1960s_Economy

1960s Economy To trace the business cycle of the 1960s you must first realize that the 60s were a time of change for everyone. There was the idea of war and peace, sex, drugs, and rock and roll as the saying goes. When you look at the economic history in this decade you realize that these things not only affected people socially, but also economically. At the beginning of the decade the United States was in a recession. This was the time of the Kennedy years in the beginning of the sixties. As 1961 approached the economy began to improve. (Galbraith, 173) The unemployment level at this time was 5.5% which was good. (Galbraith, 169) Wages and prices did of course interact with each other to cause inflation during this time period, but it was not a serious problem. (Galbraith, 171) The Gross National Product (GNP) in 1960 was 1665.3 with a growth of 3.9 up from 3.5 in 1947. The Consumer Price Index (CPI) also told about the economy. The CPI was 29.6 in 1960 which was a growth of 3.3 up from 2.2 growth in 1947. (Spulber, 6) As you can galbraith, time, economy, growth, end, economic, war, united, states, sixties, decade, taxes, tax, started, realize, people, must, kennedy’s, kennedy, good, years, year, women, vietnam, unemployment, things, spulber, socially, set, serious, rights, reduced, problem, presidency, poverty, poor, peace, lyndon, look, level, led, johnson, inflation, government, going, force, felt, each, cut, cpi