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)
NCAA Football Champions - LSU (AP, UPI) (11-0-0) & Iowa (FW) (8-1-1)
Best Picture: The Bridge on the River Kwai
Best Actor: Alec Guinness, The Bridge on the River Kwai
Best Supporting Actor: Red Buttons, Sayonara
Best Actress:Joanne Woodward, The Three Faces of Eve
Best Supporting Actress: Miyoshi Umeki, Sayonara
Best Director: David Lean, The Bridge on the River Kwai
News Review of 1958
Technology 1958
The Microchip first developed in US by Intel
London Gatwick Airport opens after two years of extensive reconstruction
US Nuclear Submarine " Nautilus " passes under Ice Cap at North Pole
Inventions Invented by Inventors and Country ( or attributed to First Use ) Microchip USA by Jack Kilby Computer Modem USA Remote Control USA Zenith Corporation
Plymouth 1958 TV Commercial
Popular Culture 1958
The Wham-O company introduces the Hula Hoop; over 100 million are sold.
