Review Of The Mineral Industries (Metals And Nonmetals Except Fuels)

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