US Economy

Extracted Attributes

• Currency

  US Dollar (primary for international transactions, global reserve currency)

• Gold Reserves

  World's largest (over 8,000 tonnes)

• Services Trade

  Dominant force

• Consumer Market

  World's largest

• Economic System

  Highly developed mixed economy

• Income Inequality

  One of the world's highest among developed countries

• Net Migration Rate

  Among the highest in the world

• Key Characteristics

  High productivity, well-developed transportation infrastructure, extensive natural resources, highly flexible labor market

• Largest Producer of

  Petroleum, natural gas, blood products

• Total US Trade (2018)

  $4.2 trillion

• Number of Billionaires

  World's highest ($5.7 trillion total wealth)

• Social Security System

  Highly efficient (social expenditure ~30% of GDP)

• Global Exporter Ranking

  Second largest

• Global Importer Ranking

  Largest

• Consumer Spending (2022)

  68% of the economy

• Largest Trading Partners

  Canada, Mexico, China, Japan, Germany, South Korea, United Kingdom, Taiwan, India, Vietnam

• Internal Market for Goods

  Largest

• Global Manufacturer Ranking

  Second largest (American manufacturing is 1/5 of global total)

• Global GDP Ranking (Nominal)

  World's largest

• Labor Share of Income (2021)

  44%

• Business Environment Rankings

  Top-performing (Ease of Doing Business Index, Global Competitiveness Report)

• Global Assets Under Management

  More than $30 trillion

• Venture Capital Ranking (2014)

  First

• Foreign Direct Investment (2024)

  $151.0 billion

• Current-Account Deficit (Q1 2025)

  $450.2 billion (6.0% of current-dollar GDP)

• Current-Account Deficit (Q4 2024)

  $312.0 billion (4.2% of current-dollar GDP)

• PPP GDP Per Capita Ranking (2025)

  Ninth highest

• Median Household Income (OECD, 2021)

  Highest

• Global Trading Country Ranking (2016)

  Largest

• Nominal GDP Per Capita Ranking (2025)

  Seventh highest

• Commercial Bank Assets (December 2022)

  $22.9 trillion

• Research and Development Spending (2024)

  Around 3.46% of GDP

• Share of Global Aggregate GDP (2024, PPP)

  14.8%

• Average Household and Employee Income (OECD)

  Sixth highest

• Global GDP Ranking (Purchasing Power Parity)

  Second largest

• Share of Global Aggregate GDP (2024, Nominal)

  26.2%

• Fortune Global 500 Companies Headquartered in US

  139

• Global Research and Development Funding Ranking (2014)

  First

Timeline

• The U.S. economy grew by an average of 3.8% annually, and real median household income surged by 74% (2.1% per year). (Source: Web Search Results)

  1946-1973

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

  2008-XX-XX

• The U.S. was the world's largest trading country. (Source: Wikipedia)

  2016-XX-XX

• Total U.S. trade was $4.2 trillion. (Source: Wikipedia)

  2018-XX-XX

• The U.S. economy entered its longest economic expansion on record. (Source: Wikipedia)

  2019-07-XX

• The U.S. economy dropped to unprecedented levels due to the pandemic, then rebounded almost as quickly. (Source: Web Search Results)

  2020-Q2

• The U.S. had the highest median household income among OECD countries. (Source: Wikipedia)

  2021-XX-XX

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

  2021-Q2

• U.S. commercial banks had $22.9 trillion in assets. (Source: Wikipedia)

  2022-12-XX

• The U.S. accounted for 14.8% of the global aggregate GDP in purchasing power parity terms and 26.2% in nominal terms. (Source: Wikipedia)

  2024-XX-XX

• The U.S. spends around 3.46% of GDP on cutting-edge research and development. (Source: Wikipedia)

  2024-XX-XX

• Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $151.0 billion. (Source: Web Search Results)

  2024-XX-XX

• The U.S. current-account deficit was $312.0 billion. (Source: Web Search Results)

  2024-Q4

• The U.S. economy contracted at an annualized rate of 0.5%, marking the first quarterly contraction in three years. (Source: Web Search Results)

  2025-Q1

• The U.S. current-account deficit widened to $450.2 billion. (Source: Web Search Results)

  2025-Q1

• The U.S. economy is expected to grow at a slower rate compared to the previous two years. (Source: Web Search Results)

  2025-XX-XX

• Exports are projected to fall by 1.8%, while imports are projected to plummet by 7.1%. (Source: Web Search Results)

  2026-XX-XX

Economy of the United States

The United States has a highly developed 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 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 2016, 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 $4.2 trillion in 2018. 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

• Economy of the United States - Wikipedia

  The United States has a highly developedmixed economy.( It is the world's largest economy by nominal GDP "List of countries by GDP (nominal)") and second largest by purchasing power parity "List of countries by GDP (PPP)") (PPP).( As of 2025, it has the world's seventh highest nominal GDP per capita_per_capita "List of countries by GDP (nominal) per capita") and ninth highest GDP per capita by PPP_per_capita "List of countries by GDP (PPP) per capita").( According to the World Bank, the U.S. [...] 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 [...] The U.S. economy grew by an average of 3.8% from 1946 to 1973, while real median household income surged by 74% (or 2.1% a year).(

• United States Economic Forecast Q2 2025 - Deloitte

  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. [...] ### 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

• United States GDP Growth Rate - Trading Economics

  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 spending 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 were [...] The US economy contracted at an annualized rate of 0.2% in Q1 2025, a slight improvement from the initial estimate of a 0.3% decline, but still marked the first quarterly GDP contraction in three years. The upward revision was driven by stronger-than-expected fixed investment, which partially offset... weaker consumer spending and a larger-than-anticipated drag from trade. Imports of goods and services soared 42.6% as businesses and consumers rushed to stockpile goods in anticipation of higher [...] 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

• 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