Recession of 1960–61

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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 second longest economic expansion in U.S. history which lasted from February 1961 to the Recession of 1969–70 in December 1969 (only the 1990s saw a longer period of growth).[1]

The Federal Reserve began to tighten monetary policy in 1959 and eased off in 1960.[2]

During this recession, the Gross Domestic Product of the United States fell 1.6 percent. Though the recession ended in November 1960, the unemployment rate did not peak for several months. In May 1961, the rate reached its height for the cycle of 7.1 percent.[3]

References[edit]

  1. ^ "NBER Business Cycle Expansions and Contractions". NBER. Retrieved 2008-10-01. [dead link]
  2. ^ Labonte, Marc (2002-01-10). "The Current Economic Recession". Congressional Research Service. Retrieved 2008-03-05. 
  3. ^ Labor Force Statistics from the Current Population Survey, Bureau of Labor Statistics. Retrieved on September 19, 2009