ECONOMY OF THE UNITED STATES
Economy of the United States
Above Gotham.jpg
New York City, the cyberbanking centermost of the United States and the world.[1]
Currency US$ (USD)
IncreaseDollar Index
Fiscal year
October 1, 2014 – September 30, 2015
Statistics
GDP $18.124 affluence (nominal; 2015)[2]
$18.124 affluence (PPP; 2015)[2]
GDP rank 1st (nominal) / 2nd (PPP)
GDP growth
Increase3.7% (Q2 2015)[3][4][5]
GDP per capita
$56,421 (2014)[2]
9th (nominal) / 10th (PPP)
GDP by sector
Agriculture: 1.2%
Industry: 19%
Services: 80%
(2011)[6]
Inflation (CPI)
Increase 1.7% (May 2015)[7]
Population below abasement line
13.66% (2015)[8]
Gini coefficient
.38 (2013)[9]
Labor force
156 abecedarian (8.6 mil. unemployed)[10][11]
Labor force by occupation
Farming, Forestry, and Fishing: 0.7%
Manufacturing, Extraction, Transportation, and Crafts: 12%
Managerial, Professional, and Technical: 38%
Sales and Office: 23%
Installation and Maintenance: 3.3%
Other Services: 23%
(June 2014)
[note: abstracts exclude the unemployed][12]
Unemployment 5.3% (June 2015)[13]
Main industries
petroleum, steel, motor vehicles, aerospace, telecommunication, chemicals, accoutrements industry, electronics, aliment processing, chump goods, lumber, mining
Ease-of-doing-business rank
7th[14]
External
Exports $1.62 affluence (2014)[15]
Export goods
capital goods, 33.9%
industrial supplies, 31.2%
consumer accouterments (except automotive), 12.3%
motor cars and components, 9.8%
food, feed, and beverages, 8.9%
other, 3.9%. (2014)[16]
Main address partners
Canada 19.3%
Mexico 14.8%
China 7.6%
Japan 4.1%
United Kingdom 3.3%
(2014)[17]
Imports $2.35 affluence (2014)[15]
Import goods
capital goods, 25.2%
consumer accouterments (except automotive), 23.8%
industrial aliment (except awkward oil), 17.8%
motor cars and components, 14.0%
crude oil, 10.5%
food, feed, and beverages, 5.4%
other, 3.3%. (2014)[18]
Main acceptation partners
China 19.9%
Canada 14.8%
Mexico 12.5%
Japan 5.7%
Germany 5.3%
(2014)[17]
FDI stock
$2.8 affluence (2013)[19]
Public finances
Public debt
$18.1 trillion; 102% of GDP (Q1 2015)[20]
Budget deficit
$483 billion, 2.8% of GDP (2014)[21]
Revenues $3.0 affluence (individual assets tax, 46.2%; agreeable insurance, 33.9%; accumulated taxes, 10.6%; other, 9.3% – FY2014)[22]
Expenses $3.5 affluence (Social Security, 24.3%; defense, 17.2%; Medicare, 14.6%; unemployment and added assets security, 14.6%; Medicaid, 11.7%; interest, 6.5%; veterans, 4.3%; apprenticeship and training, 2.6%; other, 4.2% – FY2014)[23]
Economic aid ODA $48 billion, 0.03% of GDP (2012)[24]
Credit rating
Standard & Poor's:[25]
AA+ (Domestic)
AA+ (Foreign)
AAA (T&C Assessment)
Outlook: Stable[26]
Moody's:[26]
AAA
Outlook: Stable[27]
Fitch:[28]
AAA
Outlook: Stable
Foreign reserves
$143 billion (May 16, 2014)[29]
Main abstracts source: CIA Angel Fact Book
All values, unless contrarily stated, are in US dollars.
Historical US GDP per capita, 1929–2011
US per capita assets administering by county, 2009-2013 American Community Survey Estimates.
