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{{Short description|None}}
{{Redirect|Economy of America}}
{{Use American English|date=September 2019}}
{{Use mdy dates|date=March 2024}}
{{Infobox economy
| country = the United States
| image = NYC Downtown Manhattan Skyline seen from Paulus Hook 2019-12-20 IMG 7347 FRD (cropped).jpg
| caption = [[New York City]], the world's principal [[Financial technology|fintech]] and [[Financial centre|financial center]]<ref name=NYCFintechAndFinancialCapitalWorld>{{cite web |url=https://www.zyen.com/publications/public-reports/the-global-financial-centres-index-37/ |title=GFCI 37 Rank |date=March 20, 2025 |publisher=Long Finance |access-date=March 26, 2025 }}</ref><ref>{{cite news |url = https://www.reuters.com/business/new-york-widens-lead-over-london-top-finance-centres-index-2022-03-24/ |title = New York widens lead over London in top finance centres index |website = Reuters |access-date = March 26, 2025 |last1 = Jones |first1 = Huw }}</ref><ref>{{cite news|url=https://themessenger.com/business/sorry-london-new-york-is-still-the-financial-capital-of-the-world|title=Sorry, London — New York Is Still the Financial Capital of the World|author=Laura Bratton|publisher=The Messenger|date=September 28, 2023|access-date=March 26, 2025|quote=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.|archive-date=October 11, 2023|archive-url=https://web.archive.org/web/20231011211612/https://themessenger.com/business/sorry-london-new-york-is-still-the-financial-capital-of-the-world|url-status=dead}}</ref> and the epicenter of the [[List of metropolitan areas by GDP|world's principal metropolitan economy]].<ref name=NYCEpicenterUSMetroEconomy>{{cite web|url=https://www.weforum.org/agenda/2020/09/united-states-america-economic-output-new-york-la/|title=This 3D map shows the U.S. cities with the highest economic output|author=Iman Ghosh|publisher=World Economic Forum|date=September 24, 2020|access-date=March 26, 2025|quote=The New York metro area dwarfs all other cities for economic output by a large margin.}}</ref>
| currency = [[United States dollar]] (Sign: $; Code: USD) <br /> {{increase}} [[U.S. Dollar Index]]
| year = October 1 – September 30
| organs = [[WTO]], [[G20]], [[G7]], [[OECD]], [[United States–Mexico–Canada Agreement|USMCA]], [[Asia-Pacific Economic Cooperation|APEC]] and others
| group = {{plainlist|
* [[Developed country|Advanced economy]]<ref>{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/April/groups-and-aggregates |title=World Economic Outlook Database Groups and Aggregates Information |work=[[International Monetary Fund]] |date=October 2024 |access-date=February 10, 2025}}</ref>
* [[World Bank high-income economy|High-income economy]]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |work=[[World Bank]] |access-date=February 10, 2025}}
</ref>
}}
| population = {{increase}} 342,361,316 (March 1, 2026)<ref>{{cite web |url=https://www.census.gov/popclock/?intcmp=home_pop |title=U.S. and World Population Clock |publisher=[[United States census]] |access-date=March 2, 2026}}</ref>
| gdp = {{plainlist|
* {{increase}} $31.821 trillion ([[GDP (nominal)|nominal]]; 2026)<ref name="IMFWEOUS">{{cite web |url=https://www.imf.org/external/datamapper/profile/USA |title=IMF DataMapper: United States |website=[[International Monetary Fund]] |date=2025 |access-date=15 Dec 2025}}</ref>
* {{increase}} $31.821 trillion ([[Purchasing power parity|PPP]]; 2026)<ref name="IMFWEOUS"/>
}}
| gdp rank = {{plainlist|
* [[List of countries by GDP (nominal)|1st (nominal; 2025)]]
* [[List of countries by GDP (PPP)|2nd (PPP; 2025)]]
}}
| growth = {{plainlist|
* 2.1%&nbsp;(2025)<ref name="IMFWEOUS"/>
* 2.1%&nbsp;({{abbr|2026f|2026 forecast}})<ref name="IMFWEOUS"/>
* 2.1%&nbsp;({{abbr|2027f|2027 forecast}})<ref name="IMFWEOUS"/>
* 2.1%&nbsp;({{abbr|2028f|2028 forecast}})<ref name="IMFWEOUS"/>
}}
| per capita = {{plainlist|
* {{increase}} $92,833 (nominal; 2026)<ref name="IMFWEOUS"/>
* {{increase}} $92,833 (PPP; 2026)<ref name="IMFWEOUS"/>
}}
| per capita rank = {{plainlist|
* [[List of countries by GDP (nominal) per capita|8th (nominal; 2025)]]
* [[List of countries by GDP (PPP) per capita|10th (PPP; 2025)]]
}}
| cpi = {{decrease}} 65 out of 100 points (2024)<ref name="ti_2023">{{cite web |url=https://www.transparency.org/en/cpi/2023 |title=CPI 2023 |date=30 January 2024 |publisher=[[Transparency International]] |access-date=30 January 2024 |archive-date=4 February 2023 |archive-url=https://web.archive.org/web/20230204001659/https://www.transparency.org/en/cpi/2023 |url-status=live }}</ref> ([[Corruption Perceptions Index#Ranking over Time|rank 28th]])
| sectors = {{plainlist|
* [[Primary sector of the economy|Agriculture]]: 0.9%
* [[Secondary sector of the economy|Industry]]: 18.9%
* [[Tertiary sector of the economy|Services]]: 80.2%
* (2017 est.)<ref name="CIA_US">{{cite web|title=United States|url=https://www.cia.gov/the-world-factbook/countries/united-states/|archive-url=https://web.archive.org/web/20210107073924/https://www.cia.gov/the-world-factbook/countries/united-states/|url-status=dead|archive-date=January 7, 2021|website=CIA.gov|publisher=[[Central Intelligence Agency]]|access-date=April 3, 2023}}</ref>}}
| components = {{plainlist|
* Household consumption: 67.9%
* Government consumption: 17.3%
* Investment in fixed capital: 17.5%
* Investment in inventories: 0.2%
* Exports of goods and services: 11.1%
* Imports of goods and services: −14%
* (2023 est.)<ref name="GDP Data">{{cite web |url= https://www.bea.gov/sites/default/files/2024-05/gdp1q24-2nd.pdf|title=Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), First Quarter 2024|website=[[Bureau of Economic Analysis]] |date=May 30, 2024 }}</ref>}}
| inflation = 2.7% (June 2025)<ref>{{cite web |url= https://www.usinflationcalculator.com/inflation/current-inflation-rates/#google_vignette|title=Current US Inflation Rates: 2000-2025|website=US Inflation Calculator |date=June 4, 2025}}</ref>
| poverty = {{plainlist|
* {{decreasePositive}} 10.6% (2024)<ref name="PovertyCB">{{cite web|title=Poverty in the United States: 2024 |url= https://www.census.gov/library/publications/2025/demo/p60-287.html |date=September 10, 2024|publisher=[[United States Census Bureau]] |access-date=October 22, 2024}}</ref>
* {{decreasePositive}} 35.9 million (2024)<ref name="PovertyCB" />
}}
| gini = {{plainlist|
* {{decreasepositive}} 46.5 {{color|red|high}} (2023, [[United States Census Bureau|USCB]])<ref>{{cite web |url=https://www.census.gov/content/dam/Census/library/visualizations/2024/demo/p60-282/figure3.pdf |publisher=United States Census Bureau |title=Income Distribution Measures and Percent Change Using Money Income and Equivalence-Adjusted Income |website=census.gov |date=September 10, 2024}}</ref>
* {{increasenegative}} 41.8 {{color|red|high}} (2023, [[World Bank]])<ref>{{cite web |url=https://data.worldbank.org/indicator/SI.POV.GINI?locations=US |title=Gini index (World Bank estimate) – United States |publisher=World Bank |website=data.worldbank.org }}</ref>
* {{increasenegative}} 44.3 {{color|red|high}} (2021, [[Congressional Budget Office|CBO]])<ref>{{cite web |title=The Distribution of Household Income, 2020 |url=https://www.cbo.gov/publication/60706 |website=cbo.gov |date=September 11, 2024 |publisher=[[Congressional Budget Office]] }}</ref>}}
| hdi = {{plainlist|
* {{increase}} 0.938 {{color|darkgreen|very high}} (2023)<ref name="UNHDR">{{Cite web |date=6 May 2025 |title=Human Development Report 2025 |url=https://hdr.undp.org/system/files/documents/global-report-document/hdr2025reporten.pdf|url-status=live |archive-url=https://web.archive.org/web/20250506051232/https://hdr.undp.org/system/files/documents/global-report-document/hdr2025reporten.pdf |archive-date=6 May 2025 |access-date=6 May 2025 |publisher=[[United Nations Development Programme]]}}</ref> ([[List of countries by Human Development Index|17th]])
* {{increase}} 0.832 {{color|darkgreen|very high}} [[List of countries by inequality-adjusted HDI|IHDI (29th)]] (2023)<ref name="UNHDR"/>}}
| labor = {{plainlist|
* 168,110,083 (2024)<ref name="BLS_JobsData" />
* 62.6% employment rate (2024)<ref name="BLS_JobsData" />}}
| unemployment = {{plainlist|
* {{increaseNegative}} 4.4% (February 2026)<ref name="BLS_JobsData">{{cite web|url=https://www.bls.gov/news.release/empsit.t01.htm |title=Employment status of the civilian population by sex and age |publisher=[[Bureau of Labor Statistics]] |website=BLS.gov |access-date=March 6, 2026}}</ref>
* {{increaseNegative}} 14.9% youth unemployment (February 2026; 16 to 19 year-olds)<ref name="BLS_JobsData" />
* {{increaseNegative}} 7.6 million unemployed (February 2026)<ref name="BLS_JobsData" />}}
| average gross salary = [[List of American countries by monthly average wage|$5,886, monthly]]<ref name=wage2024>{{cite web | url=https://www.oecd.org/en/publications/taxing-wages-2025_b3a95829-en/full-report/united-states_3fcfdf38.html#chapter-d1e83680-a03eff72ee| title=Taxing Wages 2025|website=www.oecd.org | date=April 30, 2025}}</ref> (2024)
| average net salary = [[List of American countries by monthly average wage|$4,450, monthly]]<ref name=wage2024/> (2024)
| occupations = {{plainlist|
* [[Primary sector of the economy|Agriculture]]: 1.0%
* [[Secondary sector of the economy|Industry]]: 19%
* [[Tertiary sector of the economy|Services]]: 80%
* (FY 2018)<ref>{{cite web|title=Employment by major industry sector|url=https://www.bls.gov/emp/tables/employment-by-major-industry-sector.htm|publisher=Bureau of Labor Statistics|access-date=July 5, 2018}}</ref>}}
| industries = {{hlist| [[High-technology]] | [[petroleum]] | [[steel]] | [[motor vehicles]] | [[aerospace]] | [[telecommunications]] | [[chemicals]] | [[electronics]] | [[agribusiness]] | [[food processing]] | [[information technology]] | [[artificial intelligence]] | [[consumer goods]] | [[lumber]] | [[retail]] | [[healthcare]] | [[financial services]] | [[mining]] | [[renewable energy]] | [[quantum computing]] | [[space technology]] | [[Arms industry|defence]] | [[biotechnology]] |  [[Pharmaceutical industry|pharmaceutical]] }}
| exports = {{increase}} $3.430 trillion (2025)<ref name="BEA">{{cite web|url=https://www.bea.gov/news/2025/gross-domestic-product-4th-quarter-and-year-2024-advance-estimate|title=Gross Domestic Product, 4th Quarter and Year 2024 (Advance Estimate)|author=[[U.S. Department of Commerce]]|access-date=January 31, 2025}}</ref><ref name=bea>{{cite web|title=U.S. International Trade in Goods and Services, December and Annual 2024|author=[[Bureau of Economic Analysis]]|url=https://www.bea.gov/news/2025/us-international-trade-goods-and-services-december-and-annual-2024|access-date=February 10, 2025}}</ref>
| export-goods = {{ublist|[[Agricultural]] products 10.7%| [[Fuels]] and [[mining]] products 9.4%| [[Manufacturers]] 74.8%| Others 5.1%<ref>{{cite web|url=https://www.census.gov/foreign-trade/statistics/historical/SAEXP.pdf|title=Exports of goods by principal end-use category|work=Census Bureau}}</ref>}}
| export-partners = {{ublist
| {{flag|European Union}} 18.8%
| {{flag|Mexico}} 15.3%
| {{flag|Canada}} 15.3%
| {{flag|China}} 4.8%
| {{flag|United Kingdom}} 4.4%
| {{flag|Japan}} 3.7%
||Other countries 37.7%<ref name=wto>{{cite web|title=U.S. International Trade in Goods and Services December and Annual 2024 |url=https://www.bea.gov/sites/default/files/2025-02/trad1224.pdf|work=[[United States Census Bureau]]|access-date=February 7, 2025}}</ref>}}
| imports = {{increaseNegative}} $4.341 trillion (2025)<ref name="BEA"/><ref name=bea />
| import-goods = {{ublist|[[Agricultural]] products 10.5%| [[Fuels]] and [[mining]] products 10.7%| [[Manufacturers]] 78.4%| Others 4.2%<ref>{{cite web|url=https://www.census.gov/foreign-trade/statistics/historical/SAIMP.pdf|title=Imports of goods by principal end-use category|work=Census Bureau}}</ref>}}
| import-partners = {{ublist
| {{flag|European Union}} 18.4%
| {{flag|Mexico}} 15.5%
| {{flag|Canada}} 11.1%
| {{flag|China}} 8.9%
| {{flag|Vietnam}} 5.6%
| {{flag|Japan}} 4.2%
||Others 36.3%<ref name=wto />}}
| current account = {{plainlist|
* {{increaseNegative}} −$911.60 billion (2025)<ref name="wto"/>
* {{decreasePositive}} −2.93% of GDP (2025)<ref name="wto"/>
}}
| FDI = {{plainlist|
* {{increase}} Inward: $367&nbsp;billion (2021)<ref name="UNFDI">{{cite web|title=UNCTAD 2022|url=https://unctad.org/system/files/official-document/tdstat47_en.pdf|access-date=January 6, 2022|website=UNCTAD}}</ref>
* {{increase}} Outward: $403&nbsp;billion (2021)<ref name="UNFDI"/>
}}
| consumption = {{increase}} 85.2% of GDP (2023)<ref name="GDP Data" />
| gfcf = {{increase}} 17.7% of GDP (2023)<ref name="GDP Data" />
| yield curve = 10-year bond 4.28% (April 2025)<ref>{{cite web | url=https://fred.stlouisfed.org/series/IRLTLT01USM156N | title=Interest Rates: Long-Term Government Bond Yields: 10-Year: Main (Including Benchmark) for United States }}</ref>
| pmi = {{plainlist|
* {{increase}} 52.0 Manufacturing (May 2025)<ref name="www.pmi.spglobal.com">{{Cite web|url=https://www.pmi.spglobal.com/|title=PMI, Purchasing Managers' Index – Manufacturing, Services|website=www.pmi.spglobal.com}}</ref>
* {{increase}} 53.7 Services (May 2025)<ref name="www.pmi.spglobal.com"/>
}}
| debt = {{plainlist|
* {{increaseNegative}} $35.294 trillion
* {{increaseNegative}} 121% of GDP (2024)<ref name="IMF_Finance">{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=111,&s=NGDP_R,NGDP_RPCH,NGDP,NGDPD,PPPGDP,NGDP_D,NGDPRPC,NGDPRPPPPC,NGDPPC,NGDPDPC,PPPPC,NGAP_NPGDP,PPPSH,PPPEX,NID_NGDP,NGSD_NGDP,PCPI,PCPIPCH,PCPIE,PCPIEPCH,TM_RPCH,TMG_RPCH,TX_RPCH,TXG_RPCH,LUR,LE,LP,GGR,GGR_NGDP,GGX,GGX_NGDP,GGXCNL,GGXCNL_NGDP,GGSB,GGSB_NPGDP,GGXONLB,GGXONLB_NGDP,GGXWDN,GGXWDN_NGDP,GGXWDG,GGXWDG_NGDP,NGDP_FY,BCA,BCA_NGDPD,&sy=2022&ey=2025&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |title=Report for Selected Countries and Subjects: October 2024|publisher=[[International Monetary Fund]]|website=imf.org}}</ref>
}}
| gross external debt = {{increaseNegative}} $27 trillion (2023)<ref>{{cite web|publisher=U.S. Department of the Treasury|url=https://ticdata.treasury.gov/Publish/debta2022q3.html|title=Treasury TIC Data|access-date=January 30, 2022 }}</ref>
| revenue = $8.720 trillion<ref name="IMF_Finance"/><br />29.9% of GDP (2024)
| expenses = $10.945 trillion<ref name="IMF_Finance"/><br />37.5% of GDP (2024)<br />{{small|[[Government spending in the United States]]}}
| balance = {{decrease}} −6.4% of GDP (2024)<ref name="CBO_Hist_20">{{cite web |url=https://www.cbo.gov/data/budget-economic-data#2 |title=Budget and Economic Data|publisher=[[Congressional Budget Office]]|website=cbo.gov}}</ref>
| reserves = $250 billion (2024)<ref>{{cite web|url=https://home.treasury.gov/data/us-international-reserve-position/09202024|title=U.S. International Reserve Position|website=Treasury.gov|access-date=October 22, 2024}}</ref>
| credit = {{plainlist|
* [[Standard & Poor's]]:<ref>{{cite web |url=https://www.spglobal.com/ratings/en/media-center/media-contacts |publisher=Standard & Poor's |title=S&P Global Media Center |access-date=June 1, 2025}}</ref>
* AA+ (Domestic)
* AA+ (Foreign)
* AAA (T&C Assessment)
* Outlook: Stable
----
* [[Moody's]]:<ref>{{Cite web |author=Moody's Investors Service |url=https://www.moodys.com/web/en/us/about-us/usrating.html |title=Moody's Ratings downgrades United States ratings to Aa1 from Aaa; changes outlook to stable}}</ref>
* Aa1
* Outlook: Stable
----
* [[Fitch Group|Fitch]]:<ref>{{cite web|title=Fitch Downgrades the United States' Long-Term Ratings to 'AA+' from 'AAA'; Outlook Stable|url=https://www.fitchratings.com/research/sovereigns/fitch-downgrades-united-states-long-term-ratings-to-aa-from-aaa-outlook-stable-01-08-2023|website=Fitch Ratings}}</ref>
* AA+
* Outlook: Stable}}
| aid = ''donor'': [[Official development assistance|ODA]], $35.26 billion (2017)<ref name="oecd-aid">{{cite web|title=Development aid rises again in 2016 but flows to poorest countries dip |url=http://www.oecd.org/dac/development-aid-rises-again-in-2016-but-flows-to-poorest-countries-dip.htm |website=[[OECD]] |access-date=September 25, 2017 |date=April 11, 2017 }}</ref>
| spelling = US
}}
{{Economy of the United States sidebar}}

