Search Documents

By Barry W. Klein

The U.S. economy was considerably stronger in 1976 than in 1974 or 1975. Real gross national product (GNP) rose sharply in the first quarter of 1976 and then increased at a more moderate rate for the remainder of the year. The unemployment rate fell until June and then increased for moat of the remainder of the year, finishing at the same rate as it had started the year. The inflation rate continued to decline in 1976. Reasons for the relatively low rate (compared with those of 1974 and 1975) included small increases in food prices and only moderate increases in energy prices. Total U.S. output measured in terms of GNP increased 11.6% in 1976. Real GNP in 1972 constant dollars rose 6.2%. Inflation as measured by the implicit price deflator increased 5.1%. In real terms, gross private domestic investment for residential structures rose 22.7% in 1976 after declining 14.7%a in 1975; State and local Government expenditures increased 1.4% in 1976; and personal consumption expenditures for services rose 4.5%. The Federal Reserve Board (FRB) index of industrial production increased 10.2%.

Jan 1, 1978

By William A. Vogely

HIGH ACTIVITY, continuing the substantial recovery from the slump of 1954, characterized the domestic nonfuels-mining industries during 1956 Income generated in producing nonfuel minerals and mineral products3 increased 9 percent over 1955 as compared with a 6-percent increase for all industries. Thus, the 1956 performance of the mineral industries, while not as dramatic as the 27-percent increase obtained in 1955, continued to exceed the gains of the total economy. Other measures of mineral activity strengthen this conclusion. The index of physical volume of mineral production, presented for the first time as an integral part of this review, reflects significant gains in all major sectors during 1956; and, although the overall increase was diminished somewhat by the steel and iron-ore strike in July 1956, the all-mineral index (including fuels) reached a new high.

Jan 1, 1958

By Edward E. Johnson

The U.S. economy boomed in 1965, completing its fifth consecutive year of expansion. Although the advance was somewhat irregular, previous records for production, sales, employment, and income were topped. During the first few months of 1965, as the economy recovered from the depressing effects of the automobile strikes of late 1964, increases were unusually large. The gains moderated in early spring, but were stimulated at midyear by sharply rising capital outlays, excise tax cuts, in? creased Social Security payments, and accelerated Viet-Nam defense expenditures. Gross national product (GNP) in cur-rent dollars rose $49.5 billion or 7.8 percent, to a total of S681.2 billion. In constant dollars (effects of price changes eliminated), GNP increased 5.9 percent, a rate considerably higher than the historical postwar annual average growth of 3.5 per-cent. Demand increased in most final markets and was especially strong for business fixed investment and consumption expenditures. With the exception of construction, most of the increases in GNP were real, since prices increased less than 2 percent.

Jan 1, 1966

By William A. Vogely

STRIKES in the steel and copper industries adversely affected production in the minerals industry in 1959. Because of an excellent first half of the year and rapid recovery of production after the steel settlement, most statistical indicators were higher than the recession-recovery year 1958. Domestic production of metals declined by 9 percent, but nonmetals (except fuels) increased by 8 percent. Ferrous-metal mine production was down 8 percent, and base-metal mine production was off 11 percent. Employment was high during the first half of the year, but averaged lower than in 1958. Stocks continued to decline as a whole, but crude metal ore stocks actually increased. The indexes of stocks at yearend were still high as compared with 1955. Prices were firm throughout the year. A new index of average unit mine value is presented for the first time in this review; it showed a very slight decline in average mine realization for 1959. The percentage share of supply from imports increased in some commodities, due in large part to the shutdown of domestic iron, steel, and copper industries.

Jan 1, 1960

By Kung-Lee Wang

The 1963 performance of the United States economy was impressive. The year was one of continued growth unmarred by a recession. By the end of 1963 the economy's expansion had already lasted almost as long as the 1954-57 upswing, and the net gain in output since the trough in activity in early 1961 compared favorably with most earlier postwar cyclical advances. There was no indication of any slow- down at yearend. Both gross national product (GNP) and national income in 1963 were 5 percent higher than in the previous year. GNP totaled $584 billion, a gain of $28 billion over 1962. Real output of goods and services rose 3.4 percent over the year. Price increases continued to be moderate. Production, employment, personal income, and corporate profits all registered new but unemployment continued high at 5.5 percent and the prospects for improvement remained poor. The economy again failed to use its full potential. Current value of mineral production kept pace with the economy. The constant dollar value of mineral production gained more than real GNP because of the relatively stable price of minerals. Mining production achieved a new high in 1963. Steel production totaled 110 million tons, 12 million tons above 1962, making 1963 the first 100- million-ton year since 1957 and lifting the steel-associated minerals group upward. The gain in ferrous metals mining was insufficient to compensate for the decline of nonferrous metals mining resulting in an insignificant decline in the metal mining total as a whole. The upsurge of construction material minerals output, with an assist from chemical and fertilizer minerals, accounted for peak production of

