{"conversationCode":"003-002","tapeNumber":3,"conversationNumber":2,"identifier":"37-wht-conversation-003-002","startDateTime":"1971-05-11T20:52:00.000Z","endDateTime":"1971-05-11T20:53:00.000Z","startDate":"11-May-1971","startTime":"4:52 PM","endDate":"11-May-1971","endTime":"4:53 PM","dateCertainty":"certain","timeCertainty":"certain","participants":"Nixon, Richard M. (President); Connally, John B.; Shultz, George P.;","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.","locationCode":"WHT","recordingDevice":"White House Telephone","latitudeEstimated":38.89767,"longitudeEstimated":-77.03655,"chronCode":1,"chronRelease":"First Chronological Release","chronReleaseDate":"5-Oct-1999","aogpRelease":null,"aogpSegment":null,"lastModified":"2015-07-27T17:04:10.235Z","findingAid":"Conversation No. 003-002\n\nDate: May 11, 1971\nTime: 4:52 pm - 4:53 pm\nLocation: White House Telephone\n\nThe President talked with John B. Connally.\n\n[See Conversation No. 497-009B]\n\n       Richard Nixon Presidential Library and Museum, NARA Online Public Access Catalog Identifier: 597542\n\n     George P. Shultz\n          -Economic news\n\nShultz talked with Connally at an unknown time.\n\n     Gross National Product [GNP] figures\n          -Increase\n                -Compared with 1960's\n          -Method of computation\n          -Release date","filename":["003-002.mp3"],"tapeStart":"00:00:38","tapeEnd":"00:02:17","participantsList":["Nixon, Richard M. (President)","Connally, John B.","Shultz, George P."],"prevCode":"003-001","nextCode":"003-003","transcript":[{"start":0.03,"end":1.27,"text":"Yes, sir."},{"start":2.17,"end":8.11,"text":"George, Schultz just got a little piece of economic news I thought you'd like to hear about."},{"start":8.12,"end":8.51,"text":"Here he is."},{"start":8.69,"end":8.99,"text":"Great."},{"start":12.65,"end":13.23,"text":"Hello?"},{"start":13.25,"end":13.83,"text":"Yes, sir."},{"start":13.88,"end":18.88,"text":"John, I just got the revised GNP figures that'll be released Friday."},{"start":19.42,"end":22.96,"text":"And the first quarter, instead of being up 28.5, is up 30.8."},{"start":23.08,"end":24.43,"text":"Got them."},{"start":24.52,"end":27.77,"text":"So we did get up above the 30 billion mark."},{"start":27.89,"end":29.19,"text":"Up to 30, yeah."},{"start":29.21,"end":34.34,"text":"And that's really, it's a 7.1% real increase instead of 6.5%."},{"start":34.35,"end":34.91,"text":"7.1."},{"start":35.3,"end":43.5,"text":"That's not the highest quarter-to-quarter increase ever, but it's in percentage terms, constant dollars, but it's damn near it."},{"start":43.52,"end":43.72,"text":"Got it."},{"start":43.74,"end":45.87,"text":"There were a few quarters back in the middle 60s."},{"start":46.65,"end":46.73,"text":"Hmm."},{"start":46.71,"end":51.76,"text":"So that really shows that our thinking hasn't been too far off."},{"start":51.77,"end":52.64,"text":"That is great."},{"start":53.8,"end":54.58,"text":"Gee, that's wonderful."},{"start":54.6,"end":55.24,"text":"I'm amazed."},{"start":55.8,"end":63.07,"text":"I thought you might get up to 29.5, maybe possibly 30, but 30.8, that's up over two percentage points."},{"start":63.09,"end":63.41,"text":"Yeah."},{"start":64.13,"end":66,"text":"Well, I mean up over $2 billion."},{"start":67.16,"end":67.46,"text":"Yeah."},{"start":67.5,"end":68.58,"text":"2.3 billion."},{"start":68.62,"end":69.36,"text":"2.3 billion."},{"start":70.46,"end":72.75,"text":"And the good thing about it in terms of our..."},{"start":73.35,"end":80.8,"text":"Annual estimate is anything that goes in the first quarter, of course, will count four times, so to speak, in the averaging."},{"start":81,"end":84.63,"text":"So it's much better to get the rise in the first quarter than the last."},{"start":85.67,"end":86.81,"text":"Gee, that's wonderful."},{"start":86.83,"end":89.01,"text":"That's just great."},{"start":89.37,"end":91.32,"text":"I couldn't be happier, George."},{"start":91.34,"end":91.98,"text":"Thank you, sir."},{"start":92.06,"end":93.52,"text":"That's Friday announcement."},{"start":94.34,"end":97.61,"text":"Friday is the announcement day."}],"aiSummary":{"text":"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.","topics":["GNP","Economic growth","First quarter results","John Connally","George Shultz","Economic policy"],"generatedAt":"2026-04-05T21:20:46.639Z"},"topicSlugs":["gnp","economic-growth","first-quarter-results","john-connally","george-shultz","economic-policy"],"audioDurationSec":98,"audioFiles":[{"file":"003-002.mp3","bytes":1241088,"durationSec":98.46,"bitrate":100839,"missing":false}],"audioIsShared":false,"audioProbedAt":"2026-09-18T02:19:20.570Z","findingAidSource":"nixonlibrary.gov subject log (2024-05), reslice-v2","findingAidUpdatedAt":"2026-09-18T08:42:33.590Z","audio":["https://nixon.nyc3.digitaloceanspaces.com/audio/003-002.mp3"],"url":"https://www.easynixon.org/tapes/003-002","nixonLibraryUrl":"https://www.nixonlibrary.gov/white-house-tapes/3/conversation-003-002","license":"Public domain (U.S. Government work). AI-generated fields (transcript, aiSummary) are provided as-is without warranty."}