The '''Economy of the [[United States]]''' is a [[developed country|highly developed]], diversified, and [[Market economy|market-oriented economy]].<ref>[http://usa.usembassy.de/economy-conditions.htm "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.</ref><ref>[https://web.archive.org/web/20120114051146/http://infopedia.usembassy.or.kr/ENG/_f_030401.html (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.</ref><ref>{{cite book |editor-last1=Karagiannis|editor-first1=Nikolaos|editor-last2= Madjd-Sadjadi|editor-first2=Zagros|editor-last3= Sen|editor-first3=Swapan |date=2013 |title=The US Economy and Neoliberalism: Alternative Strategies and Policies|url=https://books.google.com/books?id=aYKfai1RlPYC&pg=PA1|location= |publisher=[[Routledge]]|pages=1–2|isbn=978-1138904910}}</ref> It is the world's [[List of countries by GDP (nominal)|largest economy by nominal GDP]], comprising roughly 26 percent of the world's nominal GDP. Additionally, it is the [[List of countries by GDP (PPP)|second-largest by purchasing power parity]] (PPP)<ref>{{cite web|url=https://www.imf.org/en/Publications/WEO/weo-database/2023/April/weo-report?c=111,&s=NGDPD,PPPGDP,NGDPDPC,PPPPC,&sy=2022&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1|title=Report for Selected Country Groups and Subjects (PPP valuation of country GDP)|publisher=IMF|language=en-US|access-date=April 20, 2022}}</ref> and has the [[List of countries by GDP (nominal) per capita|ninth-highest nominal GDP per capita]] and [[List of countries by GDP (PPP) per capita|eleventh-highest GDP per capita by PPP]].<ref name="IMFWEOUS" /> 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.<ref name="IMF_datamapper">{{cite web |date=July 5, 2025 |title=World Bank |url=https://data.worldbank.org/indicator/NY.GDP.MKTP.CD |work=[[International Monetary Fund]]}}</ref><ref>{{Cite web |title=GDP, PPP (current international $) |url=https://data.worldbank.org/indicator/NY.GDP.MKTP.PP.CD |website=Statiata}}</ref> The [[United States dollar|U.S. dollar]] is the currency most used [[International use of the U.S. dollar|in international transactions]] and the world's foremost [[reserve currency]], backed by a large [[United States Treasury security|U.S. treasuries market]], its role as the reference standard for the [[petrodollar|petrodollar system]], and its linked [[eurodollar]].<ref name="federalreserve.gov">{{cite web|url=http://www.federalreserve.gov/pf/pdf/pf_4.pdf |title=The Implementation of Monetary Policy – The Federal Reserve in the International Sphere|access-date=August 24, 2010}}</ref> Since the end of [[World War II]], the economy has achieved relatively steady growth, [[Unemployment in the United States|low unemployment]] and inflation, and rapid advances in [[Science and technology in the United States|technology]], but now faces challenges such as a very high debt-to-GDP ratio at over 120% of GDP, slower economic growth, and a [[Housing crisis in the United States|housing crisis]].<ref name="CIA_US" />

The American economy is fueled by high [[productivity]], well-developed [[transportation infrastructure]], and extensive [[natural resource]]s.<ref name="Wright, Gavin 2007 p. 185">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}}.</ref> Americans have the sixth highest average [[Household income|household]] and [[List of countries by average wage|employee]] income among [[OECD]] member states.<ref>{{cite web|url=http://www.oecdbetterlifeindex.org/topics/income/|title=Income|work=Better Life Index|publisher=OECD|access-date=September 28, 2019|quote=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.}}</ref> In 2021, they had the highest [[median household income]] among OECD countries,<ref>{{Cite web |title=Income Distribution Database |url=https://stats.oecd.org/Index.aspx?DataSetCode=IDD |access-date=March 4, 2023 |website=stats.oecd.org}}</ref> but also one of the world's highest [[Income inequality in the United States|income inequalities]] among the [[developed countries]].<ref>{{Cite web |title=Gini Index coefficient - distribution of family income - The World Factbook |url=https://www.cia.gov/the-world-factbook/field/gini-index-coefficient-distribution-of-family-income/country-comparison |archive-url=https://web.archive.org/web/20210204222738/https://www.cia.gov/the-world-factbook/field/gini-index-coefficient-distribution-of-family-income/country-comparison/ |url-status=dead |archive-date=February 4, 2021 |access-date=August 24, 2022 |website=www.cia.gov}}</ref><ref>{{cite news |last=Gray |first=Sarah |date=June 4, 2018 |title=Trump Policies Highlighted in Scathing U.N. Report On U.S. Poverty|url=http://fortune.com/2018/06/04/trump-policies-u-n-report-u-s-poverty/|work=[[Fortune (magazine)|Fortune]]|access-date=September 13, 2018|quote="The United States has the highest rate of income inequality among Western countries", the report states.}}</ref><ref>{{cite web |url=http://undocs.org/A/HRC/38/33/ADD.1|title=Report of the Special Rapporteur on extreme poverty and human rights on his mission to the United States of America|last=Alston|first=Philip|author-link=Philip Alston|date=2018 |website=[[Office of the United Nations High Commissioner for Human Rights|OHCHR]]|publisher= |access-date=January 16, 2023}}</ref> The [[List of the largest trading partners of the United States|largest U.S. trading partners]] are [[Mexico]], [[Canada]], [[China]], [[Japan]], [[Germany]], [[South Korea]], the [[United Kingdom]], [[Taiwan]], [[India]], and [[Vietnam]].<ref name="U.S. Census Bureau-2016">{{cite web |url=https://www.census.gov/foreign-trade/statistics/highlights/top/top1612yr.html|title = Top Trading Partners |date=December 2016 |access-date=July 8, 2017 |publisher=U.S. Census Bureau}}</ref> The U.S. is the world's [[List of countries by imports|largest importer]] and [[List of countries by exports|second-largest exporter]].<ref>{{cite web |url=https://www.wto.org/english/res_e/statis_e/wts2019_e/wts2019_e.pdf |title=World Trade Statistical Review 2019 |work=[[World Trade Organization]] |page=100 |access-date=May 31, 2019}}</ref> It has [[free trade agreement]]s with [[Free trade agreements of the United States|several countries]], including Canada and Mexico (through the [[United States–Mexico–Canada Agreement|USMCA]]), Australia, South Korea, Israel, and several others that are in effect or under negotiation.<ref>{{cite web |url=https://ustr.gov/trade-agreements/free-trade-agreements |title=United States free trade agreements |work=[[Office of the United States Trade Representative]] |access-date=May 31, 2019}}</ref> The U.S. has a highly flexible [[United States labor law|labor market]] and [[job security]] is relatively low.<ref>{{Cite web | url=https://www.nber.org/system/files/working_papers/w10215/w10215.pdf | title=The effect of job security regulations on labor market flexibility: Evidence from the Colombian labor market reform |work=[[National Bureau of Economic Research]]|date=January 2004}}</ref><ref>Kugler, Adriana D.. "The Effect of Job Security Regulations on Labor Market Flexibility: Evidence from the Colombian Labor Market Reform." In Law and Employment: Lessons from Latin America and the Caribbean. Edited by James J. Heckman, and Carmen Pages (eds). [[University of Chicago Press]], 2004. Chicago Scholarship Online, 2013. {{doi|10.7208/chicago/9780226322858.003.0004}}.</ref> Among OECD nations, the U.S. has a highly efficient [[Social programs in the United States|social security system]]; social expenditure stood at [[Welfare state#Effects|roughly 30% of GDP]].<ref name="Kenworthy">{{Cite journal |jstor = 3005973|title = Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment|journal = Social Forces|volume = 77|issue = 3|pages = 1119–1139|last1 = Kenworthy|first1 = Lane|year = 1999|doi = 10.2307/3005973|url = http://www.lisdatacenter.org/wps/liswps/188.pdf|archive-url = https://web.archive.org/web/20130810134045/http://www.lisdatacenter.org/wps/liswps/188.pdf|archive-date = 10 August 2013|url-status = live| issn = 0037-7732 }}</ref><ref name="Bradley et al.">{{Cite journal |jstor = 3088901|title = Determinants of Relative Poverty in Advanced Capitalist Democracies|journal = American Sociological Review|volume = 68|issue = 1|pages = 22–51|last1 = Moller|first1 = Stephanie|last2 = Huber|first2 = Evelyne|last3 = Stephens|first3 = John D.|last4 = Bradley|first4 = David|last5 = Nielsen|first5 = François|year = 2003|doi = 10.2307/3088901}}</ref><ref name="US_welfare">{{Cite web | url=http://stats.oecd.org/Index.aspx?DataSetCode=SOCX_AGG | title=Social Expenditure – Aggregated data|work=[[Organisation for Economic Co-operation and Development]]}}</ref>

The United States is the world's largest producer of [[List of countries by oil production|petroleum]], [[List of countries by natural gas production|natural gas]], and [[blood product]]s.<ref name="lop">{{cite web|url=https://www.eia.gov/todayinenergy/detail.php?id=36292|title=United States remains the world's top producer of petroleum and natural gas hydrocarbons|website=EIA}}</ref><ref>{{cite book |author=<!-- not stated --> |date=2017 |title=Global Status Report on Blood Safety and Availability 2016 |url=https://iris.who.int/bitstream/handle/10665/254987/9789241565431-eng.pdf |location=Geneva |publisher=World Health Organization |page=144 |isbn=978-92-4-156543-1 |access-date=3 March 2025}}</ref> In 2024, it was the world's largest trading country,<ref name="WBG">{{cite news |author=World Bank |url=https://data.worldbank.org/ |title=World Bank Open Data |access-date=August 8, 2025}}</ref> and [[List of countries by manufacturing output|second-largest manufacturer]], with [[Manufacturing in the United States|American manufacturing]] making up a fifth of the global total.<ref name="Vargo, Frank">{{cite web |url=http://shopfloor.org/2011/03/u-s-manufacturing-remains-worlds-largest/18756 |title=U.S. Manufacturing Remains World's Largest |publisher=Shopfloor |date=March 11, 2011 |access-date=March 28, 2012 |author=Vargo, Frank |archive-url=https://web.archive.org/web/20120404234310/http://shopfloor.org/2011/03/u-s-manufacturing-remains-worlds-largest/18756 | archive-date=April 4, 2012 |url-status=dead}}</ref> The U.S. has the largest internal market for goods, and also dominates the services trade. Total U.S. trade was $7.4{{spaces}}trillion in 2023.<ref>{{cite web |url=https://stats.wto.org/dashboard/merchandise_en.html |title=Merchandise Trade - Trade Dashboard |publisher=World Trade Organization |access-date=August 8, 2025 |location=Geneva, Switzerland}}</ref> Of the world's [[Fortune Global 500|500 largest companies]], 139 are headquartered in the U.S.<ref>{{cite web|url=https://fortune.com/ranking/global500|title=Fortune Global 500|work=Fortune}}</ref> The U.S. has the world's [[List of countries by number of billionaires|highest number of billionaires]], with total wealth of $5.7{{spaces}}trillion.<ref name="Forbes">{{cite web |title=Forbes Billionaires 2024 |url=https://www.forbes.com/billionaires/ |access-date=2 April 2024 |website=Forbes}}</ref> U.S. commercial banks had $22.9{{spaces}}trillion in assets in December 2022.<ref>{{cite web |url=https://fred.stlouisfed.org/series/TLAACBW027SBOG/ |title=Total Assets, All Commercial Banks |date=January 3, 1973}}</ref> U.S. [[global assets under management]] had more than $30{{spaces}}trillion in assets.<ref>{{cite web |url=http://www.agefi.fr/sites/agefi.fr/files/fichiers/2016/07/bcg-doubling-down-on-data-july-2016_tcm80-2113701.pdf |title=Doubling Down on Data |website= |access-date=March 5, 2022}}</ref><ref>{{cite web |url=https://repositorio.cepal.org/bitstream/handle/11362/45045/1/S1900994_en.pdf |title=The asset management industry in the United States |website= |access-date=March 5, 2022}}</ref>

