Economy of the United States

Economy of the United States
New York City, the world’s principal fintech and financial center[1][2] and the epicenter of the world's principal metropolitan economy[3]
CurrencyUnited States dollar (USD)
Increase US Dollar Index
October 1 – September 30
Trade organizations
WTO, G-20, G7, OECD, USMCA, APEC and others
Country group
Statistics
Population340,332,281 (August 30, 2023)[7]
GDP
GDP rank
GDP growth
  • Increase 2.1% (2022)[9]
  • Increase 2.1% (2023f)[9]
  • Increase 1.5% (2024f)[9]
GDP per capita
  • $83,060 (nominal; 2024)[8]
  • $83,060 (PPP; 2024)[8]
GDP per capita rank
GDP by sector
GDP by component
  • Household consumption: 68.4%
  • Government consumption: 17.3%
  • Investment in fixed capital: 17.2%
  • Investment in inventories: 0.1%
  • Exports of goods and services: 12.1%
  • Imports of goods and services: −15%
  • (2017 est.)[6]
3% (2023)[10]
Population below poverty line
Labor force
  • 161,200,000 (2023)[16]
  • 62.4% employment rate (2023)[16]
Labor force by occupation
Unemployment
  • Negative increase 3.4% (January 2023)[16]
  • Positive decrease 10.4% youth unemployment (December 2022; 16 to 19 year-olds)[16]
  • Negative increase 5.7 million unemployed (July 2022)[16]
Average gross salary
$5,407 / €5,052 monthly[18] (2022)
$4,066 / €3,799 monthly[19][20] (2022)
Main industries
External
Exports$3.053 trillion (2023)[21]
Export goods
Main export partners
Imports$3.827 trillion (2023)[21]
Import goods
Main import partners
FDI stock
  • Increase Inward: $367 billion (2021)[25]
  • Increase Outward: $403 billion (2021)[25]
  • Negative increase −$985.25 billion (2022)[26]
  • Negative increase −3.93% of GDP (2022)[26]
Negative increase $27 trillion (2023)[27]
Public finances
  • Negative increase $30.568 trillion
  • Negative increase 122.1% of GDP (2022)[26]
–5.5% of GDP (2022)[28]
Revenues$8.371 trillion[26]
33.4% of GDP (2022)
Expenses$9.379 trillion[26]
37.4% of GDP (2022)
Economic aiddonor: ODA, $35.26 billion (2017)[29]



  • Scope Ratings:[34]
  • AA
  • Outlook: Negative
$217 billion (2023)[35]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The United States is a highly developed/advanced mixed economy.[36][37][38] It is the world's largest economy by nominal GDP; it is also the second largest by purchasing power parity (PPP), behind China.[39] It has the world's seventh highest per capita GDP (nominal) and the eighth highest per capita GDP (PPP) as of 2022.[40] The U.S. accounted for 25.4% of the global economy in 2022 in nominal terms, and about 15.6% in PPP terms.[41][42] 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.[43] Several countries use it as their official currency and in others it is the de facto currency.[44]

The American economy is fueled by high productivity, well developed transportation infrastructure, and extensive natural resources.[45] Americans have the highest average household and employee income among OECD member states.[46] In 2021, they had the highest median household income.[47] The U.S. has one of the world's highest income inequalities among the developed countries.[48][49][50] The largest U.S. trading partners are Canada, Mexico, China, Japan, Germany, South Korea, the United Kingdom, Taiwan, India, and Vietnam.[51] The U.S. is the world's largest importer and second largest exporter.[52] 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.[53]

By 1890, the United States had overtaken the British Empire as the world's most productive economy.[54] It is the world's largest producer of petroleum and natural gas.[55] In 2016, it was the world's largest trading country[56] and second largest manufacturer, with American manufacturing making up a fifth of the global total.[57] 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.[58] Of the world's 500 largest companies, 121 are headquartered in the U.S.[59] The U.S. has the world's highest number of billionaires, with total wealth of $3.0 trillion.[60][61] U.S. commercial banks had $22.9 trillion in assets in December 2022.[62] U.S. global assets under management had more than $30 trillion in assets.[63][64] During the Great Recession of 2008, the U.S. economy suffered a significant decline.[65][66] 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.[67][68][69][70]

The New York Stock Exchange and Nasdaq are the world's largest stock exchanges by market capitalization and trade volume.[71][72] In 2014, the U.S. economy was ranked first in international ranking on venture capital[73] and global research and development funding.[74] Consumer spending comprised 68% of the U.S. economy in 2022,[75] while its labor share of income was 44% in 2021.[76] The U.S. has the world's largest consumer market.[77] 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.[78] 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.[79]

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