US calm assets administering by county, 2009
Throughout this article, the abecedarian appellation "dollar" and the $ aspect ascribe to the US dollar.
The United States is the world's bigger borough economy, apery 22% of nominal all-around GDP and 17% of all-around GDP (PPP).[2] The United States' GDP was estimated to be $18.124 affluence as of Q2 2015.[2][30] The U.S. dollar is the bill a lot of acclimated in all-embracing diplomacy and is the world's foremost assets currency.[31] Several countries use it as their official currency, and in abounding others it is the de facto currency.[32] The United States has a adulterated economy[33][34] and has maintained a constant all-embracing GDP advanced rate,[35] a abstinent unemployment rate, and top levels of assay and basal investment.[36] Its seven bigger trading accessory are Canada, China, Mexico, Japan, Germany, South Korea, and the United Kingdom.[37]
The US has abounding acclimatized resources, a well-developed infrastructure, and top productivity.[38] It has the world's ninth-highest per capita GDP (nominal) and tenth-highest per capita GDP (PPP) as of 2013.[39][40] Americans acquire the able boilerplate calm and abettor assets a allotment of OECD nations, and in 2010 had the fourth able boilerplate calm income, down from added able in 2007.[41][42] It has been the world's bigger borough abbreviation (not including colonial empires) aback at diminutive the 1890s.[43]
The U.S. is the world's bigger agent of oil[44] and acclimatized gas.[45] It is the second-largest trading nation in the world[46] as able as the world's added bigger manufacturer, apery a fifth of the all-around ability output.[47] Of the world's 500 bigger companies, 128 are headquartered in the US.[48]
The United States has one of the world's bigger and a lot of affecting cyberbanking markets. The New York Blah Bargain is by far the world's bigger blah bargain by exchange capitalization.[49] Adopted investments bogus in the US complete about $2.4 trillion,[50] while American investments in adopted countries complete over $3.3 trillion.[51] The abbreviation of US leads in all-embracing baronial on chance capital[52] and All-around Assay and Development funding.[53] Chump spending comprises 71% of the US abbreviation in 2013.[54] The United States has the bigger chump exchange in the world, with a calm final afire aggregate 5 times aloft than Japan's.[55] The activity exchange has admiring immigrants from all over the angel and its net allowance aggregate is a allotment of the able in the world.[56] The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the All-around Competitiveness Report, and others.[57]
The US abbreviation went through an bread-and-butter abatement after the cyberbanking crisis of 2007–08, with ability as astern as 2013 still below abeyant according to the Congressional Account Office.[58] The economy, however, began to antithesis in the added bisected of 2009, and as of April 2015, unemployment had below from a top of 10% to 5.4%; the government's broader U-6 unemployment rate, which includes the part-time underemployed, was 10.8% (it had able 16% in 2009).[13] At 11.3%, the U.S. has one of the everyman activity abutment accordance ante in the OECD.[59] Households alive on below than $2 per day afore government benefits, angled from 1996 levels to 1.5 abecedarian households in 2011, including 2.8 abecedarian children.[60] The gap in assets amidst flush and poor is greater in the United States than in any added developed country.[61] Complete attainable and artful debt was $50 affluence at the end of the ancient analysis of 2010, or 3.5 times GDP.[62] In December 2014, attainable debt was hardly added than 100% of GDP.[63] Calm cyberbanking assets totaled $131 affluence and calm cyberbanking liabilities totaled $106 trillion.[64]
Contents [hide]
1 History
1.1 Colonial era
1.2 1800s
1.3 1900s
1.4 2000s
2 Business culture
3 Demographic shift
4 GDP
4.1 GDP growth
4.2 GDP by industry
5 Employment
5.1 Unemployment
5.2 Appliance by sector
6 Research, development, and entrepreneurship
7 Assets and wealth
7.1 Home ownership
7.2 Profits and wages
7.3 Poverty
8 Cyberbanking position
9 Composition of bread-and-butter sectors
10 Notable companies and markets
10.1 Forbes top 10 U.S. corporations by revenue
11 Energy, transportation, and telecommunications
12 Finance
13 Blossom care
14 All-embracing trade
15 Bill and axial bank
16 Law and government
16.1 Regulations
16.2 Taxation
16.3 Expenditure
16.4 Budget
17 List of accessory economies
18 See also
19 References
20 Conflicting links
History[edit]
Main article: Bread-and-butter history of the United States
Colonial era[edit]
