Following “Fair Deal” economic reforms and monetary tightening by the Federal Reserve, the U.S. economy took an 11-month downturn from November 1948 to October 1949.
 Washington Area Spark

In October 1949 unemployment reached a peak of 7.9 percent, then fell in the early 1950s.

Overall, the recession of 1949 was considered a mild adjustment as the economy continued adapting to peacetime production.