Jan 1, 1964

By Kung-Lee Wang

SUSTAINED growth characterized the U.S. economy in 1964. Many new peaks were achieved in production, sales, employment, employee earnings, and business profits. At the end of 1964, the economy had experienced 4 years of uninterrupted expansion, and the greatest net gains in output for all postwar cyclical advances had been registered. There were no indications of the various weaknesses which have previously characterized advanced stages of business expansion. Both gross national product (GNP) and national income were 6.7 percent higher than in 1963. In 1964 GNP totaled $628.7 billion, a gain of $39.2 billion over the 1963 figure. On an overall basis, prices rose 1.75 percent in 1964. The real volume of output of goods and services (GNP in constant dollars) increased by 5.0 percent ill 1964; this was more than the 3.8-percent gain in 1963 but less than the 6.6 percent gain in 1962. The 1964 output gain also exceeded the average 3.7 percent annual increase for the postwar period. Congress authorized a two-stage tax reduction designed to further stimulate economic growth and employment. The tax cut favorably affected the 1964 economy in the following ways: By helping to boost personal income, corporate profits, and industrial production; by accelerating the pace of consumer spending and business capital expansion; and by increasing employment, thereby reducing unemployment to 5 percent. Three major problems remained unsolved. These were unemployment of 3.7 million persons, poverty conditions among more

Jan 1, 1965

By Kung-Lee Wang

FOLLOWING the rapid recovery of previous years, the U.S. economy continued the upward trend and moved forward moderately and sporadically during the first half of 1962. There was a slow-down in the recovery rate, which was especially notable in the third quarter. The economy recovered in the fourth quarter, and by the end of 1962 the gross national product amounted to $555 billion, a new high, 7 percent above that of 1961. Production, employment, personal income, and corporate profits all achieved new peaks, but unemployment continued high and the prospects for improvement remained poor. The economy again failed to us~ its full potential; 1962 was a good year, but not good enough. During 1962, all industrial production climbed from the low in January to a high in late summer which lasted through the fall, and declined slightly at yearend. Mining production followed this pattern closely and most sectors were approaching record highs. Most minerals gained in value and volume of production. The steel-associated minerals group was the only exception, and it sustained a small net loss. The nonfuel minerals industry opened the year at a high level, maintained this high level until late summer, with the peak in May, and drifted downward toward the end of the year. The gains recorded by nonferrous metal mining partly offset the loss of ferrous metal mining, resulting in a small gain for metal mining as a whole. The upsurge of construction material minerals output was primarily responsible for the substantial increase in production of nonmetals other

Jan 1, 1963

By Paul W. McGann

THE MINERAL INDUSTRIES had a near-record year in 1950, as rising industrial activity in general, greatly accentuated by the outbreak of hostilities in Korea in midyear, called forth increasing supplies of mineral fuels and raw materials. The aggregate value of mineral production was second only to that in 1948, and the aggregate physical volume was exceeded only in 1948 and 1947. Lower coal production accounted for the failure to surpass these earlier years. Growth of production was fairly constant throughout the year, especially for crude petroleum; its physical output for the year as a whole exceeded that of 1949 by 7 percent. According to Federal Reserve Board indexes, other relative gains were 16 percent for coal, 9 percent for fuels in general, and 17 percent for metals. The increase for mining in general was of the order of 10 percent. This was not quite as large as the general increase in industrial production but clearly reflected the total-industrial trend (see fig. 1).

Jan 1, 1953

By M. G. Goudge

IT IS ENOOURAGING indeed to note during the past year that, despite a slackening off in many markets and with numerous major difficulties and problems to solve, the mining industry of Nova Scotia was maintained at a very high level. The value of the Province's mineral production for 1957 amounted to approximately $65,000,000. This represents a drop of only 1.5 per cent from the figure of the previous year. Coal Atlantic Collieries, Ltd., opened a new coal mine during the year at Bras d'Or. This colliery is equipped with the most modern type of mechanical equipment available, with transport of the ?coal by a belt-conveyor system. Other mines in the Province continued to mechanize their operations by the addition of Diesel haulage locomotives and other mechanized mining equipment. New wash plants are in operation and .an additional one is planned.

