1958 brought a recession to America, along with a large 5.2 million (7.0%) increase in unemployment, but inflation dipped below 2%. Those with a job were earning average wages of $3,851 per year and were considered to be "well off". Cars continued to get bigger and heavier with larger engines, while imports from Japan increased. Alaska became the 49th state and America's first satellite was launched from Cape Canaveral.
Cost of Living 1958
US GDP (1998 dollars): $467.3 billion Federal spending: $82.41 billion Federal debt: $279.7 billion Consumer Price Index: 28.9 Unemployment: 4.3% Cost of a first-class stamp: $0.03 ($0.04 as of 8/1/58) Yearly Inflation Rate USA 2.73% Average Cost of new house $12,750.00 Average Monthly Rent $92.00 Average Yearly Wages $4.600.00 Cost of a gallon of Gas 25 cents
What Events Happened in 1958
NASA North American Space Agency is formed
14 year old Bobby Fischer wins the United States Chess Championship.
Munich Air Disaster - 21 dead, including 7 Manchester United Players
Toyota and Datsun Cars go on sale in The US
Nikita Khrushchev becomes Premier of the Soviet Union
Nelson Rockefeller Elected Governor of New York
US Unemployment reaches 5.2 million
US passenger jet flights start with a National Airlines Boeing 707
The first Trans Atlantic passenger jetliner service begins with flights between London and New York on the new Comet Jet
The Great Chinese Famine begins in 1958 and ending in 1961 causing the death of nearly 30 million through a combination of natural disasters and poor planning.
Elvis Presley is inducted into the Army.
Brazil wins the 1958 World Cup in Sweden
World Series - NY Yankees defeated Milwaukee Braves (4-3)
NBA Championship -St. Louis Hawks defeated Boston (4-2)