, there was a severe contraction in credit and a drop in consumer and business confidence. As a result, many businesses failed, and widespread unemployment ensued. The economic distress was felt most acutely by workers and rural communities that were heavily dependent on the volatile agricultural economy.

The term "Panic of 1837" encompasses the broader impacts of this crisis, including bank closures, a decline in investment, and ultimately, a nationwide depression. The resulting high unemployment rates reflected the deep economic challenges of the time, with many individuals losing their jobs and livelihoods as the economic landscape drastically changed.