With a shift in government spending at the end of the Korean War, the American GDP dropped by 2.2% and unemployment peaked at ~6%. Although the U.S. Federal Reserve tightened monetary policy to curb inflation, spiking interest rates decreased consumer demand. The Fed eased its policies in 1954, allowing the economy to rebound after a 10-month recession. Consumer spending increased.

Source: CNBC

Some familiar TV commercials from 1954.