Economy of the United States Currency United States dollar (USD) US Dollar Index October 1 – September 30 Trade organizations
WTO , G-20 , G7 , OECD , USMCA , APEC and othersCountry group
Population 340,332,281 (August 30, 2023)[ 9] GDP GDP rank GDP growth
GDP per capita
$85,373 (nominal; 2024)[ 10]
$85,373 (PPP; 2024)[ 10]
GDP per capita rank
GDP by sector
GDP by component
Household consumption: 67.9%
Government consumption: 17.3%
Investment in fixed capital: 17.5%
Investment in inventories: 0.2%
Exports of goods and services: 11.1%
Imports of goods and services: −14%
(2023 est.)[ 12]
3% (2023)[ 13]
11.5% (2022)[ 14]
37.9 million (2022)[ 14]
69 out of 100 points (2023)[ 18] (rank 24th )Labor force
161,200,000 (2023)[ 19]
62.4% employment rate (2023)[ 19]
Labor force by occupation
Unemployment
4.3% (July 2024)[ 19]
12.4% youth unemployment (July 2024; 16 to 19 year-olds)[ 19]
7.2 million unemployed (July 2024)[ 19]
Average gross salary
$5,407 / €5,052 monthly [ 21] (2022)$4,066 / €3,799 monthly [ 22] [ 23] (2022) 85.2% of GDP (2023)[ 12] 17.7% of GDP (2023)[ 12] 10-year bond 5.09% (April 2024)[ 24]
50.3 Manufacturing (Mar 2024)[ 25]
51.4 Services (Mar 2024)[ 26]
Main industries
Exports $3.053 trillion (2023)[ 27] Export goods
Main export partners
Imports $3.827 trillion (2023)[ 27] Import goods
Main import partners
Inward: $367 billion (2021)[ 31]
Outward: $403 billion (2021)[ 31]
−$985.25 billion (2022)[ 32]
−3.93% of GDP (2022)[ 32]
$27 trillion (2023)[ 33]
$33.416 trillion
122.1% of GDP (2023)[ 32]
–5.5% of GDP (2022)[ 34] Revenues $8.371 trillion[ 32] 33.4% of GDP (2022) Expenses $9.379 trillion[ 32] 37.4% of GDP (2022)See Federal budget Economic aid donor : ODA , $35.26 billion (2017)[ 35]
Scope Ratings:[ 40]
AA
Outlook: Negative
$217 billion (2023)[ 41] All values, unless otherwise stated, are in US dollars .
The United States is a highly developed/advanced mixed economy .[ 42] [ 43] [ 44] It is the world's largest economy by nominal GDP ; it is also the second largest by purchasing power parity (PPP), behind China .[ 45] It has the world's sixth highest per capita GDP (nominal) and the eighth highest per capita GDP (PPP) as of 2024.[ 10] The U.S. accounted for 26% of the global economy in 2023 in nominal terms, and about 15.5% in PPP terms.[ 11] [ 46] The U.S. dollar is the currency of record most used in international transactions and is the world's reserve currency , backed by a large U.S. treasuries market , its role as the reference standard for the petrodollar system , and its linked eurodollar .[ 47] Several countries use it as their official currency and in others it is the de facto currency .[ 48] Since the end of World War II , the economy has achieved relatively steady growth, low unemployment and inflation, and rapid advances in technology .[ 6]
The American economy is fueled by high productivity , well developed transportation infrastructure , and extensive natural resources .[ 49] Americans have the sixth highest average household and employee income among OECD member states.[ 50] In 2021, they had the highest median household income .[ 51] The U.S. has one of the world's highest income inequalities among the developed countries .[ 52] [ 53] [ 54] The largest U.S. trading partners are Canada , Mexico , China , Japan , Germany , South Korea , the United Kingdom , Taiwan , India , and Vietnam .[ 55] The U.S. is the world's largest importer and second largest exporter .[ 56] It has free trade agreements with several countries , including Canada and Mexico (through the USMCA ), Australia, South Korea, Israel, and several others that are in effect or under negotiation.[ 57] U.S. has a highly flexible labor market , where the industry adheres to a hire-and-fire policy, and job security is relatively low.[ 58] [ 59] Among OECD nations, the U.S. has a highly efficient and strong social security system ; social expenditure stood at roughly 30% of GDP .[ 8] [ 60] [ 7]
By 1890 , the United States had overtaken the British Empire as the world's most productive economy.[ 61] It is the world's largest producer of petroleum and natural gas .[ 62] In 2016, it was the world's largest trading country[ 63] and second largest manufacturer , with American manufacturing making up a fifth of the global total.[ 64] The U.S. not only has the largest internal market for goods, but also dominates the services trade. Total U.S. trade was $4.2 trillion in 2018.[ 65] Of the world's 500 largest companies , 121 are headquartered in the U.S.[ 66] The U.S. has the world's highest number of billionaires , with total wealth of $3.0 trillion.[ 67] [ 68] U.S. commercial banks had $22.9 trillion in assets in December 2022.[ 69] U.S. global assets under management had more than $30 trillion in assets.[ 70] [ 71] During the Great Recession of 2008, the U.S. economy suffered a significant decline.[ 72] [ 73] The American Reinvestment and Recovery Act was enacted by the United States Congress, and in the ensuing years the U.S. experienced the longest economic expansion on record by July 2019.[ 74] [ 75] [ 76] [ 77]
The New York Stock Exchange and Nasdaq are the world's largest stock exchanges by market capitalization and trade volume .[ 78] [ 79] The U.S. has the world's largest gold reserve , with over 8,000 tonnes of gold.[ 80] In 2014, the U.S. economy was ranked first in international ranking on venture capital [ 81] and global research and development funding.[ 82] The U.S. spends around 3.46% of GDP on cutting-edge research and development across various sectors of the economy.[ 83] The U.S. has produced the world's highest number of Nobel laureates in the economics field.[ 84] It is also the world's fourth largest high-technology exporter .[ 85] The U.S. ranks second in the world by number of patent applications .[ 86] Consumer spending comprised 68% of the U.S. economy in 2022,[ 87] while its labor share of income was 44% in 2021.[ 88] The U.S. has the world's largest consumer market .[ 89] The nation's labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world.[ 90] The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index , the Global Competitiveness Report , and others.[ 91]
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