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47 Fed. Res. Bull. 1 (1961)

handle is hein.journals/fedred47 and id is 1 raw text is: Economic Activity in 1960 ECONOMIC ACTIVITY reached a cyclical high about the middle of 1960 and has de- clined somewhat since then. Gross national product was at a record seasonally adjusted annual rate of $505 billion in the second quarter. In the fourth quarter, the total was down about one-half of 1 per cent in current dollars and 1 per cent in constant dollars. Rapid inventory accumulation early in 1960 gave way to reduction in the autumn. During the first half of the year final pur- chases, that is, gross national product ex- clusive of inventory change, continued to rise rapidly; in the second quarter this growth more than offset the reduction in inventory spending. After midyear, final purchases rose more slowly. Business reduced its spending for plant and equipment a little, and residential construction activity con- tinued to drift downward. NOTE.-Departmern of -Corce. quartar~ estimates, ad. Justed for seasonal variation. Total In t9 9 dollars partly estimated by Federal Reserve. other investment includes pro- Consumer expenditures declined some- what during the summer, but increased in the fourth quarter. Government purchases of goods and services increased at a some- what faster pace after midyear. Net exports expanded substantially throughout the year. During the cyclical expansion of 1958-60 materials, industrial capacity, and man- power were generally more ample relative, to demands than in the preceding postwar cyclical expansions. After the brief period of extraordinary demands for steel in late 1959 and early 1960, inflationary pressures and expectations generally waned. Busi- ness inventory demands for basic materials slackened throughout the year. Prices of sen- sitive industrial materials declined sharply, while average list prices of other industrial commodities changed little. . Despite downwarxd adjustments in output ducers' durable equipment and total private Onsitrucan. Late figure, hown, lourth quarter esimates of Council of Ecnoi Advisers.

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