The [[New York Stock Exchange]] and [[Nasdaq]] are the world's [[List of stock exchanges|largest stock exchanges]] by [[market capitalization]] and volume of transactions.<ref>{{cite web|url=https://www.world-exchanges.org/our-work/statistics|title=Monthly Reports - World Federation of Exchanges|publisher=WFE}}</ref><ref name="sfc.hk">[http://www.sfc.hk/web/doc/EN/research/stat/a01.pdf Table A – Market Capitalization of the World's Top Stock Exchanges (As at end of June 2012)]. Securities and Exchange Commission (China).</ref> The U.S. has the world's [[Gold reserve#Officially reported holdings|largest gold reserves]].<ref>{{cite web |date=5 March 2024 |title=World Official Gold Holdings - International Financial Statistics, March 2024 |url=https://www.gold.org/download/file/7739/World_official_gold_holdings_as_of_Mar2024_IFS.xlsx |url-access=registration |access-date=8 March 2024 |website=World Gold Council}}</ref> In 2014, the U.S. economy was ranked first in international ranking on [[venture capital]]<ref>[http://www.ey.com/Publication/vwLUAssets/Global_venture_capital_insights_and_trends_2014/$FILE/EY_Global_VC_insights_and_trends_report_2014.pdf Adapting and evolving{{snd}}Global venture capital insights and trends 2014] {{Webarchive|url=https://web.archive.org/web/20200804135427/https://www.ey.com/Publication/vwLUAssets/Global_venture_capital_insights_and_trends_2014/$FILE/EY_Global_VC_insights_and_trends_report_2014.pdf |date=August 4, 2020 }}. EY, 2014.</ref> and global [[research and development]] funding.<ref>{{cite web|url= http://www.battelle.org/docs/tpp/2014_global_rd_funding_forecast.pdf?sfvrsn=4 |title=2014 Global R&D Funding Forecast |date=December 16, 2013 |website=battelle.org |archive-url=https://web.archive.org/web/20140209171411/http://www.battelle.org/docs/tpp/2014_global_rd_funding_forecast.pdf?sfvrsn=4 |archive-date= February 9, 2014}}</ref> As of 2024, the U.S. spends [[List of sovereign states by research and development spending|around 3.46% of GDP]] on cutting-edge research and development across various sectors of the economy.<ref>{{cite web|title=U.S. R&D Increased by $72 Billion in 2021 to $789 Billion; Estimate for 2022 Indicates Further Increase to $886 Billion|date=January 22, 2024|work=[[National Center for Science and Engineering Statistics]] |url=https://ncses.nsf.gov/pubs/nsf24317}}</ref> [[Consumer spending]] comprised 68% of the U.S. economy in 2022,<ref name=consumerecon>[https://fred.stlouisfed.org/graph/?g=ntyj "Personal consumption expenditures (PCE)/gross domestic product (GDP)"] ''FRED Graph'', Federal Reserve Bank of St. Louis</ref> while its [[Labor share|labor share of income]] was 44% in 2021.<ref>[https://fred.stlouisfed.org/series/W270RE1A156NBEA "Shares of gross domestic income: Compensation of employees, paid: Wage and salary accruals: Disbursements: To persons"] ''FRED Graph'', Federal Reserve Bank of St. Louis</ref> The U.S. has the world's largest [[List of largest consumer markets|consumer market]].<ref name="unstats.un.org">{{Cite web|url=https://unstats.un.org/unsd/snaama/Index|title=National Accounts - Analysis of Main Aggregates (AMA)|website=unstats.un.org}}</ref> The nation's labor market has attracted [[Immigration to the United States|immigrants from all over the world]] and its [[List of countries by net migration rate|net migration rate]] is among the highest in the world.<ref name="The World Factbook">{{cite web |url=https://www.cia.gov/library/publications/the-world-factbook/rankorder/2112rank.html |archive-url=https://web.archive.org/web/20080709064749/https://www.cia.gov/library/publications/the-world-factbook/rankorder/2112rank.html |url-status=dead |archive-date=July 9, 2008 |title=Country comparison :: net migration rate |date=2014 |access-date=June 18, 2014 |website=Central Intelligence Agency |publisher=The World Factbook}}</ref> The U.S. is one of the top-performing economies in studies such as the [[ease of doing business index]], the [[WEF Global Competitiveness Report]], and others.<ref name="World Economic Forum">{{cite web |url=http://www3.weforum.org/docs/GCR2013-14/GCR_Rankings_2013-14.pdf |title=Rankings: Global Competitiveness Report 2013–2014 |publisher=World Economic Forum |access-date=June 1, 2014}}</ref>

{{TOC limit}}

==History==
{{Main|Economic history of the United States}}

===Colonial era and 18th century===
{{Further|Mercantilism|Colonialism|American Revolution}}

The economic history of the United States began with British settlements along the [[East Coast of the United States|Eastern seaboard]] in the 17th and 18th centuries. After 1700, the United States gained population rapidly, and [[import]]s as well as [[export]]s grew along with it. [[Africa]], [[Asia]], and most frequently [[Europe]], contributed to the trade of the colonies.<ref>{{Cite web |date=May 24, 2018 |title=Colonial Economy |url=https://americanhistory.si.edu/american-revolution/colonial-economy |access-date=May 20, 2022 |website=National Museum of American History |language=en |archive-date=September 13, 2023 |archive-url=https://web.archive.org/web/20230913035149/https://americanhistory.si.edu/american-revolution/colonial-economy |url-status=dead }}</ref> These [[Thirteen Colonies|13 colonies]] [[American Revolution|gained independence]] from the [[British Empire]] in the late 18th century<ref>{{Cite web |title=Digital History |url=https://www.digitalhistory.uh.edu/active_learning/explorations/revolution/declaration_of_independence.cfm |access-date=May 20, 2022 |website=www.digitalhistory.uh.edu}}</ref> and quickly grew from colonial economies towards an economy focused on [[agriculture]].<ref>{{Cite web |date=May 24, 2018 |title=Territory Worth Contesting |url=https://americanhistory.si.edu/american-revolution/territory-worth-contesting |access-date=May 20, 2022 |website=National Museum of American History |language=en |archive-date=July 12, 2023 |archive-url=https://web.archive.org/web/20230712081109/https://americanhistory.si.edu/american-revolution/territory-worth-contesting |url-status=dead }}</ref>

===19th century===
{{Further|Industrial Revolution in the United States}}
{{See also|List of tariffs in the United States|Protectionism in the United States|Tariff in United States history|American System (economic plan)}}
[[File:LOSSING(1876) p293 WASHBURN'S & MOEN MANUFACTURING CO., WORCESTER, MA.jpg|thumb|[[Washburn and Moen North Works District|Washburn and Moen Manufacturing Company]] in [[Worcester, Massachusetts]], 1876]]
In 180 years, the United States grew to become a huge, [[Economic integration|integrated]], and [[Industrialisation|industrialized]] economy, which made up about a fifth of the [[world economy]]. In that process, the U.S. GDP per capita rose past that of many other countries, supplanting the [[British Empire]] at the top. The economy maintained high wages, attracting immigrants by the millions from all over the world.<ref>{{Cite web |title=19th century: Immigration Galore – Peopling of NYC: The Immigrant Experience |url=https://peopleofnyc.commons.gc.cuny.edu/19th-century-immigration-galore/ |access-date=May 20, 2022 |language=en-CAC}}</ref> In the 1820s and 1830s, mass production shifted much of the economy from artisans to factories. New government regulations strengthened patents.

Early in the 19th century, more than 80 percent of Americans engaged in farming. Most of the manufacturing centered on the first stages of the transformation of raw materials, with lumber and sawmills, textiles, and boots and shoes leading the way. The rich natural resources contributed to the rapid economic expansion of the nineteenth century. Ample land allowed the number of farmers to keep growing; but activity in manufacturing, services, transportation, and other sectors grew much faster, so that by 1860 the population was only about 50 percent rural, down from over 80 percent.<ref>{{cite book |author1=Baten, Jörg |title=A History of the Global Economy. From 1500 to the Present |date=2016 |publisher=Cambridge University Press |page=88ff |isbn=978-1107507180 |url=https://books.google.com/books?id=xYEGswEACAAJ}}</ref>

In the 19th century, [[List of recessions in the United States|recessions]] frequently coincided with [[financial crises]]. The [[Panic of 1837]] was followed by a five-year depression, marked by bank failures and unprecedented unemployment.<ref>{{cite book |author1=W. J. Rorabaugh |author2=Donald T. Critchlow |author3=Paula C. Baker |title=America's Promise: A Concise History of the United States |url=https://books.google.com/books?id=VL_6X5zWOokC&pg=PA210 |year=2004 |publisher=Rowman & Littlefield |isbn=978-0742511897 |page=210 }}{{Dead link|date=September 2023 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> Because of the great changes in the economy over the centuries, it is difficult to compare the severity of modern recessions to that of early recessions.<ref>{{cite book |year=1986 |title=Appendix A The Development and Role of the National Bureau of Economic Research's Business Cycle Chronologies |last1=Moore |first1=Geoffrey H. |last2=Zarnowitz |url=https://www.nber.org/chapters/c10035 |first2=Victor |pages=735–780 |publisher=University of Chicago Press }} in {{Harvnb|Gordon|1986|pp=743–45}}</ref> Recessions after World War II appear to have been less severe than earlier recessions, but the reasons for this are unclear.<ref>{{cite book |title=Recessions and Depressions: Understanding Business Cycles |last=Knoop |first=Todd A. |publisher=Praeger Publishers |date=July 30, 2004 |isbn=978-0275981624 |pages=166–71 |url=https://books.google.com/books?id=Ak_PQO2NprUC}}</ref>

===20th century===
[[File:NIE 1905 Petroleum - oil wells at Los Angeles.jpg|thumb|[[History of oil in California through 1930|Oil wells]] in [[Los Angeles]], 1905]]
[[File:Alfred T. Palmer - Assembling the North American B-25 Mitchell at Kansas City, Kansas (USA).jpg|thumb|Assembling the [[North American B-25 Mitchell]] at Kansas City, 1942]]
[[File:New McDonald's restaurant in Mount Pleasant, Iowa.jpg|thumb|[[McDonald's]] restaurant in [[Mount Pleasant, Iowa]], 2008]]
At the beginning of the century, new [[innovation]]s and improvements in existing innovations opened the door for improvements in the standard of living among American consumers. Many firms grew large by taking advantage of economies of scale and better communication to run nationwide operations. Concentration in these industries raised fears of monopolies that would drive prices higher and output lower, but many of these firms were cutting costs so fast that trends were towards lower prices and more output in these industries. Many workers shared the success of these large firms, which typically offered the highest wages in the world.<ref>{{cite book|author=Baten, Jörg |title=A History of the Global Economy. From 1500 to the Present|date=2016|publisher=Cambridge University Press|page=95|isbn=978-1107507180|url=https://books.google.com/books?id=xYEGswEACAAJ}}</ref>

The United States has been the world's largest national economy in terms of GDP since around 1890.<ref>{{cite web | url=https://www.digitalhistory.uh.edu/disp_textbook.cfm?smtid=2&psid=3158 | title=Digital History }}</ref>{{Better source needed|date=October 2025}} For many years following the [[Great Depression]] of the 1930s, when the danger of [[recession]] appeared most serious, the government strengthened the economy by spending heavily itself or cutting taxes so that consumers would spend more and by fostering rapid growth in the money supply, which also encouraged more spending. Ideas about the best tools for [[Stabilization policy|stabilizing the economy]] changed substantially between the 1930s and the 1980s. From the [[New Deal]] era that began in 1933 to the [[Great Society]] initiatives of the 1960s, national policymakers relied principally on [[fiscal policy]] to influence the economy.<ref>{{cite book | url=https://open.lib.umn.edu/macroeconomics/chapter/17-1-the-great-depression-and-keynesian-economics/ | title=17.1 the Great Depression and Keynesian Economics | date=December 2016 | publisher=University of Minnesota Libraries Publishing edition, 2016. This edition adapted from a work originally produced in 2011 by a publisher who has requested that it not receive attribution. | archive-date=July 26, 2023 | access-date=August 30, 2022 | archive-url=https://web.archive.org/web/20230726224459/https://open.lib.umn.edu/macroeconomics/chapter/17-1-the-great-depression-and-keynesian-economics/ | url-status=dead }}</ref>

During the world wars of the 20th century, the United States fared better than the rest of the combatants because none of [[World War I]] and relatively little of [[World War II]] were fought on American territory and neither war was fought in any of the 48 contiguous states. Yet, even in the United States, the wars meant sacrifice. During the peak of World War II activity, nearly 40 percent of U.S. GDP was devoted to war production. Decisions about large swaths of the economy were largely made for military purposes, and nearly all relevant inputs were allocated to the war effort. Many goods were rationed, prices and wages controlled, and many durable consumer goods were no longer produced. Large segments of the workforce were inducted into the military and paid half their wages; roughly half of those were sent into harm's way.<ref>{{cite book|author=Baten, Jörg |title=A History of the Global Economy. From 1500 to the Present|date=2016|publisher=Cambridge University Press|page=97f|isbn=978-1107507180|url=https://books.google.com/books?id=xYEGswEACAAJ}}</ref>

The approach, advanced by British economist [[John Maynard Keynes]], gave elected officials a leading role in directing the economy since spending and taxes are controlled by the [[President of the United States|U.S. president]] and [[Congress of the United States|Congress]]. The [[Post–World War II baby boom|"Baby Boom"]] saw a dramatic increase in fertility in the period 1942–1957; it was caused by delayed marriages and childbearing during the depression years, a surge in prosperity, a demand for suburban single-family homes (as opposed to inner city apartments), and new optimism about the future. The boom peaked around 1957 and then began to fade.<ref name="Susan Kellogg 1988">Steven Mintz and Susan Kellogg, ''Domestic Revolutions: a Social History of American Family Life'' (1988) ch 9</ref> A period of high inflation, interest rates, and unemployment after 1973 weakened confidence in fiscal policy as a tool for regulating the overall pace of economic activity.<ref name=buchanan1977>{{cite book |last=Buchanan |first=James M. |title=Democracy in Deficit: The Political Legacy of Lord Keynes |year=1977 |publisher=Academic Press |location=New York |isbn=978-0865972278 |pages=1–55|url=https://books.google.com/books?id=6RgARQAACAAJ}}</ref>

The U.S. economy grew by an [[Annual average GDP growth|average]] of 3.8% from 1946 to 1973, while real [[median household income]] surged by 74% (or 2.1% a year).<ref name=hhes>{{cite web|url=http://www2.census.gov/prod2/popscan/p60-162.pdf|title=Current Population Reports: Money Income of Households and Persons in the United States (1987)|publisher=U.S. Department of Commerce}}</ref><ref>{{cite web|url=http://www2.census.gov/prod2/popscan/p60-001.pdf|title=Current Population Reports: Income of nonfarm families and individuals (1946)|publisher=U.S. Department of Commerce}}</ref>

Since the 1970s, several [[emerging countries]] have begun to close the economic gap with the United States. In most cases, this has been due to moving the manufacture of goods formerly made in the U.S. to countries where they could be made for sufficiently less money to cover the cost of shipping plus a higher profit. In other cases, some countries have gradually learned to produce the same products and services that previously only the U.S. and a few other countries could produce. Real income growth in the U.S. has slowed. In the 1970s and 1980s, it was popular in the U.S. to believe that [[Economy of Japan|Japan's economy]] would surpass that of the U.S., but this did not occur.<ref>{{cite web |url=https://business.time.com/2011/02/14/is-china-facing-a-japanese-future/ |title=Is China facing a Japanese future?|magazine=Time |access-date=February 27, 2012|date=February 14, 2011|last1=Schuman|first1=Michael}}</ref>

===21st century===
{{Further|Great Recession}}
[[File:Donald Trump and Mike Pence meet with automobile industry leaders.jpg|thumb|President [[Donald Trump]] with [[Automotive industry in the United States|automobile industry]] leaders, 2017 (First Term)]]
The United States economy experienced a [[Early 2000s recession|recession in 2001]] with an unusually slow jobs recovery, with the number of jobs not regaining the February 2001 level until January 2005.<ref name="Payems" /> This "jobless recovery" overlapped with the building of a [[United States housing bubble|housing bubble]] and arguably a wider debt bubble, as the ratio of household debt to GDP rose from a record level of 70% in Q1 2001 to 99% in Q1 2008. Homeowners were borrowing against their bubble-priced homes to fuel consumption, driving up their debt levels while providing an unsustainable boost to GDP. When housing prices began falling in 2006, the value of securities backed by mortgages fell dramatically, causing the equivalent of a [[bank run]] in the essentially unregulated [[shadow banking|non-depository]] banking system, which had outgrown the traditional, regulated [[Depository institution|depository banking]] system. Many mortgage companies and other non-depository banks (e.g., [[Investment banking|investment banks]]) faced a worsening crisis in 2007–2008, with the [[Subprime mortgage crisis|banking crisis]] peaking in [[2008 financial crisis|September 2008]], with the bankruptcy of [[Lehman Brothers]] and [[Bailout|bailouts]] of several other financial institutions.<ref name="FCIC_1">{{cite web |url = http://fcic.law.stanford.edu/report/conclusions |title = Financial Crisis Inquiry Report-Conclusions-January 2011 |publisher = Fcic.law.stanford.edu |date=March 10, 2011 |access-date=April 22, 2013}}</ref>

