Recession of 1960–1961
The issue of Recession of 1960–1961 is a matter of great relevance today, as it has a significant impact on the lives of people around the world. Recession of 1960–1961 has long been the subject of debate, research and analysis by experts in the field. In this article, we will explore various perspectives on Recession of 1960–1961 and its importance in different contexts. Additionally, we will examine how Recession of 1960–1961 has evolved over time and what the current implications are for society. Without a doubt, Recession of 1960–1961 is a topic that deserves our attention and reflection in today's world.
The recession of 1960–1961 was a recession in the United States. According to the National Bureau of Economic Research, the recession lasted for 10 months, beginning in April 1960 and ending in February 1961. The recession preceded the third-longest economic expansion in U.S. history, from February 1961 until the beginning of the recession of 1969–1970 in December 1968.[1]
The Federal Reserve had started to tighten monetary policy in 1958 and eased off in 1961.[2]
During this recession, the GDP of the United States fell 1.4 percentage points. Though the recession ended in February 1961, the unemployment rate did not peak for several more months. In May 1961, the rate reached its height for the cycle of 7.1 percent.[3]
See also
References
- ^ "US Business Cycle Expansions and Contractions". NBER. Retrieved 2023-05-04.
- ^ Labonte, Marc (2002-01-10). "The Current Economic Recession" (PDF). Congressional Research Service. Archived from the original (PDF) on 2009-10-10. Retrieved 2008-03-05.
- ^ Labor Force Statistics from the Current Population Survey, Bureau of Labor Statistics. Retrieved on September 19, 2009
Further reading
- Friedman, Milton; Schwartz, Anna J. (1993) . A Monetary History of the United States, 1867–1960. Chicago: University of Chicago Press. pp. 614–620. ISBN 978-0691003542.
- Meltzer, Allan H. (2009). A History of the Federal Reserve – Volume 2, Book 1: 1951–1969. Chicago: University of Chicago Press. pp. 301–303. ISBN 978-0226520025.
- Bremner, Robert P. (2004). Chairman of the Fed: William McChesney Martin Jr. and the Creation of the American Financial System. New Haven, CT: Yale University Press. pp. 152–153. ISBN 978-0300105087.