Review Of The Mineral-Fuel Industries In 1961 - General Summary

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