Global InformationEconomy of the United States information
 New York City, the world’s principal fintech and financial center[1][2] and the epicenter of the world's principal metropolitan economy[3] | |
| Currency | United States dollar (USD)  US Dollar Index |
|---|---|
Fiscal year | October 1 – September 30 |
Trade organizations | WTO, G-20, G7, OECD, USMCA, APEC and others |
Country group |
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| Statistics | |
| Population | 340,332,281 (August 30, 2023)[7] |
| GDP |
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| GDP rank |
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GDP growth |
|
GDP per capita |
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GDP per capita rank |
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GDP by sector |
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GDP by component |
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Inflation (CPI) | 3% (2023)[10] |
Population below poverty line |
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Gini coefficient |
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Human Development Index |
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Labor force |
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Labor force by occupation |
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| Unemployment |
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Average gross salary | $5,407 / €5,052 monthly[18] (2022) |
Average net salary | $4,066 / €3,799 monthly[19][20] (2022) |
Main industries |
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| External | |
| Exports | $3.053 trillion (2023)[21] |
Export goods |
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Main export partners |
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| Imports | $3.827 trillion (2023)[21] |
Import goods |
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Main import partners |
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FDI stock |
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Current account |
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Gross external debt |  $27 trillion (2023)[27] |
| Public finances | |
Government debt |
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Budget balance | –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 aid | donor: ODA, $35.26 billion (2017)[29] |
Credit rating |
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Foreign reserves | $217 billion (2023)[35] |
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars. | |
| This article is part of a series on the |
| Economy of the United States |
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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 26% of the global economy in 2023 in nominal terms, and about 15.5% in PPP terms.[9] [41] 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.[42] Several countries use it as their official currency and in others it is the de facto currency.[43]
The American economy is fueled by high productivity, well developed transportation infrastructure, and extensive natural resources.[44] Americans have the highest average household and employee income among OECD member states.[45] In 2021, they had the highest median household income.[46] The U.S. has one of the world's highest income inequalities among the developed countries.[47][48][49] The largest U.S. trading partners are Canada, Mexico, China, Japan, Germany, South Korea, the United Kingdom, Taiwan, India, and Vietnam.[50] The U.S. is the world's largest importer and second largest exporter.[51] 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.[52]
By 1890, the United States had overtaken the British Empire as the world's most productive economy.[53] It is the world's largest producer of petroleum and natural gas.[54] In 2016, it was the world's largest trading country[55] and second largest manufacturer, with American manufacturing making up a fifth of the global total.[56] 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.[57] Of the world's 500 largest companies, 121 are headquartered in the U.S.[58] The U.S. has the world's highest number of billionaires, with total wealth of $3.0 trillion.[59][60] U.S. commercial banks had $22.9 trillion in assets in December 2022.[61] U.S. global assets under management had more than $30 trillion in assets.[62][63] During the Great Recession of 2008, the U.S. economy suffered a significant decline.[64][65] 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.[66][67][68][69]
The New York Stock Exchange and Nasdaq are the world's largest stock exchanges by market capitalization and trade volume.[70][71] In 2014, the U.S. economy was ranked first in international ranking on venture capital[72] and global research and development funding.[73] Consumer spending comprised 68% of the U.S. economy in 2022,[74] while its labor share of income was 44% in 2021.[75] The U.S. has the world's largest consumer market.[76] 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.[77] 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.[78]
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- ^ Laura Bratton (September 28, 2023). "Sorry, London — New York Is Still the Financial Capital of the World". The Messenger. Archived from the original on October 11, 2023. Retrieved October 1, 2023.
The GDP of the New York City metropolitan area is larger than the country of South Korea...New York City was ranked as the most competitive city in the financial industry for the fifth straight year.
- ^ Iman Ghosh (September 24, 2020). "This 3D map shows the U.S. cities with the highest economic output". World Economic Forum. Retrieved March 5, 2023.
The New York metro area dwarfs all other cities for economic output by a large margin.
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- ^ "U.S. inflation falls to 3%, lowest level in more than 2 years, as price pressures ease". Los Angeles Times. July 12, 2023.
- ^ a b "Poverty in the United States: 2021". United States Census Bureau. September 13, 2022. Retrieved October 5, 2022.
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- ^ "The Distribution of Household Income, 2017" (PDF). cbo.gov. Congressional Budget Office. October 2, 2020. pp. 31, 32. Retrieved October 19, 2020.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved November 12, 2022.
- ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved November 12, 2022.
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- ^ "Imports of goods by principal end-use category" (PDF). Census Bureau.
