US economy

Extracted Attributes

• Type

  Highly developed diversified mixed economy

• Currency

  U.S. dollar (primary for international transactions, global reserve currency)

• Gold Reserves

  World's largest, over 8,000 tonnes

• Services Trade

  Dominates

• Consumer Market

  World's largest

• Internal Market

  Largest for goods

• Exporter Ranking

  World's second-largest

• Importer Ranking

  World's largest

• Income Inequality

  One of the world's highest among developed countries

• Billionaires Count

  World's highest

• Net Migration Rate

  Among the highest in the world

• Total Trade (2023)

  $7.4 trillion

• Manufacturing Share

  A fifth of the global total

• Nominal GDP Ranking

  World's largest

• Key Economic Drivers

  High productivity, well-developed transportation infrastructure, extensive natural resources

• Petroleum Production

  World's largest

• Natural Gas Production

  World's largest

• Billionaires Total Wealth

  $5.7 trillion

• Blood Products Production

  World's largest

• Social Security Expenditure

  Roughly 30% of GDP

• Labor Share of Income (2021)

  44%

• Consumer Spending Share (2022)

  68% of the economy

• Global Assets Under Management

  More than $30 trillion

• Venture Capital Ranking (2014)

  First in international ranking

• Commercial Bank Assets (Dec 2022)

  $22.9 trillion

• Current-Account Deficit (Q1 2025)

  $450.2 billion

• Current-Account Deficit (Q4 2024)

  $312.0 billion

• PPP GDP per capita Ranking (2025)

  World's ninth highest

• Median Household Income (2021, OECD)

  Highest

• Nominal GDP per capita Ranking (2025)

  World's seventh highest

• Global Aggregate GDP Share (2024, PPP)

  14.8%

• Ease of Doing Business Index Performance

  Top-performing

• Research and Development Spending (2024)

  Around 3.46% of GDP

• Global Competitiveness Report Performance

  Top-performing

• Purchasing Power Parity (PPP) GDP Ranking

  World's second largest

• Fortune Global 500 Companies Headquartered

  139

• Global Aggregate GDP Share (2024, Nominal)

  26.2%

• Average Household and Employee Income (OECD)

  Sixth highest

• Current-Account Deficit as % of GDP (Q1 2025)

  6.0%

• Current-Account Deficit as % of GDP (Q4 2024)

  4.2%

• Foreign Direct Investment Expenditures (2023)

  $176.0 billion

• Foreign Direct Investment Expenditures (2024)

  $151.0 billion

• Global Research and Development Funding Ranking (2014)

  First in international ranking

Timeline

• The U.S. economy suffered a significant decline during the Great Recession. (Source: Summary, Wikipedia)

  2008-XX-XX

• The U.S. experienced its longest economic expansion on record, which concluded by this month. (Source: Wikipedia)

  2019-07-XX

• The U.S. economy dropped to unprecedented levels due to the pandemic, followed by a rapid rebound. (Source: Web Search)

  2020-Q2

• The annual growth rate hit a high not seen since the 1950s. (Source: Web Search)

  2021-Q2

• Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $151.0 billion. (Source: U.S. Bureau of Economic Analysis (BEA))

  2024-XX-XX

• The U.S. economy contracted at an annualized rate of 0.5%, marking the first quarterly contraction in three years. The current-account deficit widened to $450.2 billion. (Source: Web Search, U.S. Bureau of Economic Analysis (BEA))

  2025-Q1

• The U.S. economy grew an annualized 3%, rebounding from the Q1 contraction. (Source: Web Search)

  2025-Q2

Economy of the United States

The United States has a highly developed diversified mixed economy. It is the world's largest economy by nominal GDP and second largest by purchasing power parity (PPP). As of 2025, it has the world's seventh highest nominal GDP per capita and ninth highest GDP per capita by PPP. According to the World Bank, the U.S. accounted for 14.8% of the global aggregate GDP in 2024 in purchasing power parity terms and 26.2% in nominal terms. The U.S. dollar is the currency of record most used in international transactions and is the world's foremost reserve currency, backed by a large U.S. treasuries market, its role as the reference standard for the petrodollar system, and its linked eurodollar. Several countries use it as their official currency and in others it is the de facto currency. Since the end of World War II, the economy has achieved relatively steady growth, low unemployment and inflation, and rapid advances in technology. The American economy is fueled by high productivity, well-developed transportation infrastructure, and extensive natural resources. Americans have the sixth highest average household and employee income among OECD member states. In 2021, they had the highest median household income among OECD countries, although the country also had one of the world's highest income inequalities among the developed countries. The largest U.S. trading partners are Canada, Mexico, China, Japan, Germany, South Korea, the United Kingdom, Taiwan, India, and Vietnam. The U.S. is the world's largest importer and second-largest exporter. 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. The U.S. has a highly flexible labor market, where the industry adheres to a hire-and-fire policy, and job security is relatively low. Among OECD nations, the U.S. has a highly efficient social security system; social expenditure stood at roughly 30% of GDP. The United States is the world's largest producer of petroleum, natural gas, and blood products. In 2024, it was the world's largest trading country, and second largest manufacturer, with American manufacturing making up a fifth of the global total. The U.S. has the largest internal market for goods, and also dominates the services trade. Total U.S. trade was $7.4 trillion in 2023. Of the world's 500 largest companies, 139 are headquartered in the U.S. The U.S. has the world's highest number of billionaires, with total wealth of $5.7 trillion. U.S. commercial banks had $22.9 trillion in assets in December 2022. U.S. global assets under management had more than $30 trillion in assets. During the Great Recession of 2008, the U.S. economy suffered a significant decline. 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. The New York Stock Exchange and Nasdaq are the world's largest stock exchanges by market capitalization and trade volume. The U.S. has the world's largest gold reserves, with over 8,000 tonnes of gold. In 2014, the U.S. economy was ranked first in international ranking on venture capital and global research and development funding. As of 2024, the U.S. spends around 3.46% of GDP on cutting-edge research and development across various sectors of the economy. Consumer spending comprised 68% of the U.S. economy in 2022, while its labor share of income was 44% in 2021. The U.S. has the world's largest consumer market. 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. 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.

