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Conversation 003-002

TapeTape 3StartTuesday, May 11, 1971 at 4:52 PMEndTuesday, May 11, 1971 at 4:53 PMTape start time00:00:38Tape end time00:02:17ParticipantsNixon, Richard M. (President);  Connally, John B.;  Shultz, George P.Recording deviceWhite House Telephone
AI Summary

President Nixon, John Connally, and George Shultz discussed newly revised Gross National Product (GNP) figures for the first quarter of 1971. The data indicated a stronger-than-expected 7.1% real increase, surpassing the $30 billion growth mark. The participants expressed satisfaction with these economic indicators, noting that the strong start to the year would favorably impact annual projections ahead of the official public announcement scheduled for Friday.

GNPEconomic growthFirst quarter resultsJohn ConnallyGeorge ShultzEconomic policy
AudioNARA Description

On May 11, 1971, President Richard M. Nixon, John B. Connally, and George P. Shultz talked on the telephone from 4:52 pm to 4:53 pm. The White House Telephone taping system captured this recording, which is known as Conversation 003-002 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 003-002

Date: May 11, 1971
Time: 4:52 pm - 4:53 pm
Location: White House Telephone

The President talked with John B. Connally.

[See Conversation No. 497-009B]

     George P. Shultz
          -Economic news

Shultz talked with Connally at an unknown time.

     Gross National Product [GNP] figures
          -Increase
                -Compared with 1960's
          -Method of computation
          -Release date
Transcript (AI-Generated)

This transcript was generated automatically by AI and has not been reviewed for accuracy. Do not cite this transcript as authoritative. Consult the Finding Aid above for verified information.

Yes, sir.
George, Schultz just got a little piece of economic news I thought you'd like to hear about.
Here he is.
Great.
Hello?
Yes, sir.
John, I just got the revised GNP figures that'll be released Friday.
And the first quarter, instead of being up 28.5, is up 30.8.
Got them.
So we did get up above the 30 billion mark.
Up to 30, yeah.
And that's really, it's a 7.1% real increase instead of 6.5%.
7.1.
That's not the highest quarter-to-quarter increase ever, but it's in percentage terms, constant dollars, but it's damn near it.
Got it.
There were a few quarters back in the middle 60s.
Hmm.
So that really shows that our thinking hasn't been too far off.
That is great.
Gee, that's wonderful.
I'm amazed.
I thought you might get up to 29.5, maybe possibly 30, but 30.8, that's up over two percentage points.
Yeah.
Well, I mean up over $2 billion.
Yeah.
2.3 billion.
2.3 billion.
And the good thing about it in terms of our...
Annual estimate is anything that goes in the first quarter, of course, will count four times, so to speak, in the averaging.
So it's much better to get the rise in the first quarter than the last.
Gee, that's wonderful.
That's just great.
I couldn't be happier, George.
Thank you, sir.
That's Friday announcement.
Friday is the announcement day.
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