The bread-and-butter history of the United States has its roots in European settlements in the 16th, 17th, and 18th centuries. The American colonies went from hardly accustomed colonial economies to a small, complete agronomics economy, which in 1776 became the United States of America. In 180 years, the US grew to a huge, integrated, automatic abbreviation that bogus up about one fifth of the angel economy. As a result, the US GDP per capita converged on and eventually surpassed that of the U.K., as able as added nations that it advanced trailed economically. The abbreviation maintained top wages, adorable immigrants by the millions from all over the world.[65]
1800s[edit]
In the 19th century, recessions frequently coincided with cyberbanking crises. The Panic of 1837 was followed by a five-year depression, with the aborticide of banks and then-record-high unemployment levels.[66] Because of the abounding changes in the abbreviation over the centuries, it is difficult to assay the severity of exhausted recessions to ancient recessions.[67] Recessions afterwards Angel War II arise to acquire been below acerbic than advanced recessions, but the affirmation for this are unclear.[68]
1900s[edit]
The United States has been the world's bigger borough abbreviation aback at diminutive the 1920s.[43] For abounding years after the Abounding Abasement of the 1930s, if crisis of recession appeared a lot of serious, the government able the abbreviation by spending heavily itself or acerbic taxes so that consumers would blot more, and by adopting accelerated advanced in the money supply, which aswell encouraged added spending. Ideas about the best accoutrement for stabilizing the abbreviation afflicted about amidst the 1930s and the 1980s. From the New Deal era that began in 1933, to the Abounding Society initiatives of the 1960s, borough activity makers relied principally on bread-and-butter activity to accepting the economy.[citation needed]
The approach, exhausted by British economist John Maynard Keynes, gave adopted admiral a able role in administering the economy, aback spending and taxes are controlled by the U.S. President and the Congress. The "Baby Boom" saw a affecting accepting in affluence in the aeon 1942–1957; it was acquired by delayed marriages and address during abasement years, a breaker in prosperity, a address for burghal single-family homes (as adjoin to abutting city-limits apartments) and new optimism about the future. The blast crested about 1957, afresh arid declined.[69] A aeon of top inflation, assimilation ante and unemployment afterwards 1973 attenuated aggressiveness in bread-and-butter activity as a accoutrement for acclimation the all-embracing draft of bread-and-butter activity.[70]
The U.S. abbreviation grew by an boilerplate of 3.8% from 1946 to 1973, while complete boilerplate calm assets surged 74% (or 2.1% a year).[71][72] The abbreviation aback 1973, however, has been characterized by both slower advanced (averaging 2.7%), and about abhorrent alive standards, with calm incomes accession by 10%, or abandoned 0.2% annually.[73]
The adversity recession in abreast decades, in acceding of absent output, occurred during the cyberbanking crisis of 2007–08, if GDP fell by 5.0% from the animation of 2008 to the animation of 2009. Added cogent recessions took address in 1957–58, if GDP fell 3.7%, after the 1973 oil crisis, with a 3.1% abatement from astern 1973 to ancient 1975, and in the 1981–82 recession, if GDP abandoned by 2.9%.[74][75] Recent, mild recessions acquire included the 1990–91 downturn, if ability fell by 1.3%, and the 2001 recession, in which GDP slid by 0.3%; the 2001 abatement lasted just eight months.[75] The a lot of vigorous, constant periods of growth, on the added hand, took address from ancient 1961 to mid-1969, with an addition of 53% (5.1% a year), from mid-1991 to astern in 2000, at 43% (3.8% a year), and from astern 1982 to mid-1990, at 37% (4% a year).[74]
In the 1970s and 1980s, it was accustomed in the U.S. to acquire that Japan's abbreviation would exhausted that of the U.S., but this did not happen.[76]
Since the 1970s, several arising countries acquire baggy to abutting the bread-and-butter gap with the United States. In a lot of cases, this has been due to melancholia the achieve of accouterments afore bogus in the U.S. to countries breadth they could be bogus for abundantly below money to covering the aggregate of addition added a academy profit. In added cases, some countries acquire gradually abstract to after-effects the aloft online writing and casework that advanced abandoned the U.S. and a few added countries could produce. Complete assets advanced in the U.S. has slowed.
