Chart 8

Sustained economic growth without recessions from 1960 to 1966 has
generated large employment gains. The average annual increase in civilian
employment amounted to 700,000 during 1953-60 as compared with 1.2 million
In the last two years, gains mounted to 1.5 million
between 1960 and 1966.

per year.

Chart 8

60

*Periods of recession as dated by National Bureau of Economic Research.

166

'68

Chart 9

The accelerated rate of growth in GNP during 1961-68 has made available
a considerably larger volume of goods and services each year to consumers,
business and government. The chart shows a widening improvement in the more
recent performance as compared with the earlier period. Since the early 1961
cyclical trough, GNP in 1958 prices has increased 49 percent, which compares
with an increase of 29 percent for a comparable period of time since the 1954
recession trough.

Chart 9

Chart 10

During the late 1950's, the growth rate of the U. S. economy fell below that of In the 1960's, the U. S. growth rate has risen other major industrial countries. appreciably and compares very favorably with growth rates abroad.