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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