United States From Wikipedia, the free encyclopedia


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United States

Economic indicators

Nominal GDP

$18.060 trillion (Q3 2015)

[373]

Real GDP growth

2% (Q3 2015, annualized)







2.4% (2014)

[374]

CPI inflation

1.3% (August 2015)

[375]

Employment-to-population ratio

59.4% (August 2015)

[376]

Unemployment

5.1% (August 2015)

[377]

Labor force participation rate

62.6% (August 2015)

[378]

Total public debt

$18.1 trillion (Q3 2015)

[379]

Household net worth

$85.7 trillion (Q2 2015)

[380]


United States export treemap (2011): The U.S. is the world's second-largest exporter.
The United States has a capitalist mixed economy[381] which is fueled by abundant natural resources and high productivity.[382] According to the International Monetary Fund, the U.S. GDP of $16.8 trillion constitutes 24% of the gross world product at market exchange rates and over 19% of the gross world product at purchasing power parity (PPP).[383]
The US's nominal GDP is estimated to be $17.528 trillion as of 2014[384] From 1983 to 2008, U.S. real compounded annual GDP growth was 3.3%, compared to a 2.3% weighted average for the rest of the G7.[385]The country ranks ninth in the world in nominal GDP per capita and sixth in GDP per capita at PPP.[383] TheU.S. dollar is the world's primary reserve currency.[386]
The United States is the largest importer of goods and second largest exporter, though exports per capita are relatively low. In 2010, the total U.S. trade deficit was $635 billion.[387] Canada, China, Mexico, Japan, and Germany are its top trading partners.[388] In 2010, oil was the largest import commodity, while transportation equipment was the country's largest export.[387] Japan is the largest foreign holder of U.S. public debt.[389] The largest holder of the U.S. debt are American entities, including federal government accounts and the Federal Reserve, who hold the majority of the debt.[390][391][392][393][fn 6]
In 2009, the private sector was estimated to constitute 86.4% of the economy, with federal government activity accounting for 4.3% and state and local government activity (including federal transfers) the remaining 9.3%.[396] The number of employees at all levels of government outnumber those in manufacturing by 1.7 to 1.[397] While its economy has reached a postindustrial level of development and its service sector constitutes 67.8% of GDP, the United States remains an industrial power.[398] The leading business field by gross business receipts is wholesale and retail trade; by net income it is manufacturing.[399] In the franchisingbusiness model, McDonald's and Subway are the two most recognized brands in the world. Coca-Cola is the most recognized soft drink company in the world.[400]
Chemical products are the leading manufacturing field.[401] The United States is the largest producer of oil in the world, as well as its second largest importer.[402] It is the world's number one producer of electrical and nuclear energy, as well as liquid natural gassulfur, phosphates, and salt. The National Mining Associationprovides data pertaining to coal and minerals that include berylliumcopperleadmagnesiumzinctitaniumand others.[403][404]
Agriculture accounts for just under 1% of GDP,[398] yet the United States is the world's top producer of corn[405] and soybeans.[406] The National Agricultural Statistics Service maintains agricultural statistics for products that include peanutsoatsryewheatricecottoncornbarleyhaysunflowers, and oilseeds. In addition, the United States Department of Agriculture (USDA) provides livestock statistics regarding beefpoultrypork, and dairy products. The country is the primary developer and grower of genetically modified food, representing half of the world's biotech crops.[407]
Consumer spending comprises 68% of the U.S. economy in 2015.[408] In August 2010, the American labor force consisted of 154.1 million people. With 21.2 million people, government is the leading field of employment. The largest private employment sector is health care and social assistance, with 16.4 million people. About 12% of workers are unionized, compared to 30% in Western Europe.[409] The World Bank ranks the United States first in the ease of hiring and firing workers.[410]The United States is ranked among the top three in the Global Competitiveness Report as well. It has a smaller welfare state and redistributes less income through government action than European nations tend to.[411]
The United States is the only advanced economy that does not guarantee its workers paid vacation[412] and is one of just a few countries in the world without paid family leave as a legal right, with the others being Papua New GuineaSuriname and Liberia.[413] However, 74% of full-time American workers get paid sick leave, according to the Bureau of Labor Statistics, although only 24% of part-time workers get the same benefits.[414] While federal law currently does not require sick leave, it's a common benefit for government workers and full-time employees at corporations.[414] In 2009, the United States had the third highest workforce productivity per person in the world, behind Luxembourg and Norway. It was fourth in productivity per hour, behind those two countries and the Netherlands.[415]
The 2008–2012 global recession had a significant impact on the United States, with output still below potential according to the Congressional Budget Office.[416] It brought high unemployment (which has been decreasing but remains above pre-recession levels), along with low consumer confidence, the continuing decline in home values and increase in foreclosures and personal bankruptcies, an escalating federal debt crisis, inflation, and rising petroleum and food prices. There remains a record proportion of long-term unemployed, continued decreasing household income, and tax and federal budget increases.[417][418][419]

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