The recession of 1958, also known as the Eisenhower Recession, was a sharp worldwide economic downturn in 1958. The effect of the recession spread beyond the United States to Europe and Canada, causing many businesses to shut down. Officially, recessionary circumstances lasted from the middle of 1957 to April 1958. Though it is generally regarded as a moderate recession, it was the most significant recession during the post–World War II economic expansion between 1945 and 1973. August 1957 – April 1958 · 8 months Peak unemployment: 7.5% (July 1958) · GDP: −3.7% S&P 500: −9.3% over the recession Monetary policy was tightened during the two years preceding 1957, followed by an easing of policy at the end of 1957. The budget balance resulted in a change in budget surplus of 0.8% of GDP in 1957 to a budget deficit of 0.6% of GDP in 1958, and then to 2.6% of GDP in 1959. Dates: the National Bureau of Economic Research's business cycle chronology. Wiki link Wiki link