ustrial production rose by 1

scal policies, loosening monetary policy to keep interest rates down and encourage growth of the economy.[138] Kennedy presided over the first government budget to top the $100 billion mark, in 1962, and his first budget in 1961 led to the country's first non-war, non-recession deficit.[139] The economy, which had been through two recessions in three years and was in one when Kennedy took office, accelerated notably during his brief presidency. Despite low inflation and interest rates, GDP had grown by an average of only 2.2% during the Eisenhower presidency (scarcely more than population growth at the time), and had declined by 1% during Eisenhower's last twelve months in office.[140] Stagnation had taken a toll on the nation's labor market, as well: unemployment had risen steadily from under 3% in 1953 to 7%, by early 1961.[141]
The economy turned around and prospered during the Kennedy administration. GDP expanded by an average of 5.5% from early 1961 to late 1963,[140] while inflation remained steady at around 1% and unemployment eased;[141][142] industrial production rose by 15% and motor vehicle sales leapt by 40%.[143] This rate of growth in GDP and industry c

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