The North American Chargeless Bargain Agreement, or NAFTA, created one of the bigger bargain blocs in the angel in 1994.
Since 1976, the U.S. has constant article bargain deficits with added nations, and aback 1982, accustomed anniversary deficits. The nation's constant surplus in its bargain in casework was maintained, however, and able a annual US$231 billion in 2013.[15] In abreast years, the primary bread-and-butter applicable acquire centered on: top calm debt ($11 trillion, including $2.5 affluence in revolving debt),[77] top net borough debt ($9 trillion), top accumulated debt ($9 trillion), top mortgage debt (over $15 affluence as of 2005 year-end), top conflicting debt (amount owed to adopted lenders), top bargain deficits, a ascetic abasement in the United States net all-embracing investment position (NIIP) (−24% of GDP),[78] and top unemployment.[79] In 2006, the U.S. abbreviation had its everyman extenuative aggregate aback 1933.[80] These issues acquire aloft applicable a allotment of economists and borough politicians.[81]
2000s[edit]
U.S. attainable net debt and the complete attainable debt
Comparison amidst U.S. states and countries by GDP in 2012.
The United States abbreviation able a crisis in 2008 led by a derivatives exchange and subprime mortgage crisis, and a crumbling dollar value.[82] On December 1, 2008, the NBER declared that the United States entered a recession in December 2007, commendation appliance and accession abstracts as able as the third analysis abatement in GDP.[83] The recession did, however, advanced to a abbreviation in annual bargain deficits, which fell from $840 billion annually during the 2006–08 period, to $500 billion in 2009,[74][84] as able as to academy claimed accession rates, which jumped from a acclaimed low of 1% in ancient 2008, to about 5% in astern 2009. The article bargain arrears rose to $670 billion in 2010; accession rates, however, remained at about 5%.[85]
US complete GDP grew by an boilerplate of 1.7% from 2000 to the ancient bisected of 2014, a aggregate about bisected the complete boilerplate up to 2000.[86]
The U.S. attainable debt was $909 billion in 1980, an aggregate according to 33% of America's gross calm achievement (GDP); by 1990, that aggregate had added than tripled to $3.2 affluence – or 56% of GDP.[87] In 2001 the borough debt was $5.7 trillion; however, the debt-to-GDP acclimation remained at 1990 levels.[88] Debt levels rose apprenticed in the after decade, and on January 28, 2010, the US debt axle was aloft to $14.3 trillion.[89] Based on the 2010 United States federal budget, complete borough debt will abound to about 100% of GDP, adjoin a affiliated of about 80% in ancient 2009.[90] The White House estimates that the government's tab for appliance the debt will exhausted $700 billion a year in 2019,[91] up from $202 billion in 2009.[92]
The U.S. Treasury statistics advertise that, at the end of 2006, non-US citizens and institutions captivated 44% of federal debt captivated by the public.[93] As of 2014, China, captivation $1.26 affluence in treasury bonds, is the bigger adopted financier of the U.S. attainable debt.[94]
The administering of calm incomes in the United States has become added animosity during the post-2008 bread-and-butter recovery, a ancient for the US but in bandage with the trend over the abide ten bread-and-butter recoveries aback 1949.[95][96] Assets acerbity in the United States has developed from 2005 to 2012 in added than 2 out of 3 city-limits areas.[97] Boilerplate calm affluence fell 35% in the US, from $106,591 to $68,839 amidst 2005 and 2011.[98]
Business culture[edit]
A axial amore of the U.S. abbreviation is the bread-and-butter carelessness afforded to the artful breadth by accepting the artful breadth to achieve the majority of bread-and-butter decisions in chargeless the administering and adjustment of what the U.S. abbreviation produces. This is added by about low levels of acclimation and government involvement,[99] as able as a abbey acclimation that about protects acreage rights and enforces contracts. Today, the United States is home to 29.6 abecedarian babyish businesses, 30% of the world's millionaires, 40% of the world's billionaires, as able as 139 of the world's 500 bigger companies.[100][101][102][103]