The [[Presidency of George W. Bush|Bush administration]] (2001–2009) and [[Presidency of Barack Obama|Obama administrations]] (2009–2017) applied banking [[Troubled Asset Relief Program|bailout programs]] and [[Keynesian economics|Keynesian]] [[American Reinvestment and Recovery Act|stimulus]] via high government deficits, while the [[Federal Reserve]] maintained near-zero interest rates. These measures helped the economy recover, as households paid down debts in 2009–2012, the only years since 1947 where this occurred,<ref>{{cite web| url = https://fred.stlouisfed.org/graph/?graph_id=111185| title = FRED – Household Debt Changes| date = October 1945}}</ref> presenting a significant barrier to recovery.<ref name="FCIC_1" /> Real GDP regained its pre-crisis (late 2007) peak by 2011,<ref name="FRED – Real GDP">{{Cite web|url=https://fred.stlouisfed.org/series/GDPC1|title=Real Gross Domestic Product|date=November 27, 2024|website=fred.stlouisfed.org}}</ref> household net worth by Q2 2012,<ref name="FRED – Household Net Worth">{{Cite web|url=https://fred.stlouisfed.org/series/TNWBSHNO|title=Households and Nonprofit Organizations; Net Worth, Level|date=September 12, 2024|website=fred.stlouisfed.org}}</ref> non-farm payroll jobs by May 2014,<ref name="Payems">{{cite web| url = https://fred.stlouisfed.org/series/PAYEMS| title = FRED – Total Non-Farm Payrolls| date = January 1939}}</ref> and the unemployment rate by September 2015.<ref>{{cite web| url = https://fred.stlouisfed.org/series/UNRATE| title = FRED – Civilian Unemployment Rate| date = January 1948}}</ref> Each of these variables continued into post-recession record territory following those dates, with the U.S. recovery becoming the second longest on record in April 2018.<ref name="nyt2018">[https://www.nytimes.com/2018/03/20/business/economy/economy-recovery.html ''The New York Times''. Casselbaum. "Up, Up, Up Goes the Economy" March 20, 2018].</ref>

The [[Great Recession]] occurred during the [[2008 financial crisis]], when GDP fell by 5.0% from the spring of 2008 to the spring of 2009. Other significant recessions took place in 1957–1958, when GDP fell 3.7% following the [[1973 oil crisis]], with a 3.1% fall from late 1973 to early 1975, and in the 1981–1982 recession, when GDP dropped by 2.9%.<ref name=gcn>{{cite web |url=http://www.globalcrisisnews.com/usa/us-out-of-recession-as-economy-grows-by-3-5-percent/id=1238/|archive-url=https://web.archive.org/web/20091103100949/http://www.globalcrisisnews.com/usa/us-out-of-recession-as-economy-grows-by-3-5-percent/id%3D1238/|title=Global Crisis News|publisher=GCN|date=October 30, 2009|archive-date=November 3, 2009|url-status=dead}}</ref><ref name="cnn1">{{cite web |url=http://edition.cnn.com/2008/BUSINESS/03/21/us.recession.ap/index.html |title=Worries grow of deeper U.S. recession |publisher=CNN|access-date=November 17, 2008 |archive-url = https://web.archive.org/web/20080611130336/http://edition.cnn.com/2008/BUSINESS/03/21/us.recession.ap/index.html |archive-date=June 11, 2008}}</ref> Recent, mild recessions have included the 1990–1991 downturn, when output fell by 1.3%, and the 2001 recession, in which GDP slid by 0.3%; the 2001 downturn lasted just eight months.<ref name="cnn1" /> The most vigorous, sustained periods of growth, on the other hand, took place from early 1961 to mid-1969, with an expansion of 53% (5.1% a year), from mid-1991 to late 2000, at 43% (3.8% a year), and from late 1982 to mid-1990, at 37% (4% a year).<ref name=gcn />

Debt held by the public, a measure of [[Government debt|national debt]], has risen throughout the 21st century. Rising from 31% in 2000 to 52% in 2009, reaching 77% of GDP in 2017, and exceeding 120% in 2024, the U.S. ranked 43rd highest in debt out of 207 countries.<ref>{{cite web| url = https://www.cia.gov/library/publications/the-world-factbook/rankorder/2186rank.html#us| archive-url = https://web.archive.org/web/20070613005546/https://www.cia.gov/library/publications/the-world-factbook/rankorder/2186rank.html#us| url-status = dead| archive-date = June 13, 2007| title = CIA World Factbook – Debt to GDP}}</ref>

====COVID-19 pandemic====
{{main|Economic impact of the COVID-19 pandemic in the United States}}

{{Update section|date=October 2021}}
In the first two quarters of 2020 amid [[Donald Trump]]'s presidency,<ref name="CNBC_Q3">{{cite news |last1=Pound |first1=Jesse |title=Fed's Bullard says the recession is over but rates will 'stay low for a long time' |url=https://www.cnbc.com/2020/08/28/feds-bullard-says-the-recession-is-over-but-rates-will-stay-low-for-a-long-time.html |access-date=September 4, 2020 |work=CNBC |date=August 28, 2020}}</ref> the U.S. economy suffered major setbacks beginning in March 2020, due to the [[COVID-19 pandemic|novel coronavirus]] and having to "shut-down" major sectors of the American economy.<ref>President Trump's statements to reporters gathered at [[Joint Base Andrews]] on 5{{spaces}}May 2020, before his departure en route to Phoenix, Arizona, {{YouTube|DYZNpBhBkws|President Donald J. Trump departs from Joint Base Andrews en route to Phoenix}}, May 5, 2020, minutes 10:06–10:14.</ref> As of March 2020, US exports of automobiles and industrial machines had plummeted as a result of the worldwide pandemic.<ref>{{cite news|last=Wiseman|first=Paul|date=May 5, 2020|title=US trade gap rises to $44.4 billion as virus slams commerce|language=en|work=AP News|url=https://apnews.com/us-trade-gap-rises-to-44-4-billlion-as-virus-slams-commerce-34a60dd5d102fcb6c6b2313cb17ce27a|access-date=February 10, 2025}}</ref> [[Social distancing]] measures which took effect in March 2020, and which negatively impacted the demand for goods and services, resulted in the US [[GDP]] declining at a [[Trade-to-GDP ratio|4.8% annualized rate]] in the first quarter, the steepest pace of contraction in output since the fourth quarter of 2008.<ref>{{cite news|last=Mutikani|first=Lucia|date=May 5, 2020|title=U.S. trade deficit widens, services sector contracts amid coronavirus|language=en|work=Reuters|url=https://www.reuters.com/article/economy/us-trade-deficit-widens-services-sector-contracts-amid-coronavirus-idUSKBN22H2AZ/|access-date=February 5, 2025}}</ref> US retails sales dropped a record 8.7% in March alone. The US airline industry had also been hit hard, seeing a sharp decline in its revenues.<ref>{{cite news |last1=Shepardson |first1=David |last2=Rucinski |first2=Tracy |date=May 6, 2020 |title=Exclusive: U.S. airlines burn through $10 billion a month as traffic plummets |language=en |work=Reuters |url=https://www.reuters.com/article/world/exclusive-us-airlines-burn-through-10-billion-a-month-as-traffic-plummets-idUSKBN22I06H/}}</ref> The [[COVID-19 recession]] has been widely described as the most severe global economic downturn since the [[Great Depression]] and "far worse" than the [[Great Recession]].<ref>{{cite web |url=https://www.bloombergquint.com/business/global-great-lockdown-will-dwarf-the-great-recession |title=The Great Recession Was Bad. The 'Great Lockdown' Is Worse. |website=BloombergQuint |date=April 14, 2020 |access-date=April 15, 2020 |archive-date=June 25, 2020 |archive-url=https://web.archive.org/web/20200625010400/https://www.bloombergquint.com/business/global-great-lockdown-will-dwarf-the-great-recession |url-status=dead }}</ref><ref>{{cite web |url=https://www.nysscpa.org/news/publications/the-trusted-professional/article/imf-says-%27great-lockdown%27-worst-recession-since-depression-far-worse-than-last-crisis-041420 |title=IMF Says 'Great Lockdown' Worst Recession Since Depression, Far Worse Than Last Crisis |website=nysscpa.org |access-date=April 15, 2020}}</ref><ref>{{cite web|author=Ben Winck |url=https://www.businessinsider.com/imf-economic-outlook-great-lockdown-worst-recession-century-coronavirus-pandemic-2020-4 |title=IMF economic outlook: 'Great Lockdown' will be worst recession in century |publisher=Business Insider |date=April 14, 2020 |access-date=April 27, 2020}}</ref><ref>{{cite web|editor=Larry Elliott Economics |url=https://www.theguardian.com/business/2020/apr/14/great-lockdown-coronavirus-to-rival-great-depression-with-3-hit-to-global-economy-says-imf |title='Great Lockdown' to rival Great Depression with 3% hit to global economy, says IMF &#124; Business |work=The Guardian |date=April 14, 2020 |access-date=April 27, 2020}}</ref>

[[File:West side of Manhattan from Hudson Commons (95103p).jpg|thumb|right|250px|[[Midtown Manhattan]], the world's largest [[central business district]]<ref>{{cite news |url=https://www.reuters.com/business/new-york-widens-lead-over-london-top-finance-centres-index-2022-03-24/ |title=New York widens lead over London in top finance centres index |work=Reuters |date= March 24, 2022|access-date=June 25, 2022|last1= Jones|first1= Huw}}</ref>]]
In May 2020, [[CNN]] gave an analysis based on unemployment data that the US economy was perhaps the worst that it had been since the 1930s.<ref>{{cite news|last=Collinson|first=Stephen|date=May 7, 2020|title=Trump economy faces long-term disaster as jobs data looms|language=en|publisher=CNN|url=https://edition.cnn.com/2020/05/07/politics/donald-trump-coronavirus-economy/index.html}}</ref> By May 8, the US had reached a record 14.7 percent unemployment, with 20.5 million jobs lost in April.<ref>{{cite news|last=Ross|first=Jamie|date=May 8, 2020|title=Trump's Live Reaction to Record Unemployment: Don't Blame Me|language=en|publisher=[[Yahoo! News|Yahoo Business]]|url=https://www.yahoo.com/news/trump-live-reaction-record-unemployment-133210016.html}}</ref> The Chairman of the [[US Federal Reserve]], [[Jerome Powell]], warned that it may take "an extended time" before the US economy fully recovers from weak economic growth, due to the pandemic, and that in the foreseeable future the US can expect "low productivity growth and stagnant incomes".<ref>{{cite news|last1=Schneider|first1=Howard|last2=Saphir|first2=Ann|date=May 13, 2020|title=In nod to grim U.S. outlook, Fed's Powell calls for more fiscal support|language=en|publisher=Reuters|url=https://www.reuters.com/article/us-usa-fed-powell/in-nod-to-grim-us-outlook-feds-powell-calls-for-more-fiscal-support-idUSKBN22P1FG}}</ref> By May 31, 2020, more than forty million Americans had filed for unemployment benefits.<ref>{{cite news|last=Fottrell|first=Quentin|date=May 31, 2020|title=Over 40 million people filed for unemployment since March – $1,200 stimulus checks are a mere Band-Aid for Americans|language=en|publisher=[[MarketWatch]] (for Yahoo! Finance)|url=https://www.marketwatch.com/story/heres-how-much-trouble-laid-off-americans-are-in-and-why-1200-stimulus-checks-are-only-a-band-aid-2020-05-19?siteid=yhoof2&yptr=yahoo,}}</ref>

By June 2020, the slump in US continental flights due to the coronavirus pandemic had resulted in the US government temporarily halting service of fifteen US airlines to 75 domestic airports.<ref>{{cite news|last=Shepardson|first=David|date=June 4, 2020|title=U.S. airlines gain final approval to drop services to 75 domestic airports|language=en|publisher=Reuters|url=https://www.yahoo.com/news/u-finalizes-order-allowing-15-035146552.html}}</ref> ''[[The New York Times]]'' reported on June 10, 2020, that "the United States budget deficit grew to a record $1.88{{spaces}}trillion for the first eight months of this [[fiscal year]]."<ref>{{cite news|date=June 10, 2020|title=Fed Expects Unemployment Rate to Stay High: Live Updates|language=en|work=[[The New York Times]]|url=https://www.nytimes.com/2020/06/10/business/stock-market-today-coronavirus.html}}</ref>

The US economy recovered from the COVID-19 pandemic in 2021, growing by 5.7%, which was its best performance since [[Ronald Reagan]]'s presidency (1981–1989).<ref>{{cite web|title=US economy grew 5.7% in 2021 in rebound from 2020 recession|url=https://abcnews.go.com/US/wireStory/us-economy-grew-57-2021-rebound-2020-recession-82507751|access-date=January 28, 2022|website=ABC News|language=en}}</ref>

2021–2022 marked a historical [[2021–2022 inflation surge|inflation surge]] in the United States, with the [[Consumer Price Index]] inflation rate hitting 9.1% higher in June 2022 than June 2021, constituting a 41-year high inflation rate with critics blaming the [[Federal Reserve]] among other factors.<ref>{{cite web|title=Inflation Hits 9.1 Percent, Highest Level in 41 Years|url=https://reason.com/2022/07/13/inflation-hits-9-1-percent-highest-level-in-41-years/|date=July 13, 2022}}</ref> Inflation rate reached 4.9% in April 2023, which was roughly 3% above the Federal Reserve's 2% target rate.<ref>{{cite news |last1=Aratani |first1=Lauren |title=US jobs market remains strong despite high interest rates and debt ceiling fight |url=https://www.theguardian.com/business/2023/jun/02/us-jobs-report-may-unemployment-rate |agency=The Guardian |date=2023}}</ref>

By September 2025, inflation had fallen to 2.9%, despite concerns about President Donald Trump's tariff policy causing a large spike in consumer prices.<ref>{{Cite web |last=Cox |first=Jeff |date=2025-09-11 |title=Consumer prices rose at annual rate of 2.9% in August, as weekly jobless claims jump |url=https://www.cnbc.com/2025/09/11/consumer-prices-rose-at-annual-rate-of-2point9percent-in-august-as-weekly-jobless-claims-jump.html |access-date=2025-10-12 |website=CNBC |language=en}}</ref> 

In October, several Federal Reserve governors indicated that they were open to rate cuts in the remainder of 2025 despite inflation running above the Fed's 2% target.<ref>{{Cite web |last=Cox |first=Jeff |date=2025-10-10 |title=Fed Governor Waller sees more rate cuts but says central bank needs to be 'cautious about it' |url=https://www.cnbc.com/2025/10/10/fed-governor-waller-rate-cuts.html |access-date=2025-10-12 |website=CNBC |language=en}}</ref><ref>{{Cite web |last=Shelter |first=Thomas |date=2025-10-11 |title=St. Louis Federal Reserve President Alberto Musalem Backs More Rate Cuts as 'Insurance' for Labor Market |url=https://congress.net/st-louis-federal-reserve-president-alberto-musalem-backs-more-rate-cuts-as-insurance-for-labor-market/ |access-date=2025-10-12 |website=CONGRESS.NET |language=en-US}}</ref><!-- remove unless it breaks the table below -->