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- ^ a b Rogers, Simon; Sedghi, Ami (April 15, 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. London. Retrieved May 28, 2011.
- ^ Riley, Charles (August 2, 2017). "Moody's affirms Aaa rating, lowers outlook". CNN.
- ^ "Fitch Downgrades the United States' Long-Term Ratings to 'AA+' from 'AAA'; Outlook Stable". Fitch Ratings.
- ^ "Scope confirms the United States of America at AA and assigns a Negative Outlook". Scope Ratings.
- ^ "U.S. International Reserve Position". Treasury.gov. Retrieved January 18, 2019.
- ^ "U.S. Economy - Basic Conditions & Resources". U.S. Diplomatic Mission to Germany. "The United States is said to have a mixed economy because privately owned businesses and government both play important roles." Retrieved October 24, 2011.
- ^ (4)Outline of the U.S. Economy – (2)How the U.S. Economy Works. U.S. Embassy Information Resource Center. "As a result, the American economy is perhaps better described as a 'mixed' economy, with the government playing an important role along with private enterprise. Although Americans often disagree about exactly where to draw the line between their beliefs in both free enterprise and government management, the mixed economy they have developed has been remarkably successful." Retrieved October 24, 2011.
- ^ Karagiannis, Nikolaos; Madjd-Sadjadi, Zagros; Sen, Swapan, eds. (2013). The US Economy and Neoliberalism: Alternative Strategies and Policies. Routledge. pp. 1–2. ISBN 978-1138904910.
- ^ "Report for Selected Country Groups and Subjects (PPP valuation of country GDP)". IMF. Retrieved April 20, 2022.
- ^ "World Economic Outlook Database, October 2022". IMF.org. International Monetary Fund. Retrieved October 20, 2022.
- ^ "United States' share of global gross domestic product (GDP) adjusted for purchasing power parity (PPP)". Statiata.
- ^ "The Implementation of Monetary Policy – The Federal Reserve in the International Sphere" (PDF). Retrieved August 24, 2010.
- ^ Benjamin J. Cohen, The Future of Money, Princeton University Press, 2006, ISBN 0691116660; cf. "the dollar is the de facto currency in Cambodia", Charles Agar, Frommer's Vietnam, 2006, ISBN 0471798169, p. 17
- ^ Wright, Gavin, and Jesse Czelusta, "Resource-Based Growth Past and Present", in Natural Resources: Neither Curse Nor Destiny, ed. Daniel Lederman and William Maloney (World Bank, 2007), p. 185. ISBN 0821365452.
- ^ "Income". Better Life Index. OECD. Retrieved September 28, 2019.
In the United States, the average household net adjusted disposable income per capita is USD 45 284 a year, much higher than the OECD average of USD 33 604 and the highest figure in the OECD.
- ^ "Income Distribution Database". stats.oecd.org. Retrieved March 4, 2023.
- ^ "Gini Index coefficient - distribution of family income - The World Factbook". www.cia.gov. Retrieved August 24, 2022.
- ^ Gray, Sarah (June 4, 2018). "Trump Policies Highlighted in Scathing U.N. Report On U.S. Poverty". Fortune. Retrieved September 13, 2018.
"The United States has the highest rate of income inequality among Western countries", the report states.
- ^ Alston, Philip (2018). "Report of the Special Rapporteur on extreme poverty and human rights on his mission to the United States of America". OHCHR. Retrieved January 16, 2023.
- ^ "Top Trading Partners". U.S. Census Bureau. December 2016. Retrieved July 8, 2017.
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- ^ Vargo, Frank (March 11, 2011). "U.S. Manufacturing Remains World's Largest". Shopfloor. Archived from the original on April 4, 2012. Retrieved March 28, 2012.
- ^ "Trade recovery expected in 2017 and 2018, amid policy uncertainty". Geneva, Switzerland: World Trade Organization. April 12, 2017. Retrieved June 22, 2017.
- ^ "Global 500 2016". Fortune. Archived from the original on September 21, 2018. Retrieved June 22, 2017. Number of companies data taken from the "Country" filter.
- ^ "The US is home to more billionaires than China, Germany and Russia combined". CNBC. May 9, 2019. Retrieved May 9, 2019.
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- ^ "Total Assets, All Commercial Banks". January 3, 1973.
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- ^ Washington Post-Ezra Klein-Double Dip, or just one big economic dive-August 5, 2011
- ^ Li, Yun (July 2, 2019). "This is now the longest US economic expansion in history". CNBC.
This month marks the 121st month of the economic expansion arising out of the great financial crisis, making it the longest run on record going back to 1854.
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