The economy turned sharply downward in the summer of 1957 and reached its low point in the spring of 1958. Industrial production fell 14 percent, corporate profits plummeted 25 percent and unemployment rose to 7.5 percent. President Eisenhower did little to stimulate the economy because he worried more about inflation and not unemployment. Subsequently, in 1959 the economy realized $12 billion deficit, a new record for a budget shortfall during peacetime.