The 1950's

The 1950s

Period: Jan 1, 1950 to Dec 31, 1959

Korean War

Jun 25, 1950

The United States joins the war against Korea with the UN.

1950 Economic Indicator

Dec 31, 1950

Inflation Rate = 1.3%
Nominal Household Income = $4,000
Inflation Adjusted Household Income = $24,000
GDP = $2.27 trillion
Unemployment Rate = 6.50%
30 Year Mortgage Rate = 4.7%

Hailstorm in Kansas

Jun 23, 1951

On this date, Kansas had the worlds most expensive hailstorm causing $1.4 million in crop damage, and $14 million in property damage.

1951 Economic Indicator

Dec 31, 1951

Inflation Rate = 7.9%
Nominal Household Income = $4,100
Inflation Adjusted Household Income = $24,500
GDP = $2.40 trillion
Unemployment Rate = 3.70%
30 Year Mortgage Rate = 4.9%

Polio Vaccine Created

Apr 12, 1952

On this date, the vaccine was created to cure polio.

1952 Economic Indicator

Dec 31, 1952

Inflation Rate = 1.9%
Nominal Household Income = $4,250
Inflation Adjusted Household Income = $25,00
GDP = $2.53 trillion
Unemployment Rate = 3.20%
30 Year Mortgage Rate = 4.95%

End of the Korean War

Jul 27, 1953

Fire ceased on this date in Korean with over 3 million casualties caused by the actions.

1953 Economic Indicator

Dec 31, 1953

Inflation Rate = 0.8%
Nominal Household Income = $4,400
Inflation Adjusted Household Income = $25,750
GDP = 2.54 trillion
Unemployment Rate = 2.9%
30 Year Mortgage Rate = 5%

The First Atomic Submarine

Jan 21, 1954

On this date, the first atomic submarine the Nautilus was tested.

1954 Economic Indicator

Dec 31, 1954

Inflation Rate = 0.7%
Nominal Household Income = $4,600
Inflation Adjusted Household Income = $26,800
GDP = $2.61 trillion
Unemployment Rate = 4.9%
30 Year Mortgage Rate = 5.1%

Converge of AFL and CIO

Dec 5, 1955

The two largest American labor unions joined together on this date.

1955 Economic Indicator

Dec 31, 1955

Inflation Rate = -0.4%
Nominal Household Income = $4,750
Inflation Adjusted Household Income = $27,500
GDP = $2.78 trillion
Unemployment Rate = 4.9%
30 Year Mortgage Rate = 5.2%

First Telephone Cable

Sep 25, 1956

On this date, the first telephone cable was created.

1956 Economic Indicator

Dec 31, 1956

Inflation Rate = 4.5%
Nominal Household Income = $4,900
Inflation Adjusted Household Income = $28,400
GDP = $2.84 trillion
Unemployment Rate = 4%
30 Year Mortgage Rate = 5.3%

Start of Space Age

Oct 4, 1957

After the launch of the satillite Sputnik, the US and the USSR started the Space Race.

1957 Economic Indicator

Dec 31, 1957

Inflation Rate = 3.3%
Nominal Household Income = $5,000
Inflation Adjusted Household Income = $29,800
GDP = $2.85 trillion
Unemployment Rate = 4.2%
30 Year Mortgage Rate = 5.35%

Launch of the Explorer 1

Jan 1, 1958

The US launched their first satillite into space.

1958 Economic Indicator

Dec 31, 1958

Inflation Rate = 2.8%
Nominal Household Income = $5,100
Inflation Adjusted Household Income = $31,200
GDP = $2.92 trillion
Unemployment Rate = 5.80%
30 Year Mortgage Rate = 5.7%

Alaska and Hawaii join the US

Apr 25, 1959

The US adds Alaska and Hawaii as the 49th and 50th states.

1959 Economic Indicator

Dec 31, 1959

Inflation Rate = 0.7%
Nominal Household Income = $5,250
Inflation Adjusted Household Income = $32,000
GDP = $3.06 trillion
Unemployment Rate = 6%
30 Year Mortgage Rate = 5.85%