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

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