<P> "Most indexes worsened until the summer of 1932, which may be called the low point of the depression economically and psychologically". Economic indicators show the American economy reached nadir in summer 1932 to February 1933, then began recovering until the recession of 1937--1938 . Thus the Federal Reserve Industrial Production Index hit its low of 52.8 on July 1, 1932 and was practically unchanged at 54.3 on March 1, 1933, but by July 1, 1933 it reached 85.5 (with 1935--39 = 100 and for comparison 2005 = 1,342). In Roosevelt's 12 years in office, the economy had an 8.5% compound annual growth of GDP, the highest growth rate in the history of any industrial country, but recovery was slow and by 1939 the gross domestic product (GDP) per adult was still 27% below trend . </P> <Table> Table 1: statistics <Tr> <Th> </Th> <Th> 1929 </Th> <Th> 1931 </Th> <Th> 1933 </Th> <Th> 1937 </Th> <Th> 1938 </Th> <Th> 1940 </Th> </Tr> <Tr> <Td> Real Gross National Product (GNP) (1) </Td> <Td> 101.4 </Td> <Td> 84.3 </Td> <Td> 68.3 </Td> <Td> 103.9 </Td> <Td> 96.7 </Td> <Td> 113.0 </Td> </Tr> <Tr> <Td> Consumer Price Index (2) </Td> <Td> 122.5 </Td> <Td> 108.7 </Td> <Td> 92.4 </Td> <Td> 102.7 </Td> <Td> 99.4 </Td> <Td> 100.2 </Td> </Tr> <Tr> <Td> Index of Industrial Production (2) </Td> <Td> 109 </Td> <Td> 75 </Td> <Td> 69 </Td> <Td> 112 </Td> <Td> 89 </Td> <Td> 126 </Td> </Tr> <Tr> <Td> Money Supply M2 ($billions) </Td> <Td> 46.6 </Td> <Td> 42.7 </Td> <Td> 32.2 </Td> <Td> 45.7 </Td> <Td> 49.3 </Td> <Td> 55.2 </Td> </Tr> <Tr> <Td> Exports ($billions) </Td> <Td> 5.24 </Td> <Td> 2.42 </Td> <Td> 1.67 </Td> <Td> 3.35 </Td> <Td> 3.18 </Td> <Td> 4.02 </Td> </Tr> <Tr> <Td> Unemployment (% of civilian work force) </Td> <Td> 3.1 </Td> <Td> 16.1 </Td> <Td> 25.2 </Td> <Td> 13.8 </Td> <Td> 16.5 </Td> <Td> 13.9 </Td> </Tr> </Table> <Tr> <Th> </Th> <Th> 1929 </Th> <Th> 1931 </Th> <Th> 1933 </Th> <Th> 1937 </Th> <Th> 1938 </Th> <Th> 1940 </Th> </Tr> <Tr> <Td> Real Gross National Product (GNP) (1) </Td> <Td> 101.4 </Td> <Td> 84.3 </Td> <Td> 68.3 </Td> <Td> 103.9 </Td> <Td> 96.7 </Td> <Td> 113.0 </Td> </Tr>

Which new deal policy had the biggest impact on the american economy