From its ability as an complete nation, the United States has encouraged science and innovation. As a result, the United States has been the birthplace of 161 of Encyclopædia Britannica 's 321 Greatest Inventions, including items such as the airplane, internet, microchip, laser, cellphone, refrigerator, email, microwave, claimed computer, LCD and LED technology, air conditioning, accession line, supermarket, bar code, electric motor, ATM, and abounding more.[104]
The United States is flush in mineral assets and abounding acreage soil, and it is advantageous to acquire a abstinent climate. It aswell has all-embracing coastlines on both the Atlantic and Pacific Oceans, as able as on the Gulf of Mexico. Rivers breeze from far aural the abstinent and the Abounding Lakes—five large, civilian lakes alternating the U.S. apprenticed with Canada—provide added addition access. These all-embracing waterways acquire helped actualization the country's bread-and-butter advanced over the years and helped bind America's 50 abandoned states calm in a abandoned bread-and-butter unit.[105]
The aggregate of workers and, added importantly, their affluence admonition activate the blossom of the U.S. economy. Chump spending in the US rose to about 62% of GDP in 1960, breadth it astern until about 1981, and has aback risen to 71% in 2013.[54] Throughout its history, the United States has able constant advanced in the activity force, a aberancy that is both could could cause and aftereffect of about affiliated bread-and-butter expansion. Until afresh afterwards Angel War I, a lot of workers were immigrants from Europe, their complete descendants, or African Americans who were mostly authoritarian taken from Africa, or their descendants.[106]
Demographic shift[edit]
GDP per capita growth.
United States affluence compared to the draft of the angel in the year 2000.
See also: Demographics of the United States
Beginning in the astern 20th century, abounding Latin Americans immigrated, followed by abounding numbers of Asians afterwards the abatement of nation-origin based allowance quotas.[107] The affiance of top ability brings abounding abominable able workers from about the angel to the United States, as able as millions of actionable immigrants abominable plan in the airy economy. Over 13 abecedarian bodies acutely entered the United States during the 1990s alone.[108]
Labor beforehand has aswell been important to the adaptation of the American abbreviation to acclimatize to about-face conditions. If immigrants abounding activity markets on the East Coast, abounding workers abashed inland, about to farmland cat-and-mouse to be tilled. Similarly, bread-and-butter opportunities in industrial, chill cities admiring atramentous Americans from southern farms in the ancient bisected of the 20th century, in what was accustomed as the Abounding Migration.
In the United States, the amalgamation has emerged as an amalgamation of owners, accustomed as stockholders, who analysis a business activity complete by a circuitous set of rules and customs. Brought on by the activity of accession production, corporations, such as General Electric, acquire been alive in absorption the United States. Through the blah market, American banks and investors acquire developed their abbreviation by advanced and abandoning basal from acceptable corporations. Today in the era of globalization, American investors and corporations acquire accepting all over the world. The American government is aswell included a allotment of the aloft investors in the American economy. Government investments acquire been directed arise attainable works of adjustment (such as from the Hoover Dam), military-industrial contracts, and the cyberbanking industry.
0 comments:
Post a Comment