The economy was extremely volatile prior to the late 20th century compared to contemporary standards. For instance, there were three recessions during the "Roaring 20s." I am not quite sure why that is, but it may have to do with the fact that the service sector accounted for a smaller proportion of the economy and that it was less elastic than the industrial sector. In 1958 there was indeed a sharp recession, however by the end of the year it was clearly over and there was a sharp rebound in 1959. Overall, the economy of the Eisenhower 1950s can be classified as booming.
There was another recession in 1960.
