Review Of The Mineral-Fuel Industries ? General Summary (3052dae3-a5a2-411a-8f19-cddc9266c16a)

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.