==Data==
{{Further|Economic statistics of the United States}}
The following table shows the main economic indicators in 1980–2024 (with IMF staff estimates in 2025–2029). Inflation below 5% is in green.<ref>{{Cite web|url=https://www.imf.org/en/Publications/WEO/weo-database/2024/April/weo-report?c=111,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,LUR,GGXWDG_NGDP,&sy=1980&ey=2028&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1|title=Report for Selected Countries and Subjects|website=IMF}}</ref>{{sticky header}}
{| class="wikitable sortable sticky-header" style="text-align:center;"
!Year
!GDP<br /><small>(in bn. US$PPP)</small>
!GDP per capita<br /><small>(in US$ PPP)</small>
!GDP<br /><small>(in bn. US$nominal)</small>
!GDP per capita<br /><small>(in US$ nominal)</small>
!GDP growth<br /><small>(real)</small>
!Inflation rate<br /><small>(in Percent)</small>
!Unemployment<br /><small>(in Percent)</small>
!Government debt<br /><small>(in % of GDP)</small>
|-
|1980
|2,857.3
|12,552.9
|2,857.3
|12,552.9
|{{Decrease}}−0.3%
|{{IncreaseNegative}}13.5%
|7.2%
|n/a
|-
|1981
|{{Increase}}3,207.0
|{{Increase}}13,948.7
|{{Increase}}3,207.0
|{{Increase}}13,948.7
|{{Increase}}2.5%
|{{IncreaseNegative}}10.4%
|{{IncreaseNegative}}7.6%
|n/a
|-
|1982
|{{Increase}}3,343.8
|{{Increase}}14,405.0
|{{Increase}}3,343.8
|{{Increase}}14,405.0
|{{Decrease}}−1.8%
|{{IncreaseNegative}}6.2%
|{{IncreaseNegative}}9.7%
|n/a
|-
|1983
|{{Increase}}3,634.0
|{{Increase}}15,513.7
|{{Increase}}3,634.0
|{{Increase}}15,513.7
|{{Increase}}4.6%
|{{Increase}}3.2%
|{{DecreasePositive}}9.6%
|n/a
|-
|1984
|{{Increase}}4,037.7
|{{Increase}}17,086.4
|{{Increase}}4,037.7
|{{Increase}}17,086.4
|{{Increase}}7.2%
|{{Increase}}4.4%
|{{DecreasePositive}}7.5%
|n/a
|-
|1985
|{{Increase}}4,339.0
|{{Increase}}18,199.3
|{{Increase}}4,339.0
|{{Increase}}18,199.3
|{{Increase}}4.2%
|{{Increase}}3.5%
|{{DecreasePositive}}7.2%
|n/a
|-
|1986
|{{Increase}}4,579.6
|{{Increase}}19,034.8
|{{Increase}}4,579.6
|{{Increase}}19,034.8
|{{Increase}}3.5%
|{{Increase}}1.9%
|{{DecreasePositive}}7.0%
|n/a
|-
|1987
|{{Increase}}4,855.3
|{{Increase}}20,001.0
|{{Increase}}4,855.3
|{{Increase}}20,001.0
|{{Increase}}3.5%
|{{Increase}}3.6%
|{{DecreasePositive}}6.2%
|n/a
|-
|1988
|{{Increase}}5,236.4
|{{Increase}}21,376.0
|{{Increase}}5,236.4
|{{Increase}}21,376.0
|{{Increase}}4.2%
|{{Increase}}4.1%
|{{DecreasePositive}}5.5%
|n/a
|-
|1989
|{{Increase}}5,641.6
|{{Increase}}22,814.1
|{{Increase}}5,641.6
|{{Increase}}22,814.1
|{{Increase}}3.7%
|{{Increase}}4.8%
|{{DecreasePositive}}5.3%
|n/a
|-
|1990
|{{Increase}}5,963.1
|{{Increase}}23,848.0
|{{Increase}}5,963.1
|{{Increase}}23,848.0
|{{Increase}}1.9%
|{{IncreaseNegative}}5.4%
|{{IncreaseNegative}}5.6%
|n/a
|-
|1991
|{{Increase}}6,158.1
|{{Increase}}24,302.8
|{{Increase}}6,158.1
|{{Increase}}24,302.8
|{{Decrease}}−0.1%
|{{Increase}}4.2%
|{{IncreaseNegative}}6.9%
|n/a
|-
|1992
|{{Increase}}6,520.3
|{{Increase}}25,392.9
|{{Increase}}6,520.3
|{{Increase}}25,392.9
|{{Increase}}3.5%
|{{Increase}}3.0%
|{{IncreaseNegative}}7.5%
|n/a
|-
|1993
|{{Increase}}6,858.6
|{{Increase}}26,364.2
|{{Increase}}6,858.6
|{{Increase}}26,364.2
|{{Increase}}2.8%
|{{Increase}}3.0%
|{{DecreasePositive}}6.9%
|n/a
|-
|1994
|{{Increase}}7,287.3
|{{Increase}}27,674.0
|{{Increase}}7,287.3
|{{Increase}}27,674.0
|{{Increase}}4.0%
|{{Increase}}2.6%
|{{DecreasePositive}}6.1%
|n/a
|-
|1995
|{{Increase}}7,639.8
|{{Increase}}28,671.5
|{{Increase}}7,639.8
|{{Increase}}28,671.5
|{{Increase}}2.7%
|{{Increase}}2.8%
|{{DecreasePositive}}5.6%
|n/a
|-
|1996
|{{Increase}}8,073.1
|{{Increase}}29,947.0
|{{Increase}}8,073.1
|{{Increase}}29,947.0
|{{Increase}}3.8%
|{{Increase}}2.9%
|{{DecreasePositive}}5.4%
|n/a
|-
|1997
|{{Increase}}8,577.6
|{{Increase}}31,440.1
|{{Increase}}8,577.6
|{{Increase}}31,440.1
|{{Increase}}4.4%
|{{Increase}}2.3%
|{{DecreasePositive}}4.9%
|n/a
|-
|1998
|{{Increase}}9,062.8
|{{Increase}}32,833.7
|{{Increase}}9,062.8
|{{Increase}}32,833.7
|{{Increase}}4.5%
|{{Increase}}1.5%
|{{DecreasePositive}}4.5%
|n/a
|-
|1999
|{{Increase}}9,631.2
|{{Increase}}34,496.2
|{{Increase}}9,631.2
|{{Increase}}34,496.2
|{{Increase}}4.8%
|{{Increase}}2.2%
|{{DecreasePositive}}4.2%
|n/a
|-
|2000
|{{Increase}}10,251.0
|{{Increase}}36,312.8
|{{Increase}}10,251.0
|{{Increase}}36,312.8
|{{Increase}}4.1%
|{{Increase}}3.4%
|{{DecreasePositive}}4.0%
|n/a
|-
|2001
|{{Increase}}10,581.9
|{{Increase}}37,101.5
|{{Increase}}10,581.9
|{{Increase}}37,101.5
|{{Increase}}1.0%
|{{Increase}}2.8%
|{{IncreaseNegative}}4.7%
|53.1%
|-
|2002
|{{Increase}}10,929.1
|{{Increase}}37,945.8
|{{Increase}}10,929.1
|{{Increase}}37,945.8
|{{Increase}}1.7%
|{{Increase}}1.6%
|{{IncreaseNegative}}5.8%
|{{IncreaseNegative}}55.5%
|-
|2003
|{{Increase}}11,456.5
|{{Increase}}39,405.4
|{{Increase}}11,456.5
|{{Increase}}39,405.4
|{{Increase}}2.8%
|{{Increase}}2.3%
|{{IncreaseNegative}}6.0%
|{{IncreaseNegative}}58.6%
|-
|2004
|{{Increase}}12,217.2
|{{Increase}}41,641.6
|{{Increase}}12,217.2
|{{Increase}}41,641.6
|{{Increase}}3.9%
|{{Increase}}2.7%
|{{DecreasePositive}}5.5%
|{{IncreaseNegative}}66.2%
|-
|2005
|{{Increase}}13,039.2
|{{Increase}}44,034.3
|{{Increase}}13,039.2
|{{Increase}}44,034.3
|{{Increase}}3.5%
|{{Increase}}3.4%
|{{DecreasePositive}}5.1%
|{{DecreasePositive}}65.5%
|-
|2006
|{{Increase}}13,815.6
|{{Increase}}46,216.9
|{{Increase}}13,815.6
|{{Increase}}46,216.9
|{{Increase}}2.8%
|{{Increase}}3.2%
|{{DecreasePositive}}4.6%
|{{DecreasePositive}}64.2%
|-
|2007
|{{Increase}}14,474.3
|{{Increase}}47,943.4
|{{Increase}}14,474.3
|{{Increase}}47,943.4
|{{Increase}}2.0%
|{{Increase}}2.9%
|{{Steady}}4.6%
|{{IncreaseNegative}}64.6%
|-
|2008
|{{Increase}}14,769.9
|{{Increase}}48,470.6
|{{Increase}}14,769.9
|{{Increase}}48,470.6
|{{Increase}}0.1%
|{{Increase}}3.8%
|{{IncreaseNegative}}5.8%
|{{IncreaseNegative}}73.5%
|-
|2009
|{{Decrease}}14,478.1
|{{Decrease}}47,102.4
|{{Decrease}}14,478.1
|{{Decrease}}47,102.4
|{{Decrease}}−2.6%
|{{Increase}}−0.3%
|{{IncreaseNegative}}9.3%
|{{IncreaseNegative}}86.7%
|-
|2010
|{{Increase}}15,049.0
|{{Increase}}48,586.3
|{{Increase}}15,049.0
|{{Increase}}48,586.3
|{{Increase}}2.7%
|{{Increase}}1.6%
|{{IncreaseNegative}}9.6%
|{{IncreaseNegative}}95.2%
|-
|2011
|{{Increase}}15,599.7
|{{Increase}}50,008.1
|{{Increase}}15,599.7
|{{Increase}}50,008.1
|{{Increase}}1.6%
|{{Increase}}3.1%
|{{DecreasePositive}}8.9%
|{{IncreaseNegative}}99.5%
|-
|2012
|{{Increase}}16,254.0
|{{Increase}}51,736.7
|{{Increase}}16,254.0
|{{Increase}}51,736.7
|{{Increase}}2.3%
|{{Increase}}2.1%
|{{DecreasePositive}}8.1%
|{{IncreaseNegative}}103.1%
|-
|2013
|{{Increase}}16,880.6
|{{Increase}}53,363.9
|{{Increase}}16,880.6
|{{Increase}}53,363.9
|{{Increase}}2.1%
|{{Increase}}1.5%
|{{DecreasePositive}}7.4%
|{{IncreaseNegative}}104.3%
|-
|2014
|{{Increase}}17,608.1
|{{Increase}}55,263.8
|{{Increase}}17,608.1
|{{Increase}}55,263.8
|{{Increase}}2.5%
|{{Increase}}1.6%
|{{DecreasePositive}}6.1%
|{{DecreasePositive}}104.2%
|-
|2015
|{{Increase}}18,295.0
|{{Increase}}57,006.9
|{{Increase}}18,295.0
|{{Increase}}57,006.9
|{{Increase}}2.9%
|{{Increase}}0.1%
|{{DecreasePositive}}5.2%
|{{IncreaseNegative}}104.6%
|-
|2016
|{{Increase}}18,804.9
|{{Increase}}58,179.6
|{{Increase}}18,804.9
|{{Increase}}58,179.6
|{{Increase}}1.8%
|{{Increase}}1.3%
|{{DecreasePositive}}4.9%
|{{IncreaseNegative}}106.5%
|-
|2017
|{{Increase}}19,612.1
|{{Increase}}60,292.9
|{{Increase}}19,612.1
|{{Increase}}60,292.9
|{{Increase}}2.5%
|{{Increase}}2.1%
|{{DecreasePositive}}4.4%
|{{DecreasePositive}}105.5%
|-
|2018
|{{Increase}}20,656.5
|{{Increase}}63,165.2
|{{Increase}}20,656.5
|{{Increase}}63,165.2
|{{Increase}}3.0%
|{{Increase}}2.4%
|{{DecreasePositive}}3.9%
|{{IncreaseNegative}}106.8%
|-
|2019
|{{Increase}}21,539.9
|{{Increase}}65,561.3
|{{Increase}}21,539.9
|{{Increase}}65,561.3
|{{Increase}}2.6%
|{{Increase}}1.8%
|{{DecreasePositive}}3.7%
|{{IncreaseNegative}}108%
|-
|2020
|{{Decrease}}21,375.2
|{{Decrease}}64,518.0
|{{Decrease}}21,375.2
|{{Decrease}}64,518.0
|{{Decrease}}−2.1%
|{{Increase}}1.2%
|{{IncreaseNegative}}8.1%
|{{IncreaseNegative}}132%
|-
|2021
|{{Increase}}23,725.6
|{{Increase}}71,365.3
|{{Increase}}23,725.6
|{{Increase}}71,365.3
|{{Increase}}6.2%
|{{Increase}}4.6%
|{{DecreasePositive}}5.3%
|{{DecreasePositive}}124.5%
|-
|2022
|{{Increase}}26,054.6
|{{Increase}}77,944.1
|{{Increase}}26,054.6
|{{Increase}}77,944.1
|{{Increase}}2.5%
|{{IncreaseNegative}}7.9%
|{{DecreasePositive}}3.6%
|{{DecreasePositive}}118.8%
|-
|2023
|{{Increase}}27,811.5
|{{Increase}}82,523.2
|{{Increase}}27,811.5
|{{Increase}}82,523.2
|{{Increase}}2.9%
|{{Increase}}4.1%
|{{Steady}}3.6%
|{{IncreaseNegative}}118.9%
|-
|2024
|{{Increase}}29,298.0
|{{Increase}}86,144.8
|{{Increase}}29,298.0
|{{Increase}}86,144.8
|{{Increase}}2.8%
|{{Increase}}2.9%
|{{IncreaseNegative}}4%
|{{IncreaseNegative}}120.7%
|-
|2025
|''{{Increase}}30,615.7''
|''{{Increase}}89,598.8''
|''{{Increase}}30,615.7''
|''{{Increase}}89,598.8''
|''{{Increase}}2.0%''
|''{{Increase}}2.7%''
|''{{IncreaseNegative}}4.2%''
|''{{IncreaseNegative}}122.4%''
|-
|2026
|''{{Increase}}31,821.2''
|''{{Increase}}92,883.4''
|''{{Increase}}31,821.2''
|''{{Increase}}92,883.4''
|''{{Increase}}2.1%''
|''{{Increase}}2.4%''
|''{{DecreasePositive}}4.1%''
|''{{IncreaseNegative}}123.6%''
|-
|2027
|''{{Increase}}33,019.9''
|''{{Increase}}95,960.7''
|''{{Increase}}33,019.9''
|''{{Increase}}95,960.7''
|''{{Increase}}2.1%''
|''{{Increase}}2.2%''
|''{{DecreasePositive}}4%''
|''{{IncreaseNegative}}124.9%''
|-
|2028
|''{{Increase}}34,258.4''
|''{{Increase}}99,125.6''
|''{{Increase}}34,258.4''
|''{{Increase}}99,125.6''
|''{{Increase}}2.1%''
|''{{Increase}}2.2%''
|''{{DecreasePositive}}3.9%''
|''{{IncreaseNegative}}125.9%''
|-
|2029
|''{{Increase}}35,513.8''
|''{{Increase}}102,275.8''
|''{{Increase}}35,513.8''
|''{{Increase}}102,275.8''
|''{{Increase}}1.9%''
|''{{Increase}}2.2%''
|''{{DecreasePositive}}3.8%''
|''{{IncreaseNegative}}131.7%''
|}
[[File:CPI 1914-2022.webp|thumb|center|alt=CPI 1914–2022|700px|
{{legend|#0076BA |[[Inflation]]}}
{{legend|#EE220C |[[Deflation]]}}
{{legend-line|#1DB100 solid 3px|[[Money supply|M2 money supply]] increases Year/Year}}
]]

==GDP==
{{Main|Economic history of the United States#1790–2006 GDP}}

[[File:United States GDP.webp|thumb|300px|right|United States real quarterly GDP (annualized)]]
[[File:Presidential Comparison Real GDP - v1.png|thumb|right|300px|U.S. cumulative real (inflation-adjusted) GDP growth by US president (from Reagan to Obama)<ref>[https://fred.stlouisfed.org/series/GDPC1 FRED-Real GDP-Retrieved July 1, 2018].</ref>]]
[[File:Private sector workers earnings compared to GDP.webp|thumb|300px|Private sector workers earnings compared to GDP <br />
Private sector workers made ~$2 trillion or about 29.6% of all money earned in Q3 2023 (before taxes)
{{legend|#8CD181|Quarterly [[GDP]] not Annualized|outline=#1DB100}}
{{legend|#73C9FF|Private Sector Workers Total Earnings|outline=#00A2FF}}
]]
U.S. [[nominal GDP]] was $19.5{{spaces}}trillion in 2017,{{Update inline|date=October 2025|reason=outdated figure}} the largest in the world. Annualized, nominal GDP reached $20.1{{spaces}}trillion in Q1 2018, the first time it exceeded $20{{spaces}}trillion. About 70% of U.S. GDP is personal consumption, with business investment 18%, government 17% (federal, state and local but excluding transfer payments such as Social Security, which is in consumption), and net exports a negative 3% due to the U.S. trade deficit.<ref>{{cite web| url = https://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm| title = BEA News Release{{snd}}GDP Second Quarter 2018{{snd}}July 27, 2018}}</ref> 

Real [[gross domestic product]], a measure of both production and income, grew by 2.3% in 2017, vs. 1.5% in 2016 and 2.9% in 2015. Real GDP grew at a quarterly annualized rate of 2.2% in Q1 2018, 4.2% in Q2 2018, 3.4% in Q3 2018, and 2.2% in Q4 2018; the Q2 rate was the best growth rate since Q3 2014, and the overall yearly GDP growth of 2.9% in 2018 was the best performance of the economy in a decade.<ref name="Real_GDP" /> In 2020, the growth rate of the GDP has started to drop as a result of the [[COVID-19 pandemic]], resulting in the GDP shrinking at a quarterized annual growth rate of &minus;5.0% in Q1 2020{{citation needed|date=August 2020}} and &minus;32.9% in Q2 2020,{{citation needed|date=August 2020}} respectively.

