1958 recession pandemicmsci world ticker

In general, the 1958 Recession (also called the Eisenhower Recession) doesn’t get much press, for while it was relatively-sharp in magnitude (the worst since the 1930’s) it was also fairly-short in duration. The NBER officially declared an end to the economic expansion in February of 2020 as the U.S. fell into a recession amid the coronavirus pandemic. There were many major factors in the decline that exerted a growing downward pressure on production and employment, resulting in a general reduction of economic activity.Government efforts to promote a prompt economic recovery played an important role in the moderation of the recession. Total employment had increased by about 1 million from its recession low while unemployment had been reduced by 1 million. The Forgotten 1957 Pandemic and Recession. Tax ID# 52-1263436 As cases of the Asian flu began to spread, it became clear to many scientists and other observers that there was something different and deadly about this flu. The claim is that sick and dying workers, fearful consumers, and disrupted supply chains would cause economic chaos. Media pundits and politicians are now in the habit of claiming it was the pandemic itself that has caused unemployment to skyrocket and economic growth to plummet. Emphasis was placed on providing medical care to those who were afflicted and on sustaining the continued functioning of community and health services….there were no reports that major events were canceled or postponed except for high school and college football games, which were often delayed because of the number of players afflicted.In 1957–58, there was concern over the availability of medical services. Economic growth was positive again, however, by the fourth quarter of 1958 and had soared to over 9 percent growth in 1959. One Defenders of lockdowns will likely continue to claim that "we have no choice" but to continue lockdowns for long periods of time. In this recession, which took place from August 1957 to April 1958, GDP fell 4.1% in Q4 1957, then plummeted another 10% in Q1 1958. At the very least, many claim that the lockdowns until now have been "worth it." This suggests that most of the economic damage now being experienced by workers and households in the US is more a product of the policy reaction to the virus than to the virus itself.The 1957–58 pandemic was such a rapidly spreading disease that it became quickly apparent to U.S. health officials that efforts to stop or slow its spread were futile. Even if mitigation measures are implemented and even if they significantly slow the spread of the virus (as China has done), the act of doing so will have a large and negative effect on consumption.

This was particularly apparent in Personal Consumption Expenditures, or PCE, for which we show quarter-over-quarter growth rates (annualized) for the 1956-59 period below.A strong and very sharp decline in consumption expenditures is perfectly aligned with the present situation around the world, first in China and more recently in both South Korea, Japan (particularly Hokkaido), and Italy (amongst others).

"Not surprisingly, then, we find relatively mild estimates in If we get hit with something like the 1957 Asian flu, say goodbye to 2 percent of GDP. While there are some references to earlier rate increases, the cause-and-effect connection seems quite tenuous. As of April 2020, the unemployment rate has ballooned to 14.4 percent, the highest rate recorded since the Great Depression. In fact, reports show that Americans took little action beyond the usual measures involved in trying to slow the spread of disease: hand washing, staying home when ill, etc.Although the virus does appear to have been a factor in the 1958 recession, the economic effects were miniscule compared to what the US now faces from the reaction to the COVID-19 virus. Henderson, Despite the large numbers of cases, the 1957 outbreak did not appear to have a significant impact on the U.S. economy.

Income and expenditures of individuals were at new high levels. Economic growth was positive again, however, by the fourth quarter of 1958 and had soared to over 9 percent growth in 1959.

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