Jan 1, 1958

By Warren E. Morrison

Stimulated by 4 years of continuous economic growth without inflation, demand for energy in the United States reached an alltime high in 1964. Total value of production of goods and services (gross national product--GNP) for the year was $629 billion, an increase of 6.8 percent from 1963. Allowing for price changes based on 1958 dollars, the gain in real terms was 5 percent. In 1964 the Federal Reserve Board Index of Industrial Production stood at 132, a rise of 6.2 percent. With the impetus provided by personal income and corporate tax reductions during the year, aggregate wages, profits, and consumption reached record levels. Even the persistent balance of payments problem improved. Against this background the national consumption of commercial energy increased 4.2 percent. Energy needs continued to be met largely from domestic resources with imports, mainly crude petroleum and refined petroleum products, accounting for but 7 percent of the total. Mineral energy resources, namely gas, coal, and petroleum, contributed 96 percent of the input of energy into the economy during the year. The remaining 4 percent came from hydropower and nuclear power.

Jan 1, 1965

By Warren E. Morrison

Demand for energy in the United States in 1965 was stimulated by the continuing expansion of the economy. A gain of 5.9 percent in gross national product for the year was accompanied by a 4.4-percent rise in energy consumption. Domestic energy resources met about 93 percent of the nation's requirements. The remaining 7 percent consisted of imported fuels, mainly of crude petroleum and residual fuel oil. The major fossil fuels-natural gas, crude petroleum, and coal, in that order-contributed 96 percent of all commerical energy utilized, with the balance of 4 percent being primary electricity from hydropower and nuclear power plants. Production was up for all of the major mineral energy resources in 1965, with the single exception of anthracite, output of which continued to decline. Bituminous coal output for the year was 512 million tons; marketed production of natural gas, 16,039 billion cubic feet; and crude petroleum output, 2,848 million barrels. Among the secondary products processed from primary energy resources, the most significant gains were in coal carbonized for coke which increased 6.7 percent to 95 million tons, and in the output of liquefied gases from natural gas which rose 4.8 percent to 11,257 million gallons (268 million barrels). Within the latter category, the off? take for petrochemical feedstocks continued to rise at a very rapid pace.

Jan 1, 1967

By Robert E. Johnson

1962 was the second year of recovery from the mild 1960-61 recession. The year-to-year gain in constant dollar gross national product, our most comprehensive measure of the country's economic performance, was 6.0 percent (from $447.7 billion in 1961 to $474.8 billion in 1962). The unemployment rate declined from 6.7 percent to 5.6 percent. Although it was a good year, there were still unused resources of labor and capital which implied that the economy was operating below its potential. The year-to-year change in the Federal Reserve Board (FRB) index of industrial production of 7.6 percent masked the fact that more than one-third of the growth took place within 196L The monthly index rose only 4.8 percent during 1962, from 114.3 in January to 117.8 in September. The fact that the economy as shown by the industrial index, rose rapidly in the first half of the year only to remain on a plateau of 119-120 during the second half, led some people to fear an imminent downward turn. This did not occur. Neither production nor consumption of mineral fuels advanced as fast as the total economy. But consumption showed more gain than production, 5 percent compared with somewhat less than 4 percent. Production of both crude oil and natural gas reached new highs while bituminous coal production was the highest in 5 years.

Jan 1, 1963

By Warren E. Morrison

INCREASED production and utilization of minerals fuels and power accompanied the overall expansion in U.S. economic activity during 1963, which saw continued advances toward higher production, employment, and purchasing power. During 1963, record levels of wages, profits, and consumption were attained, while costs and prices maintained the stability exhibited throughout most of the recovery period. Expanding industrial production, the average index of which went from 118.3 in 1962 to 124.3 in 1963, narrowed the gap of unused manufacturing capacity to an estimated 5 percent. Gross national product (GNP), another major indicator of economic activity, reached a record level of $583.9 million (current dollars) during the year, this being $27.7 billion, or 4.9 percent above 1962. These achievements were somewhat marred by unemployment, which remained at 5.5 percent of the labor force in 1963, and the continued deficit in the U.S. balance of payments. Against this general background, total national consumption of energy resources for the year was equivalent to 49,816 trillion British thermal units (Btu), an increase of 4.2 percent over 1962. This represented a somewhat lower rate of growth than for GNP during the year.

