The long, deep depression that followed the Panic of 1893 finally ended in late 1896, as all the economic indicators in 1897 turned positive. Business newspapers and magazines were filled with optimistic reports throughout 1897. The New York Commercial of 3 January 1898 surveyed a wide variety of businesses and industries nationwide and concluded, 'after three years of waiting and of false starts, the groundswell of demand is at last begun to rise with the steadiness which leaves little doubt that an era of prosperity has appeared.' It reported that January 1898 represents 'a supreme moment in the period of transition from depression to comparative prosperity.' The unemployment rate, which had been at nearly 20 percent in 1895, dropped to 15 percent in 1897 and to 8 percent in early 1898.
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