As of 2014, [[China]] passed the U.S. as the largest economy in GDP (PPP) terms, measured at purchasing power parity conversion rates. The U.S. had the highest GDP (PPP) figures for more than a century prior to that milestone; China has more than tripled the U.S. growth rate for each of the past 40 years. As of 2017, the [[European Union]] as an aggregate had a GDP roughly 5% larger than the U.S., although the former is a [[political union]], not a country. The United States', however, remained the world's largest economy with the highest nominal GDP.<ref>[https://web.archive.org/web/20070613003104/https://www.cia.gov/library/publications/the-world-factbook/rankorder/2001rank.html#us CIA World Factbook-United States-Retrieved July 29, 2018].</ref>

Real GDP per capita (measured in 2009 dollars) was $52,444 in 2017 and has been growing each year since 2010. It grew 3.0% per year on average in the 1960s, 2.1% in the 1970s, 2.4% in the 1980s, 2.2% in the 1990s, 0.7% in the 2000s, and 0.9% from 2010 to 2017.<ref>{{cite web| url = https://fred.stlouisfed.org/series/A939RX0Q048SBEA| title = FRED{{snd}}Real GDP per Capita{{snd}}Annual Average| date = January 1947}}</ref> Reasons for slower growth since 2000 are debated by economists and may include aging demographics, slower population and growth in labor force, slower productivity growth, reduced corporate investment, greater income inequality reducing demand, lack of major innovations, and reduced labor power.<ref>[https://www.nytimes.com/2016/02/21/magazine/are-we-doomed-to-slow-growth.html ''The New York Times''. Adam Davidson. "Are We Doomed to Slow Growth?" February 17, 2016].</ref> The U.S. ranked 20th out of 220 countries in [[GDP per capita]] in 2017.<ref>{{cite web| url = https://www.cia.gov/library/publications/the-world-factbook/rankorder/2004rank.html#us| archive-url = https://web.archive.org/web/20070613004710/https://www.cia.gov/library/publications/the-world-factbook/rankorder/2004rank.html#us| url-status = dead| archive-date = June 13, 2007| title = ''CIA World Factbook''. "USA Economy".}}</ref> Among the modern U.S. Presidents, [[Bill Clinton]] had the highest cumulative percent real GDP increase during his two terms, [[Ronald Reagan]] second, and [[Barack Obama]] third.<ref name="Real_GDP">{{cite web|url=https://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm|title=Bureau of Economic Analysis|first=US Department of Commerce, BEA, Bureau of Economic|last=Analysis|website=bea.gov|access-date=May 7, 2018}}</ref>

The development of the nation's GDP according to [[World Bank]]:<ref>{{cite web|url=http://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG/countries|title=GDP growth (annual %)|publisher=Data.worldbank.org|access-date=December 8, 2014}}</ref> U.S. real GDP grew by an average of 1.7% from 2000 to the first half of 2014, a rate around half the historical average up to 2000.<ref name="bea.gov">{{cite web|title=National Income and Product Accounts Gross Domestic Product: Second Quarter 2014 (Advance Estimate) Annual Revision: 1999 through First Quarter 2014|url=https://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm|website=Bureau of Economic Analysis|access-date=July 31, 2014}}</ref>

{{wide image|Midtown Manhattan from Weehawken September 2021 panorama 2.jpg|600px|Panorama of Midtown Manhattan}}

==By economic sector==
===Nominal GDP sector composition===
[[File:Number of Businesses by Type (US Census Bureau 2019).png|thumb|550x550px|Number of businesses by type (US Census Bureau, 2019)]]
Nominal GDP sector composition, 2015 (in millions of dollars) at [[Real gross domestic product|2005 constant prices]]<ref>{{cite web|url=http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=95|title=UNCTADstat – Table view|website=unctadstat.unctad.org|access-date=November 26, 2017|archive-date=October 20, 2017|archive-url=https://web.archive.org/web/20171020072414/http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=95|url-status=dead}}</ref>
{| class="wikitable sortable"
|-
! Country/Economy
! [[Real gross domestic product|Real GDP]]
! Agri.
! Indus.
! Serv.
|-
|'''{{noflag}} World'''
|60,093,221
|1,968,215
|16,453,140
|38,396,695
|-
|{{flag|United States}}
|15,160,104
|149,023
|3,042,332
|11,518,980
|}
Nominal GDP Sector Composition, 2016 (in millions of dollars) at current prices.<ref>{{cite web|url=http://www.imf.org/external/pubs/ft/weo/2017/01/weodata/weorept.aspx?pr.x=57&pr.y=7&sy=2016&ey=2020&scsm=1&ssd=1&sort=country&ds=.&br=1&c=111&s=NGDPD,NGDPDPC,PPPGDP,PPPPC&grp=0&a=|title=Report for Selected Countries and Subjects|website=imf.org|language=en-US|access-date=November 26, 2017 }}</ref>

{| class="wikitable sortable"
|-
! Country/Economy
! [[List of countries by GDP (nominal)|Nominal GDP]]
! Agri.
! Indus.
! Serv.
|-
|{{flag|United States}}
|18,624,450
|204,868.95
|3,613,143.3
|14,806,437.75
|-
| colspan="6" |*Percentages from [[The World Factbook|CIA World Factbook]]<ref>{{cite web|url=https://www.cia.gov/the-world-factbook/countries/united-states/|archive-url=https://web.archive.org/web/20210107073924/https://www.cia.gov/the-world-factbook/countries/united-states/|url-status=dead|archive-date=January 7, 2021|title=The World Factbook – Central Intelligence Agency|website=cia.gov|language=en|access-date=November 26, 2017 }}</ref>
|}

==Employment==
{{Further|List of largest United States–based employers globally|List of U.S. states by employment rate}}
{{see also|JOLTS report}}
[[File:Jobs and quits rate.webp|thumb|380px|right|[[JOLTS report]]
{{legend-line|#AA4643 solid 3px|[[Unemployment in the United States|Total unemployed people]]}}
{{legend-line|#89A54E solid 3px|Total job openings}}
{{legend-line|#4572A7 solid 3px|[[Turnover (employment)|Total quits]]}}
]]

[[File:Job Growth by U.S. President - v1.png|thumb|right|300px|Job growth by US president, measured as cumulative percentage change from month after inauguration to end of term<ref>[https://fred.stlouisfed.org/series/PAYEMS Federal Reserve Economic Data-All Employees Total Non-Farm-Retrieved July 29, 2018].</ref>]]
[[File:U.S. Econonomic Trends 2014-2017 Nine Panel.png|thumb|right|300px|Panel chart illustrates nine key economic variables measured annually in 2014–2017. The years 2014–2016 were during President Obama's second term, while 2017 was during President Trump's term. Refer to citations on detail page.]]
There were approximately 160.4 million people in the U.S. labor force in 2017, the fourth largest labor force in the world behind China, India, and the European Union.<ref>{{cite web| url = https://www.cia.gov/the-world-factbook/countries/united-states/| archive-url = https://web.archive.org/web/20210107073924/https://www.cia.gov/the-world-factbook/countries/united-states/| url-status = dead| archive-date = January 7, 2021| title = ''CIA World Factbook''. "United States.| date = February 16, 2022}}</ref>
The government (federal, state and local) employed 22 million in 2010.<ref name="Mcfeatters">{{cite news| url=http://napavalleyregister.com/news/opinion/editorial/article_43f9e712-b96a-11df-9e2d-001cc4c002e0.html | newspaper=Napa Valley Register | title=Saluting 154 million in workforce on Labor Day | first=Dale | last=McFeatters | date=September 6, 2010}}</ref> [[Small business|Small businesses]] are the nation's largest employer, representing 37% of American workers.<ref name="sba.gov" /> The second-largest share of employment belongs to large businesses employing 36% of the U.S. workforce.<ref name="sba.gov" /> [[White-collar worker|White collar workers]] comprise 44% of the workforce as of 2022, up from 34% in 2000.<ref>{{Cite news |date=December 4, 2022 |title=Is a white-collar recession looming? |url=https://www.economist.com/business/2022/12/04/is-a-white-collar-recession-looming | newspaper=[[The Economist]] | quote=Managerial and professional occupations now make up 44% of total employment, up from 34% in 2000, according to the BLS (see chart). }}</ref>

The nation's [[private sector]] employs 85% of working Americans. [[Public sector|Government]] accounts for 14% of all U.S. workers. Over 99% of all private employing organizations in the U.S. are small businesses.<ref name="sba.gov" /> The 30 million small businesses in the U.S. account for 64% of newly created jobs (those created minus those lost).<ref name="sba.gov" /> Jobs in small businesses accounted for 70% of those created in the last decade.<ref>{{cite web|url=https://www.youtube.com/watch?v=if9NOcUK1F0 |archive-url=https://ghostarchive.org/varchive/youtube/20211211/if9NOcUK1F0| archive-date=December 11, 2021 |url-status=live|title=Obama: Small Business 'Heart' of Economy – YouTube |work=Youtube |date=March 16, 2009 |access-date=April 21, 2012}}{{cbignore}}</ref>

The proportion of Americans employed by small business versus large business has remained relatively the same year by year as some small businesses become large businesses and just over half of small businesses survive for more than five years.<ref name="sba.gov" /> Amongst large businesses, several of the largest companies and employers in the world are American companies. Amongst them are [[Walmart]], which is both the largest company and the largest [[private sector]] employer in the world. Walmart employs 2.1 million people worldwide and 1.4 million in the U.S. alone.<ref>{{cite news| url=https://money.cnn.com/magazines/fortune/global500/2010/full_list/ |publisher=CNN | title=Global 500 2010: Global 500 1–100}}</ref><ref>[https://web.archive.org/web/20090318030352/http://walmartstores.com/download/2230.pdf Walmart Corporate and Financial Facts].</ref>
[[File:US Census Bureau Number of Employees per Business.png|thumb|300x300px|US Census Bureau (number of employees per business)]]
[[File:Productivity and Real Median Family Income Growth in the United States.png|thumb|upright=1.8|300x300px|Since the 1970s there has been a decoupling of U.S. wage gains from worker productivity.<ref>{{cite book |last=Hopkin |first=Jonathan |author-link=Jonathan Hopkin |date=2020 |title=Anti-System Politics: The Crisis of Market Liberalism in Rich Democracies |chapter=American Nightmare: How Neoliberalism Broke US Democracy |url= |chapter-url=https://books.google.com/books?id=IyXTDwAAQBAJ&pg=PA87 |location= |publisher=[[Oxford University Press]] |pages=87–92 |isbn=978-0190699765 |doi=10.1093/oso/9780190699765.003.0004}}</ref>]]
There are nearly thirty million small businesses in the U.S.. Minorities such as [[Hispanic and Latino Americans|Hispanics]], African Americans, Asian Americans, and Native Americans (35% of the country's population),<ref>"[https://www.latimes.com/archives/la-xpm-2010-jun-10-la-na-census-20100611-story.html Minority population growing in the United States, census estimates show]". ''Los Angeles Times''. June 10, 2010.</ref> own 4.1 million of the nation's businesses. Minority-owned businesses generate almost $700{{spaces}}billion in revenue, and they employ almost five million workers in the U.S.<ref name="sba.gov" /><ref>{{cite web
| url = http://www.bls.gov/web/laus/lauhsthl.htm
| title = Current Unemployment Rates for States and Historical Highs/Lows
| publisher = BLS
| date = June 2012
| access-date = June 15, 2012
}}</ref>
Americans have the highest average [[List of countries by average wage|employee]] income among OECD nations.<ref name="OECD">{{cite web |title=OECD Better Life Index |url=http://www.oecdbetterlifeindex.org/#/11111111111 |access-date=November 25, 2012 |publisher=OECD}}</ref> The median household income in the U.S. as of 2008 is $52,029.<ref>[https://wayback.archive-it.org/all/20100223212411/http://www.census.gov/prod/2009pubs/acsbr08-2.pdf Median Household Income for States: 2007 and 2008], September 2009, [https://www.census.gov/ census.gov].</ref> About 284,000 working people in the U.S. have two full-time jobs and 7.6 million have part-time ones in addition to their full-time employments.<ref name="Mcfeatters" /> Out of all [[Working class in the United States|working individuals in the U.S.]], 12% belong to a labor union and most union members work for the government.<ref name="Mcfeatters" /> The decline of [[Trade unions in the United States|union membership]] in the U.S. over the last several decades parallels that of labor's share of the economy.<ref>Doree Armstrong (February 12, 2014). [http://www.washington.edu/news/2014/02/12/jake-rosenfeld-explores-the-sharp-decline-of-union-membership-influence/ Jake Rosenfeld explores the sharp decline of union membership, influence]. ''UW Today.'' See also: Jake Rosenfeld (2014) ''[http://www.hup.harvard.edu/catalog.php?isbn=9780674725119 What Unions No Longer Do].'' [[Harvard University Press]]. {{ISBN|0674725115}}</ref><ref>Keith Naughton, Lynn Doan and Jeffrey Green (February 20, 2015). [https://www.bloomberg.com/news/articles/2015-02-20/unions-poised-for-comeback-as-middle-class-wages-stall As the Rich Get Richer, Unions Are Poised for Comeback]. ''Bloomberg.''
* "A 2011 study drew a link between the decline in union membership since 1973 and expanding wage disparity. Those trends have since continued, said [[Bruce Western]], a professor of sociology at Harvard University who co-authored the study."</ref><ref>Michael Hiltzik (March 25, 2015). [https://www.latimes.com/business/hiltzik/la-fi-mh-imf-agrees-loss-of-union-power-20150325-column.html IMF agrees: Decline of union power has increased income inequality]. ''[[Los Angeles Times]].''</ref> The World Bank ranks the United States first in the ease of hiring and firing workers.<ref name="EDBI">{{cite web|url=http://www.doingbusiness.org/ExploreEconomies/?economyid=197|access-date=June 28, 2007|title=Doing Business in the United States (2006)|publisher=World Bank}}</ref> The United States is the only advanced economy that does not [[List of statutory minimum employment leave by country|legally guarantee its workers paid vacation]] or [[Sick leave#United States|paid sick days]], 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 Guinea]], [[Suriname]] and [[Liberia]].<ref>Rebecca Ray, Milla Sanes, and John Schmitt (May 2013). [http://www.cepr.net/documents/publications/no-vacation-update-2013-05.pdf No-Vacation Nation Revisited]. ''[[Center for Economic and Policy Research]].''</ref><ref>Tara Siegel Bernard (February 22, 2013). [https://www.nytimes.com/2013/02/23/your-money/us-trails-much-of-the-world-in-providing-paid-family-leave.html In Paid Family Leave, U.S. Trails Most of the Globe]. ''[[The New York Times]]''</ref><ref>Maxwell Strachan, Alissa Scheller, Jan Diehm (October 29, 2013). [https://www.huffingtonpost.com/2013/10/29/american-exceptionalism_n_4170683.html?ncid=txtlnkushpmg00000029 15 Ways The United States Is The Best (At Being The Worst)]. ''[[The Huffington Post]].''</ref> In 2014 and again in 2020, the [[International Trade Union Confederation]] graded the U.S. a 4{{spaces}}out of{{spaces}}5+, its third-lowest score, on the subject of [[Labor rights|workers' rights]].<ref>Ishaan Tharoor (May 20, 2014). [https://www.washingtonpost.com/blogs/worldviews/wp/2014/05/20/map-the-worst-places-in-the-world-to-be-a-worker/ MAP: The worst places in the world to be a worker]. ''[[The Washington Post]].'' see also: [http://www.ituc-csi.org/IMG/pdf/survey_ra_2014_eng_v2.pdf ITUC Global Rights Index].</ref><ref>{{cite news |last1= O'Brien |first1=Fergal |last2= Schneeweiss |first2=Zoe |date=June 18, 2020 |title=U.S. Ranked Worst for Workers' Rights Among Major Economies |url=https://www.bloomberg.com/news/articles/2020-06-18/u-s-ranked-worst-for-workers-rights-among-major-economies |work=Bloomberg|access-date=June 19, 2020}}</ref> Similarly, a 2023 study published by [[Oxfam]] found that the United States ranks among the worst among developed countries for [[labour protection|labor protection]]s.<ref>{{cite news |last=Ghilarducci|first=Teresa |date=June 14, 2023 |title=New Study: U.S. Tops Rich Nations As Worst Place To Work|url=https://www.forbes.com/sites/teresaghilarducci/2023/06/14/new-study-us-tops-rich-nations-in-worst-place-to-work/?sh=403bcced3be6|work=Forbes |location= |access-date=July 27, 2023}}</ref><ref>{{cite web |url=https://www.oxfamamerica.org/explore/research-publications/where-hard-work-doesnt-pay-off/|title=Where hard work doesn't pay off: An index of US labor policies compared to peer nations|last=Henderson|first= Kaitlyn |date=May 3, 2023 |website= |publisher=Oxfam |access-date=July 27, 2023 |quote=The US is falling drastically behind similar countries in mandating adequate wages, protections, and rights for millions of workers and their families. The wealthiest country in the world is near the bottom of every dimension of this index.}}</ref> Some scholars, including business theorist [[Jeffrey Pfeffer]] and political scientist Daniel Kinderman, posit that contemporary employment practices in the United States relating to the increased performance pressure from management, and the hardships imposed on employees such as toxic working environments, [[precarity]], and long hours, could be responsible for 120,000 excess deaths annually, making the workplace the fifth leading cause of death in the United States.<ref>{{cite book |last= Pfeffer|first=Jeffrey|date=2018 |title=Dying for a Paycheck: How Modern Management Harms Employee Health and Company Performance – and What We Can Do About It|publisher=HarperBusiness|page=38 |isbn=978-0062800923|author-link=Jeffrey Pfeffer}}</ref><ref>{{cite news |last= McGregor|first=Jena|date=March 22, 2018|title=This professor says the workplace is the fifth leading cause of death in the U.S.|url=https://www.washingtonpost.com/news/on-leadership/wp/2018/03/22/this-professor-says-the-workplace-is-the-fifth-leading-cause-of-death-in-the-u-s/|newspaper=[[The Washington Post]] |access-date=July 5, 2019}}</ref><ref>{{cite journal|last=Kinderman|first=Daniel|date=2019|title=The Neoliberal Revolution in Industrial Relations|journal=Catalyst|volume=2|issue=4|pages=117–118|issn=2475-7365|quote=Neoliberal industrial relations reform and increased employer discretion has enabled employers to significantly increase the performance pressure, with serious repercussions for employees. In the United States, work-related issues including layoffs, job insecurity, toxic cultures, and long hours may be responsible for up to 120,000 deaths a year.}}</ref>