Jan 1, 1964

By T. W. Hunter

THE TOTAL production of energy in the United States in 1954 decreased 4.6 percent below 1953. The production of coal continued to decline, and the production of crude oil decreased for the first time since 1949. These decreases were partly offset by an increase in the production of natural gas. The total energy production of 35,365 trillion B. t. u. in 1954 was the lowest since 1950. [ ] This drop in energy production was consistent with the 1.1-percent decline in gross national product during the year-from 364.5 billion dollars in 1953 to 360.5 billion in 1954.

Jan 1, 1958

By Victor Erickson

ECONOMIC recovery, which began in 1958, carried through into 1959 but was somewhat retarded by the 116-day steel strike beginning in July 1959. Recovery and economic growth increased production and consumption of mineral fuels 3 percent above 1958. The increase was accomplished despite a drop of 26 percent in coal exports. Prices remained constant during the year so that the value of production and consumption also increased 3 percent over 1958. Stocks in the hands of producers at yearend were little changed from the supply at the beginning of the year. Employment in the field of mineral fuels decreased 6.4 percent from 1958. Average hourly earnings were up 7 percent, and average hours worked were up 5 percent, with the result that weekly earnings gained 11.8 percent. Internal freight rates were relatively constant, but ocean tanker rates declined both in 1958 and 1959 from the high rates charged during the Suez crisis. The index of major input expenses decreased for anthracite, held constant for bituminous coal, and increased for petroleum. The index of labor cost per dollar of product and per ton of product declined again in 1959 to a new low in anthracite and bituminous-coal mining industries.

Jan 1, 1960

By Robert E. Johnson

THE MILDEST recession of the postwar period ended in the first months of 1961, and the economy climbed steadily during the remainder of the year. The Federal Reserve Board (FRB) Index of Industrial Production climbed from a low point of 102 (1957=100) in February to 115 in December, a rise of 12.5 percent. But economic activity for the year as a whole was only 1.5 percent higher than the 1960 level, as measured by real gross national product (GNP). Although activity increased throughout 1961, much of it was merely regaining ground lost in the decline during the second half of 1960 and the first months of 1961. The FRB index did not re ain the July 1960 high of 110 until June of 1961. Mineral fuels did not fully share in the economic recovery. The (FRB) crude oil and natural gas index rose only 5 percent between February and December. Although the index of monthly coal production increased 11.5 percent during the year, the February level was so low that total production for the year was the lowest since 1954. Total production of energy measured in Btu's was up slightly (1 percent) during the ear. Coal production was down; production of crude oil and natural gas was up. Calculated consumption paralleled production-total up slightly, coal lower, and crude oil and natural gas higher. The most interesting product developments were in coke and residual fuel oil. Sales of coke showed a sharper drop than steel

Jan 1, 1962

The search for an efficient and economic machine to excavate hard rock continues. Development of the Robbins Mobile Miner commenced in 1983 with the formation of a joint venture between Mount Isa Mines Limited and The Robbins Company. Construction of the machine ensued and preliminary trials to verify the cutting action were undertaken in the USA prior to transportation to and assembly at Mount I-sa where mining commenced in September 1984. Initially, the machine was used to develop the S60 Decline which serves as a combined access and conveyor drive for the Southern 1100 Orebody Ore Handling System.

