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1955 Boom Drives Record U.S. Production and Spending
U S business in 1955 hit record highs with peak gross national product around 387 billion dollars and 400 billion at year end. Consumers borrowed over 34 percent of annual auto, appliance, furniture, and other purchases on time as big business invested in new plants. The year saw heavy construction, steel, coal, and oil output, and retail sales. even as Eisenhower’s heart attack rattled Wall Street, trends recovered by autumn. The government attempted a credit crackdown to curb inflation and shortages, with rates hiked four times by the Federal Reserve and tighter mortgage terms.
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U. S
Eisenhower
Wall Street
Associated Press
Federal Reserve