===Unemployment===
{{Main|Unemployment in the United States|List of U.S. states and territories by unemployment rate}}

[[File:U1-U6 unemployment rate.webp|thumb|450px|U1-U6 unemployment rate]]
As of December 2017, the [[unemployment]] rate in the U.S. was 4.1%<ref>{{cite web|url=http://research.stlouisfed.org/fred2/series/UNRATE |title=Federal Reserve Database-FRED-Data Series UNRATE |publisher=Research.stlouisfed.org |date=September 6, 2013 |access-date=October 20, 2013}}</ref> or 6.6 million people.<ref>{{cite web|url=http://research.stlouisfed.org/fred2/series/UNEMPLOY |title=Federal Reserve Database-FRED-Data Series Unemploy |date=January 1948 |publisher=Research.stlouisfed.org |access-date=October 20, 2013}}</ref> The government's broader U-6 unemployment rate, which includes the part-time [[underemployment|underemployed]], was 8.1%<ref>{{cite web|url=http://research.stlouisfed.org/fred2/series/U6RATE |title=Federal Reserve Database-FRED-Data Series U6RATE-March 2013 |publisher=Research.stlouisfed.org |date=September 6, 2013 |access-date=October 20, 2013}}</ref> or 8.2 million people. These figures were calculated with a civilian labor force of approximately 160.6 million people,<ref name="research.stlouisfed.org">{{cite web|url=http://research.stlouisfed.org/fred2/series/CLF16OV |title=Federal Reserve Database-CLF160V Data Series|date=January 1948|publisher=Research.stlouisfed.org |access-date=October 20, 2013}}</ref> relative to a U.S. population of approximately 327 million people.<ref>{{cite web|url=http://research.stlouisfed.org/fred2/series/POP |title=FRED Database – POP Data Series – U.S. Population. November 2012 |date=January 1952 |publisher=Research.stlouisfed.org |access-date=October 20, 2013}}</ref>

Between 2009 and 2010, following the Great Recession, the emerging problem of [[jobless recovery|jobless recoveries]] resulted in record levels of [[long-term unemployment]] with more than six million workers looking for work for more than six months as of January 2010. This particularly affected older workers.<ref name="Goodman">[https://www.nytimes.com/2010/02/21/business/economy/21unemployed.html "Millions of Unemployed Face Years Without Jobs"] article by [[Peter S. Goodman]] in ''[[The New York Times]]'' February 20, 2010.</ref> A year after the recession ended in June 2009, immigrants gained 656,000 jobs in the U.S., while U.S.-born workers lost more than a million jobs, due in part to an aging country (relatively more white retirees) and demographic shifts.<ref>"[https://money.cnn.com/2010/10/29/news/economy/jobs_immigrants/ Immigrants top native born in U.S. job hunt]". [[CNNMoney.com]]. October 29, 2010.</ref> In April 2010, the official unemployment rate was 9.9%, but the government's broader [[Unemployment#United States Bureau of Labor statistics|U-6 unemployment]] rate was 17.1%.<ref>"[https://blogs.wsj.com/economics/2010/05/07/broader-u-6-unemployment-rate-increases-to-171-in-april/ Broader U-6 Unemployment Rate Increases to 17.1% in April]". ''[[The Wall Street Journal]]''. May 7, 2010.</ref> Between February 2008 and February 2010, the number of people working part-time for economic reasons (i.e., would prefer to work full-time) increased by 4.0 million to 8.8 million, an 83% increase in part-time workers during the two-year period.<ref name="EconPost">{{cite web |title=Four million more people working part time than 2 years ago |publisher=EconPost.com |date=March 17, 2010 |url=http://econpost.com/unitedstateseconomy/four-million-more-people-working-part-time-2-years-ago |access-date=March 30, 2010 |url-status=dead |archive-url=https://web.archive.org/web/20100711052533/http://econpost.com/unitedstateseconomy/four-million-more-people-working-part-time-2-years-ago |archive-date=July 11, 2010 }}</ref>

By 2013, although the unemployment rate had fallen below 8%, the record proportion of long term unemployed and continued decreasing household income remained indicative of a jobless recovery.<ref name=SchwartzJobless>{{cite news|last=Schwartz|first=Nelson|title=Recovery in U.S. Is Lifting Profits, but Not Adding Jobs|url=https://www.nytimes.com/2013/03/04/business/economy/corporate-profits-soar-as-worker-income-limps.html?pagewanted=all|access-date=March 18, 2013|newspaper=The New York Times |date=March 3, 2013}}</ref> However, the number of payroll jobs returned to its pre-recession (November 2007) level by May 2014 as the economy recovered.<ref>{{cite web |url=https://fred.stlouisfed.org/series/PAYEMS |title=FRED – All Employees Total Non-farm Payrolls |date=January 1939}}</ref>

After being higher in the post-war period, the U.S. unemployment rate fell below the rising [[eurozone]] unemployment rate in the mid-1980s and has remained significantly lower almost continuously since.<ref>{{cite journal |author1=Constance Sorrentino|author2=Joyanna Moy|title=U.S. labor market performance in international perspective|journal=Monthly Labor Review|date=June 2002 |url=http://www.bls.gov/opub/mlr/2002/06/art2full.pdf |access-date=August 22, 2013}}</ref><ref>{{cite web |title=Chronic Unemployment in the Euro Area: Causes and Cures|url=http://www.imf.org/external/pubs/ft/weo/1999/01/0599ch4.pdf |work=World Economic Outlook|publisher=International Monetary Fund|access-date=August 22, 2013|year=1999}}</ref><ref>{{cite web|title=Unemployment|url=http://www.unc.edu/depts/europe/euroeconomics/Unemployment.php|work=Euro Economics|publisher=University of North Carolina|access-date=August 22, 2013|quote=Chart}}</ref> In 1955, 55% of Americans worked in services, between 30% and 35% in industry, and between 10% and 15% in [[Agriculture in the United States|agriculture]]. By 1980, over 65% were employed in services, between 25% and 30% in industry, and less than 5% in agriculture.<ref>Time-Life Books, Library of Nations: United States, Sixth European English language printing, 1989</ref> [[Male unemployment]] continued to be significantly higher than those of females (at 9.8% vs. 7.5% in 2009). The unemployment among Caucasians continues being much lower than those for African-Americans (at 8.5% vs. 15.8% also in 2009).<ref name="CPS06052009">{{cite web |url=http://www.bls.gov/cps/ |title=Current Population Survey |publisher=Bureau of Labor Statistics, U.S. Government |date=June 5, 2009 |access-date=June 19, 2009}}</ref>

The [[youth unemployment]] rate was 18.5% in July 2009, the highest rate in that month since 1948.<ref>"[https://web.archive.org/web/20100327214616/http://www.bls.gov/news.release/youth.nr0.htm Employment and Unemployment Among Youth Summary]". United States Department of Labor. August 27, 2009.</ref> The unemployment rate of young African Americans was 28.2% in May 2013.<ref>"[https://www.forbes.com/sites/susanadams/2013/06/07/the-unemployment-news-is-worse-for-many/ The Unemployment News Is Worse For Many]". ''[[Forbes]]''. June 7, 2013.</ref>

The unemployment rate reached an all-time high of 14.7% in April 2020 before falling back to 11.1% in June 2020. Due to the effects of the [[COVID-19 pandemic in the United States|COVID-19 pandemic]], Q2 GDP in the US fell 32.9% in 2020.<ref>{{cite web|title=Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update {{!}} U.S. Bureau of Economic Analysis (BEA)|url=https://www.bea.gov/news/2020/gross-domestic-product-2nd-quarter-2020-advance-estimate-and-annual-update|access-date=June 8, 2021|website=www.bea.gov}}</ref><ref>{{Cite news|title=The U.S. economy added 4.8 million jobs in June, but fierce new headwinds have emerged|language=en-US|newspaper=[[The Washington Post]]|url=https://www.washingtonpost.com/business/2020/07/02/june-2020-jobs-report/|access-date=June 8, 2021|issn=0190-8286}}</ref><ref>{{cite web|last=Cox|first=Jeff|date=July 30, 2020|title=Second-quarter GDP plunged by worst-ever 32.9% amid virus-induced shutdown|url=https://www.cnbc.com/2020/07/30/us-gdp-q2-2020-first-reading.html|access-date=June 8, 2021|website=CNBC|language=en}}</ref> The unemployment rate continued its rapid decline falling to 3.9% in 2021.<ref>{{Cite web |date=January 7, 2022 |title=The US labor market recovered rapidly in 2021 but still fell short even before Omicron wave |url=https://www.piie.com/blogs/realtime-economic-issues-watch/us-labor-market-recovered-rapidly-2021-still-fell-short-even |access-date=April 12, 2022 |website=PIIE |language=en}}</ref>
It reached 3.7% in May 2023.<ref>{{cite news |last1=Aratani |first1=Lauren |title=US jobs market remains strong despite high interest rates and debt ceiling fight |url=https://www.theguardian.com/business/2023/jun/02/us-jobs-report-may-unemployment-rate |agency=The Guardian |date=June 2, 2023}}</ref>

In 2025, the United States labor market experienced a notable shift characterized by stagnant hiring and increased layoffs. According to Reuters, between January and September 2025, U.S. companies announced approximately 950,000 job cuts, with the technology, retail, and government sectors accounting for the largest share. Analysts described this trend as a transition from a “no hire, no fire” environment to a “no hire, more fire” phase, reflecting rising corporate caution and slowing economic momentum.<ref>{{cite news |last=McGeever |first=Jamie |title=US job market is now 'no hire, more fire' |url=https://www.reuters.com/markets/us/us-job-market-is-now-no-hire-more-fire-2025-10-29 |work=Reuters |date=October 29, 2025}}</ref>

Economic data released in late 2025 indicated emerging signs of a slowdown in the U.S. economy. The unemployment rate rose to 4.6% in November, its highest level since 2021, while job creation slowed, with only 64,000 jobs added, down from previous months.<ref>{{cite news |last=Zahn |first=Max |title=US economy flashes warning signs in new data, some analysts say |url=https://abcnews.go.com/US/us-economy-flashes-warning-signs-new-data-analysts/story?id=128463726 |agency=abc News |date=December 17, 2025}}</ref>

Partial data also showed a decline in employment in October, with analysts noting weaker hiring momentum amid elevated inflation and higher borrowing costs. At the same time, retail sales remained flat at the start of the holiday season, raising concerns about consumer spending, which accounts for a large share of U.S. economic activity.<ref>{{cite news |last=Bartash |first=Jeffry |title=U.S. economy sags in December, S&P says, due to tariffs, inflation and softer sales |url=https://www.marketwatch.com/story/u-s-economy-sags-in-december-s-p-says-due-to-tariffs-inflation-and-softer-sales-a667f283 |agency=Market Watch |date=December 16, 2025}}</ref><ref>{{cite news |title=U.S. business activity growth hits 6-month low in December |url=https://www.reuters.com/business/us-business-activity-growth-hits-6-month-low-december-2025-12-16 |work=Reuters |date=December 16, 2025}}</ref>

The US economy began 2026 still in a "high vacancy" position on the [[Beveridge curve]], which looks at the relationship between job openings and unemployment.<ref name="Beveridge2026">{{cite web |last1=Edwards |first1=William |title=The under-the-radar labor market chart scaring economists right now |url=https://www.businessinsider.com/recession-jobs-report-labor-market-chart-scaring-economists-right-now-2026-1 |website=Business Insider}}</ref> By the end of January 2026, hiring and layoff rates continued to be low, allowing unemployment to stay range-bound.<ref name="Beveridge2026"/> The low number of job openings, however, means that if layoffs were to increase then unemployment would comparatively increase as well.<ref name="Beveridge2026"/>

===Employment by sector===
{{See also|List of largest United States–based employers globally#Employment_by_major_industry_sector|l1=Employment by major industry sector in United States}}

U.S. employment, as estimated in 2012, is divided into 79.7% in the service sector, 19.2% in the manufacturing sector, and 1.1% in the agriculture sector.<ref>{{cite web|url=https://www.cia.gov/the-world-factbook/countries/united-states/ |archive-url=https://web.archive.org/web/20210107073924/https://www.cia.gov/the-world-factbook/countries/united-states/ |url-status=dead |archive-date=January 7, 2021 |title=The World Factbook (United States) |publisher=CIA.gov |date=September 25, 2013 |access-date=October 26, 2013}}</ref>

==Income and wealth==
[[File:Median personal income after taxes.webp|thumb|300px|Median personal income after taxes
{{legend|#FF2600|[[State income tax]]}}
{{legend|#FFD932|[[Payroll tax in the United States|Payroll tax]] [[employee]] side}}
{{legend|#B51700|[[Federal income tax]]}}
{{legend|#1DB100|[[Median income]] after tax}}
{{legend|#FF95CA|[[Payroll tax in the United States|Payroll tax]] [[employer]] side}}
]]
{{Main|Income in the United States|Affluence in the United States}}

{{See also|Personal income in the United States|Household income in the United States|Income inequality in the United States|List of United States counties by per capita income}}
[[File:US Real Household Median Income thru 2014.png|thumb|250px|U.S. real median household income (1984–2021)]]
[[File:U.S. Income and Net Worth Distribution.png|thumb|250px|U.S. family pre-tax income and net worth distribution for 2013 and 2016, from the Federal Reserve [[Survey of Consumer Finances]]<ref name=fed2017sept>[[Federal Reserve Bulletin]]. September 2017, Vol. 103, No. 3. See PDF: [https://www.federalreserve.gov/publications/files/scf17.pdf Changes in U.S. Family Finances from 2013 to 2016: Evidence from the Survey of Consumer Finances]. Table 1 (on the left) is taken from page 4 of the PDF. Table 2 (on the right) is taken from page 13. See: [[Survey of Consumer Finances]] and [https://www.federalreserve.gov/econres/scfindex.htm more data].</ref>]]