Jan 1, 1988

WITH the economic situation of the world what it is, we may expect important events in every month of 1922, and January showed us some-what of the nature of things that will happen. The Germans announced their inability to meet in full the reparation payments that were due Jan. 15. The Su-preme Council arranged a plan for them to pay some thing on account every 10 days, and called a conference at Cannes to talk things over. While this conference was in progress Premier Briand resigned and was suc-ceeded by Poincaré. This emphasized the growing differences between British and French policies and interests. The French want to exact the utmost from the Germans; so do the British. The latter think, however, that the French aims will so cripple the Germans that they can not work properly and hence can not trade. Great Britain, with a huge unemploy-ment problem, must have trade. The French thought that Briand was unduly deferring to the British and withdrew their support of him. The other important political developments of the month in Europe were the establishment of the Irish Free State, relieving the British of the vexatious Irish question; and the growing tendency to recognize the Soviet government of Russia and admit its representa-tives into international conferences. In the United States the great political event was the establishment of the dominance of the agricultural bloc in the Senate, which implies the passage of agrarian legislation that will probably be unwise. Economically, there was no progress in the United States. If anything there was probably some reces-sion in the physical volume of business. There were some further reductions of wages, but these were irregular, geographically, and moderate in amount. The great unionized trades maintained the jam. Events of great importance were the formal demand of the anthracite coal miners for increased wages on April 1 and the declaration of the bituminous coal miners that they would resist a reduction at that time. The attitude of these groups is believed to presage labor troubles in the spring. In the metal markets affairs were dull during Janu-ary, but prices were generally firm, save for a little further weakening in iron and steel. In the matter of production, however, there was some quickening of activity, especially in copper, zinc and iron.

Jan 2, 1922

AT THE beginning of October, the outstanding feature in the world's affairs was the Turkish question. The Turks, victorious over the Greeks, repudiated the treaty of Sévres with the Allies and demanded their reestablishment at Con-stantinople and in Thrace. The British resisted, but deserted by the French and Italians, at a military conference at Mudania the Turks obtained about everything that they wanted. Great Britain suffered a loss of prestige that may bear evil fruit in the future. The possession of the Dardanelles by the Turks pro-duced the ruin of Russia and Rumania in the great war, prolonged it two years and made it necessary for America to go in. Disruption of the entente puts the Turks back where they were. In America a strong and spontaneous reaction developed against this, not for any diplomatic reasons, but purely out of the sentiment that the atrocious Turks should be confined to Anatolia. Some strong leadership would have aligned the United States with Great Britain in this matter. As it is, the French have had their way but have alienated much of their American friendship. The temporary composition of Turkish affairs at the Mudania conference had momentous consequences. The Greeks, having expelled King Constantine, in their distress and despair reverted to the guidance of Venizelos. Evacuation of the Grecian military forces and the entire Grecian population from Eastern Thrace began, the people not venturing to remain there. From all accounts their withdrawal, attended by great hardships, was reminiscent of folk movements in the Middle Ages. The vanguard of the Angora Govern-ment set foot in Constantinople, marking the return of the Turks to Europe, while the Allied forces remain-ing there temporarily stood in chagrin. In Great Britain an important element of the Con-servatives withdrew their support from the Coalition Government, thus leading to the resignation of Lloyd George, the installation of Andrew Bonar Law as premier and a general election with a tri-party contest among the Conservatives, Liberals and Labor, called for Nov. 15. Civil war continued in Ireland, but attention was diverted from it by the more important events in the Near East.

Jan 11, 1922

MAY began with a general strike of the bituminous and anthracite coal miners in the United States in progress, while in Great Britain about three quarters of a million workers became idle by a lockout, caused by a dispute respecting the question of the rights of management in their shops. The employers opened their shops on May 3 to men wishing to resume work, but few availed themselves of the opportunity. Up to this time the statistics had been showing a little increase in the rate of employment in Great Britain and business conditions were considered to be improving. From Russia came reports that the results of the famine had not been so bad as had been prophesied, which is not to say that they were not grievous. In prognostications such things are habitually overesti-mated. Seeding for the new crop has now begun in Russia, with hopes for better results than last year. However, the general economic situation in Russia steadily becomes worse. We had advices during May to the effect that the Soviet Government had decided to abolish the gold ruble even as a theoretical calculating unit and substitute a "goods index." This idea would be somewhat on the lines of Professor Fisher for stablizing the dollar, and there may be a chance to see how it will work in practice. There was a contradictory report from Russia, however, that it had been decided to revert to the gold basis. This is the more plausible report, for if there be anything to be deduced from economic theory and history the present paper rubles will completely collapse and return to gold basis will ensue simply because the people will refuse to sell their goods on anything else. The civil war in China came to a head during the first week in May when General Wu-Pei-fu crushed the forces of General Chang Tso-lin around Pekin. The victor declared his intention to be to reunite the North and the South and in course of time to arrange for a constitutional convention. We probably do not under-stand the conditions in China, but recent events do not appear to have solved the grave difficulties there, though they may be a step toward it. However, the immediate outlook does not appear good, General Chang having retired to the north and declared the secession of Manchuria and Mongolia.

Jan 6, 1922