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Conversation 484-007

TapeTape 484StartWednesday, April 21, 1971 at 12:27 PMEndWednesday, April 21, 1971 at 12:29 PMTape start time03:25:52Tape end time03:27:39ParticipantsNixon, Richard M. (President);  Shultz, George P.Recording deviceOval Office
AI Summary

President Nixon and George Shultz met to review favorable Consumer Price Index (CPI) figures for March, which indicated inflation was slowing to its lowest quarterly rate since 1967. They analyzed the positive economic data, noting it was significantly lower than the previous year's performance. The President decided to have Paul McCracken handle the public briefing on these results to maintain a professional, low-profile presentation of the improved economic indicators.

Consumer Price IndexInflationEconomic policyPaul McCrackenEconomic indicators
AudioNARA Description

On April 21, 1971, President Richard M. Nixon and George P. Shultz met in the Oval Office of the White House from 12:27 pm to 12:29 pm. The Oval Office taping system captured this recording, which is known as Conversation 484-007 of the White House Tapes.

Nixon Library Finding Aid
Conversation No. 484-7

Date: April 21, 1971
Time: 12:27 pm - 12:29 pm
Location: Oval Office

The President met with George P. Shultz.

     Economy
         -March Consumer price Index [CPI]
               -Adjustment
                     -Figures
               -Release
               -Improvement
               -Figures
                     -Compared with 1967 and 1970
         -Briefing
               -Paul W. McCracken

Shultz left at 12:29 pm.
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 Do not cite this transcript as authoritative.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.

Oh, okay.
We have a, uh, uh, conservative price index in March.
Oh, yeah.
It's, uh, non-adjusted 0.3, seasonally adjusted 0.2.
That's a surprise.
I thought it was going to go down, but I thought we'd get 0.4.
It definitely counts, of course.
That's three months in a row, 0.2 or less.
We have a 0.3 and 2.2.
Which was a .2?
About 2.2s.
Yeah, anyway, finally it's good.
This is the lowest quarterly seasoning adjustment for the average, the lowest since the first quarter of 1967.
Here's 1970's quarterly ratings.
We had 6.2, 6.1, 4.2, 5.5, so this is way down.
This is half of what it was running.
Less than half of what it was running this time last year.
So it's really very unadjusted.
It was 2.4 of the seasonal indefinite action rates.
So I thought you'd agree on that.
You get some good news.
Good.
Thanks.
We'll do this again.
I would like to accidentally misconvict him to let McCracken respond.
In other words, there doesn't need to be so...
Right.
You don't need to say a word.
What do you do?
I don't know.
I'm going to pay a point.
I'm going to let him do this one.
All right.
I'm going to call a magnum.
That's a three-four positive.
Three-four positive lines.
All right.
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