Early 1960′s Recession

APRIL 1960 – FEBRUARY 1961 (10 months)

The Early 1960s recession, also called the Recession of 1960, was yet another chapter in the modern economic cycle that has shown its ugly side so many times to the U.S., as well as to the world. This recession was characterized by, once again, astronomically high unemployment rates, incredibly high inflation, and a bad Gross National Product rating.

These all worked together to cause consumer confidence in the system to plummet, and caused a downward spiral to develop that swallowed many businesses. This in turn caused unemployment to rise, and so the cycle began again.

What ended the recession was the call President Kennedy made on January 30 of 1961 to increase government spending to improve the Gross National Product. This helped reduce unemployment, helped bring back confidence in the economy, helped out many businesses, and helped the recession to come to an end that very year.