Web Search Results

• United States GDP Growth Rate

  The US economy grew an annualized 3% in Q2 2025, rebounding from a 0.5% contraction in Q1, and beating expectations of a 2.4% rise, according to the advance estimate. The expansion primarily reflected a 30.3% plunge in imports, following a 37.9% surge in Q1, when businesses and consumers rushed to stockpile goods ahead of expected price increases following a series of tariff announcements. Also, consumer spending rose at a faster pace (1.4% vs 0.5% in Q1), led by goods (2.2% vs 0.1%), though it [...] The US economy grew an annualized 3% in Q2 2025, rebounding from a 0.5% contraction in Q1, and beating expectations of a 2.4% rise, according to the advance estimate. The expansion primarily reflected a 30.3% plunge in imports, following a 37.9% surge in Q1, when businesses and consumers rushed to s...tockpile goods ahead of expected price increases following a series of tariff announcements. Also, consumer spending rose at a faster pace (1.4% vs 0.5% in Q1), led by goods (2.2% vs 0.1%), though [...] The US economy contracted at an annualized rate of 0.5% in Q1 2025, a sharper decline than the second estimate of a 0.2% drop and the first quarterly contraction in three years. The weaker GDP figure was largely driven by significant downward revisions to consumer spending and exports. Consumer spen...ding rose just 0.5%, the slowest pace since the sharp declines of 2020, down from 1.2% in the previous estimate. Exports grew only 0.4% compared to the earlier estimate of 2.4%. These declines

• United States Economic Forecast Q2 2025 - Deloitte

  Image 49 ### United States Economic Forecast Q4 2024 The US economy remains strong with robust consumer spending and high business investment, but its future trajectory largely hinges on the policies of the incoming administration. Article • 18-min read [...] end of 2025. In 2026, exports will fall by 1.8%, while imports plummet by 7.1%. [...] Despite much lower tariffs, the US economy is still expected to grow at a slower rate in 2025 compared with the previous two years. In particular, consumer spending had been growing at a much faster rate than income, suggesting that consumption would slow this year. However, lower tariffs allow for inflation to fall more quickly, which gives consumers additional purchasing power.

• Good, mad and ugly: the US economy's performance under ...

  Resilient-ish growth -------------------- On the surface, at least, this week’s deluge of data opened with good news: the US economy returned to growth in the second quarter, with gross domestic product (GDP) – a broad measure of economic health – expanding at a rate not seen since last summer. [...] But this followed an unexpected contraction in the first quarter, and underlined some more concerning figures, such as a 15.6% drop in private domestic investment. Businesses have been struggling to keep up with the hour-by-hour jerks and jolts on sweeping economies policies. Yes, there was good growth in the last quarter but in the first six months, the US economy grew at a mediocre 1.2%. The Wall Street Journal called it “the weirdest GDP report ever”. [...] Despite president’s claims of an economic boom, picture is chaotic – healthy GDP growth but weak jobs figures Callum Jones with charts by Andrew Witherspoon Sat 2 Aug 2025 05.00 EDT Last modified on Wed 6 Aug 2025 03.41 EDT Share According to Donald Trump’s White House, the US economy is booming, inflation is dead and jobs are surging. A blizzard of economic reports has cast a pall on such claims in recent days.

• How Is the Economy Doing Right Now? - NerdWallet

  The U.S. economy has shown steady growth since it dropped to unprecedented levels during the second quarter of 2020 due to the pandemic — and then rebounded almost as quickly. A year later, in the second quarter of 2021, the rate of annual growth hit a high not seen since the 1950s. But in the first quarter of 2025, growth declined for the first time in nearly three years, primarily due to an increase in imports — a result of businesses stocking up on goods before tariffs began. [...] The state of the U.S. economy is strong despite inflation remaining elevated. The economy is expanding at a crisp pace, the labor market is loosening slightly and inflation is slowing from its peak. The Federal Reserve looks at several economic indicators — along with the stock market — to form a better picture of the economy and make decisions on interest rates.

• U.S. Economy at a Glance | U.S. Bureau of Economic Analysis (BEA)

  Q1 2025-$450.2 B Q4 2024-$312.0 B The U.S. current-account deficit widened by $138.2 billion, or 44.3 percent, to $450.2 billion in the first quarter of 2025, according to statistics released today by the U.S. Bureau of Economic Analysis. The revised fourth-quarter deficit was $312.0 billion. The first-quarter deficit was 6.0 percent of current-dollar gross domestic product, up from 4.2 percent in the fourth quarter. Current Release [...] Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $151.0 billion in 2024, according to preliminary statistics released today by the U.S. Bureau of Economic Analysis. Expenditures decreased $24.9 billion, or 14.2 percent, from $176.0 billion (revised) in 2023 and were below the annual average of $277.2 billion for 2014–2023. As in previous years, acquisitions of existing U.S. businesses accounted for most of the expenditures. Current Release [...] End of 1st quarter 2025-$24.61 trillion End of 4th quarter 2024-$26.54 trillion