===Income measures===
Real (i.e., inflation-adjusted) median household income, a good measure of middle-class income, was $59,039 in 2016, a record level. However, it was just above the previous record set in 1998, indicating the purchasing power of middle-class family income has been stagnant or down for much of the past twenty years.<ref>{{cite web| url = https://fred.stlouisfed.org/series/MEHOINUSA672N| title = FRED – Real Median Household Income| date = January 1984}}</ref> During 2013, employee compensation was $8.969{{spaces}}trillion, while gross private investment totals $2.781{{spaces}}trillion.<ref name="Fed Z.1">{{cite web | url=http://www.federalreserve.gov/releases/z1/current/z1.pdf | title=Z.1: Financial Accounts of the United States | publisher=[[Federal Reserve Board of Governors]] | date=March 6, 2014 | access-date=May 31, 2014 | archive-url=https://web.archive.org/web/20140527095440/http://www.federalreserve.gov/releases/z1/Current/z1.pdf | archive-date=May 27, 2014 | url-status=dead | df=mdy-all}}</ref>

Americans have the highest average [[household income]] among OECD nations, and in 2010 had the fourth-highest [[median household income]], down from second-highest in 2007.<ref name="Household Income">{{cite journal |date=March 18, 2014 |title=Household Income |url=http://www.oecd-ilibrary.org/social-issues-migration-health/society-at-a-glance-2014_soc_glance-2014-en |journal=Society at a Glance 2014: OECD Social Indicators |series=Society at a Glance |publisher=OECD Publishing |doi=10.1787/soc_glance-2014-en |isbn=9789264200722 |access-date=May 29, 2014 |doi-access=free}}</ref><ref name="OECD" /> According to one analysis middle-class incomes in the United States fell into a tie with those in Canada in 2010, and may have fallen behind by 2014, while several other advanced economies have closed the gap in recent years.<ref>David Leonhardt and Kevin Quealy (April 22, 2014). [https://www.nytimes.com/2014/04/23/upshot/the-american-middle-class-is-no-longer-the-worlds-richest.html?_r=0 The American Middle Class Is No Longer the World's Richest]. ''[[The New York Times]].''</ref>

===Income inequality===
{{excerpt|Income inequality in the United States}}

===Household net worth and wealth inequality===
{{ multiple image |total_width=450 |title=Net personal wealth in the U.S. since 1962
| image1= 1962- Net personal wealth - average in percentile ranges - linear scale - US.svg | caption1= The average personal wealth of people in the top 1% is more than a thousand times that of people in bottom 50%.<ref name=WID_through_2021/>
| image2= 1962- Net personal wealth - average in percentile ranges - logarithmic scale - US.svg | caption2= The logarithmic scale shows how wealth has increased for all percentile groups, though moreso for wealthier people.<ref name=WID_through_2021>{{cite web |title=Evolution of wealth indicators, USA, 1913-2019 |url=https://wid.world/country/usa/ |website=WID.world |publisher=World Inequality Database |access-date=September 6, 2023 |archive-url=https://web.archive.org/web/20230705011218/https://wid.world/country/usa/ |archive-date=July 5, 2023 |date=2022 |url-status=live }}</ref>
}}
As of Q4 2017, total household net worth in the United States was a record $99{{spaces}}trillion, an increase of $5.2{{spaces}}trillion from 2016. This increase reflects both stock market and housing price gains. This measure has been setting records since Q4 2012.<ref>{{cite web| url = https://fred.stlouisfed.org/graph/?graph_id=369801| title = FRED "Household and Non-Profit net worth{{snd}}Real and Nominal"}}</ref> If divided evenly, the $99{{spaces}}trillion represents an average of $782,000 per household (for about 126.2 million households) or $302,000 per person. However, median household net worth (i.e., half of the families above and below this level) was $97,300 in 2016. The bottom 25% of families had a median net worth of zero, while the 25th to 50th percentile had a median net worth of $40,000.<ref>{{cite web| url = https://www.federalreserve.gov/econres/scfindex.htm| title = Federal Reserve – Survey of Consumer Finances 2016}}</ref>

Wealth inequality is more unequal than income inequality, with the top 1% households owning approximately 42% of the net worth in 2012, versus 24% in 1979.<ref>{{cite news| url = http://gabriel-zucman.eu/uswealth/| title = Economist Gabriel Zucman "Wealth Inequality in the United States Since 1913"| newspaper = Gabriel Zucman &#124; Professor of Economics| date = October 12, 2014}}</ref> According to a September 2017 report by the Federal Reserve, wealth inequality is at record highs; the top 1% controlled 38.6% of the country's wealth in 2016.<ref>{{cite news |last=Egan|first=Matt |date=September 27, 2017|title=Record inequality: The top 1% controls 38.6% of America's wealth|url=https://money.cnn.com/2017/09/27/news/economy/inequality-record-top-1-percent-wealth/index.html|work=[[CNNMoney]]|access-date=October 12, 2017}}</ref> The [[Boston Consulting Group]] posited in June 2017 report that 1% of the Americans will control 70% of country's wealth by 2021.<ref>{{cite news |last=Steverman|first=Ben |date=June 16, 2017 |title=The U.S. Is Where the Rich Are the Richest|url=https://www.bloomberg.com/news/articles/2017-06-16/the-u-s-is-where-the-rich-are-the-richest|work=Bloomberg |access-date=October 22, 2017}}</ref>

The top 10% wealthiest possess 80% of all financial assets.<ref name="hurst34">{{cite book |last=Hurst|first=Charles E.|title=Social Inequality: Forms, Causes, and Consequences|year=2007|publisher=Pearson Education, Inc.|isbn=978-0205698295|page=34|url=https://books.google.com/books?id=M0FVPwAACAAJ}}</ref> [[Wealth inequality in the United States|Wealth inequality in the U.S.]] is greater than in most developed countries other than Sweden.<ref name="GlobalWealthRpt"><!--Global Wealth Report 2024-->{{cite Q|Q133822249|page = 21}}</ref> [[Inherited wealth]] may help explain why many Americans who have become rich may have had a "substantial head start".<ref name="Salon-20140324">{{cite web |last=Bruenig |first=Matt |title=You call this a meritocracy? How rich inheritance is poisoning the American economy |url=http://www.salon.com/2014/03/24/death_of_meritocracy_how_inheritance_is_poisoning_the_american_economy/ |date=March 24, 2014 |work=[[Salon (website)|Salon]] |access-date=August 24, 2014}}</ref><ref name="ECO-20140318">{{cite news |author=Staff |title=Inequality – Inherited wealth |url=https://www.economist.com/blogs/buttonwood/2014/03/inequality |date=March 18, 2014 |newspaper=[[The Economist]] |access-date=August 24, 2014}}</ref> In September 2012, according to the [[Institute for Policy Studies]], "over 60 percent" of the [[Forbes 400|Forbes richest 400 Americans]] "grew up in substantial privilege".<ref name="OW-20120924">{{cite web |last=Pizzigati |first=Sam |title=The 'Self-Made' Hallucination of America's Rich |url=http://inequality.org/selfmade-myth-hallucinating-rich/ |date=September 24, 2012 |work=[[Institute for Policy Studies]] |access-date=August 24, 2014}}</ref> Median household wealth fell 35% in the U.S., from $106,591 to $68,839 between 2005 and 2011, due to the [[Great Recession]], but has since recovered as indicated above.<ref>{{cite web|title=Median Household Net Worth by Quintile|url=https://www.census.gov/newsroom/releases/pdf/cb14-156_net_worth_graphic.pdf|website=United States Census|url-status=dead|archive-url=https://web.archive.org/web/20140912175408/http://www.census.gov/newsroom/releases/pdf/cb14-156_net_worth_graphic.pdf|archive-date=September 12, 2014}}</ref>

About 30% of the entire world's millionaire population resides in the United States ({{as of|2009|lc=y}}).<ref name="WorldWealthReport2010">{{cite web|url=http://www.capgemini.com/insights-and-resources/by-publication/world-wealth-report-2010/|title=World Wealth Report 2010 – Resource|date=June 18, 2010|access-date=August 10, 2017|archive-date=April 6, 2012|archive-url=https://web.archive.org/web/20120406122836/http://www.capgemini.com/insights-and-resources/by-publication/world-wealth-report-2010/|url-status=dead}}</ref> The [[Economist Intelligence Unit]] estimated in 2008 that there were 16,600,000 millionaires in the U.S.<ref>{{cite web |url=http://www.barclayswealth.com/files/volume5.pdf |archive-url=https://web.archive.org/web/20090326020703/http://www.barclayswealth.com/files/volume5.pdf |archive-date=March 26, 2009 |title=Barclays Wealth Insights |url-status=dead |access-date=February 2, 2017}}. Volume 5: Evolving Fortunes. Barclays (2008). p. 7</ref> Furthermore, 34% of the world's billionaires are American (in 2011).<ref name="forbes.com" /><ref>{{cite news|last=Ody |first=Elizabeth |url=https://www.bloomberg.com/news/2011-03-09/carlos-slim-tops-forbes-list-of-billionaires-for-second-year.html |title=Carlos Slim Tops Forbes List of Billionaires for Second Year |publisher=Bloomberg |date=March 10, 2011 |access-date=April 21, 2012}}</ref>

===Home ownership===
{{Further|Home-ownership in the United States|Housing in the United States}}
[[File:Cost of housing by State.webp|thumb|490px|Cost of housing by State]]

The U.S. home ownership rate in Q1 2018 was 64.2%, well below the all-time peak of 69.2% set in Q4 2004 during a [[United States housing bubble|housing bubble]]. Millions of homes were lost to foreclosure during the [[Great Recession]] of 2007–2009, bringing the ownership rate to a trough of 62.9% in Q2 2016. The average ownership rate from 1965 to 2017 was 65.3%.<ref>{{cite web| url = https://fred.stlouisfed.org/series/RHORUSQ156N| title = FRED "Homeownership rate for the United States"| date = January 1965}}</ref>

The average home in the United States has more than 700 square feet per person (65 square meters), which is 50%–100% more than the average in other high-income countries. Similarly, ownership rates of gadgets and amenities are relatively high compared to other countries.<ref name="Rector-Johnson">{{cite web |url=http://www.heritage.org/Research/Welfare/bg1713.cfm|title=Understanding Poverty in America|date=January 5, 2004|author1=Robert E. Rector|author2=Kirk A. Johnson|url-status=unfit|archive-url=https://web.archive.org/web/20100313053958/http://www.heritage.org/research/welfare/bg1713.cfm|archive-date=March 13, 2010}}</ref><ref name="Rector">{{cite web |url=http://www.heritage.org/Research/Welfare/bg2064.cfm|title=How Poor Are America's Poor? Examining the "Plague" of Poverty in America|date=August 27, 2007|author=Robert Rector|url-status=unfit|archive-url=https://web.archive.org/web/20100312170900/http://www.heritage.org/Research/Welfare/bg2064.cfm|archive-date=March 12, 2010}}</ref><ref>W. Michael Cox and Richard Alm (1999), The myths of rich and poor: why we're better off than we think. New York: Basic Books</ref>

It was reported by Pew Research Center in 2016 that, for the first time in 130 years, Americans aged 18 to 34 are more likely to live with their parents than in any other housing situation.<ref>[https://www.theguardian.com/money/us-money-blog/2016/may/27/housing-market-real-estate-millennials-living-at-home-with-parents Millennials aren't buying homes right now. What if they never do?] ''[[The Guardian]].'' May 27, 2016.</ref>

In one study by ATTOM Data Solutions, in 70% of the counties surveyed, homes are increasingly unaffordable for the average U.S. worker.<ref>{{cite news |last=Min |first=Sarah |date=March 28, 2019|title=Average Americans can't afford a home in 70 percent of the country|url=https://www.cbsnews.com/news/housing-market-2019-americans-cant-afford-a-home-in-70-percent-of-the-country|work=[[CBS News]] |access-date=April 1, 2019}}</ref>

As of 2018, the number of U.S. citizens residing in their vehicles increased in major cities with significantly higher than average housing costs such as [[Los Angeles]], [[Portland, Oregon|Portland]] and [[San Francisco]].<ref>{{cite news |last=Berr |first=Johnathan |date=July 31, 2018 |title=More Americans are forced to "reside" in their vehicles|url=https://www.cbsnews.com/news/more-americans-are-living-in-their-vehicles-amid-high-housing-prices/|work=[[CBS MoneyWatch]]|access-date=August 2, 2018}}</ref><ref>{{cite magazine |url=http://www.governing.com/topics/health-human-services/gov-homeless-shelter-car.html |first=Mattie|last=Quinn|title='It's the New Form of Affordable Housing': More People Are Living in Their Cars|magazine=[[Governing (magazine)|Governing]]|date=July 24, 2018|access-date=January 19, 2019}}</ref>

According to [[CNBC]], the median sale price for a U.S. home in 2017 was US$199,200.<ref>{{cite news |last1=Martin |first1=Emmie |title=MONEY Here's how much housing prices have skyrocketed over the last 50 years |url=https://www.cnbc.com/2017/06/23/how-much-housing-prices-have-risen-since-1940.html |access-date=April 6, 2023 |work=[[CNBC]] |date=June 23, 2017 |archive-url=https://web.archive.org/web/20230328034119/https://www.cnbc.com/2017/06/23/how-much-housing-prices-have-risen-since-1940.html |archive-date=March 28, 2023 |language=en|url-status=live}}</ref> By February 2023, the median U.S. home sale price grew to US$392,000 according to [[Statista]].<ref>{{cite web | url=https://www.statista.com/statistics/272776/median-price-of-existing-homes-in-the-united-states-from-2011/#:~:text=Median%20sale%20price%20of%20existing,2022%20with%20forecast%20for%202023&text=In%20the%20third%20quarter%20of,by%20the%20end%20of%202023. | title=Median home price in the U.S. 2022 and forecast until 2023 }}</ref> The US has a country-wide housing shortage caused by insufficient housing construction (which declined severely after the 2008 [[Great Recession]]), and has caused rents and home prices to rise to increasingly unaffordable levels, with one estimate of the shortage being 3.8 million units in 2019, with this shortage having gotten worse during and since the pandemic.<ref>{{cite web | url=https://www.fanniemae.com/research-and-insights/perspectives/us-housing-shortage | title=U.S. Housing Shortage: Everything, Everywhere, All at Once &#124; Fannie Mae }}</ref><ref>{{cite web | url=https://www.usatoday.com/story/money/2022/10/26/housing-market-worsens-mortgage-interest-rates/10588515002/ | title=The US housing shortage is 'awful' and will likely get worse with no apparent end in sight | website=[[USA Today]] }}</ref>

As of January 2024, in roughly half of cities in the U.S., workers need incomes of $100,000 or more in order to purchase a home as a result of rising housing prices and interest rate hikes.<ref>{{cite news |last=Picchi|first=Aimee|date=January 12, 2024 |title=Here's why Americans are so unhappy with the economy, in 3 charts|url=https://www.cbsnews.com/news/economy-inflation-why-americans-are-so-unhappy-three-charts/|work=[[CBS News]] |location= |access-date=January 12, 2024}}</ref>

===Profits and wages===
[[File:Wages in the United States.webp|thumb|300px|Wages in the United States
{{legend-line|#5E5E5E solid 3px|[[Nominalism|Nominal]] wages}}
{{legend|#0094EC|outline=#0076BA|[[Adjusted-for-inflation|Adjusted for inflation]] wages}}
]]
{{See also|List of U.S. states and territories by median wage and mean wage}}

[[Real wages]] (wages adjusted for inflation) for most workers in the United States and median incomes have either declined or remained stagnant for the last twenty to forty years.<ref>{{Cite book |last=Bergsten |first=C. Fred |title=The United States vs. China : the quest for global economic leadership |date=2022 |isbn=978-1-5095-4735-7 |location=Cambridge |pages=303 |oclc=1255691875}}</ref><ref>{{Cite web |last=Lee |first=Nathaniel |title=Why American wages haven't grown despite increases in productivity |url=https://www.cnbc.com/2022/07/19/heres-how-labor-dynamism-affects-wage-growth-in-america.html |access-date=November 25, 2022 |website=CNBC |date=July 19, 2022 |language=en}}</ref><ref>{{Cite web |last=DeSilver |first=Drew |title=For most U.S. workers, real wages have barely budged in decades |url=https://www.pewresearch.org/fact-tank/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/ |access-date=November 25, 2022 |website=Pew Research Center |date=August 7, 2018 |language=en-US}}</ref><ref>{{Cite web |title=Wage Stagnation in Nine Charts |url=https://www.epi.org/publication/charting-wage-stagnation/ |access-date=November 25, 2022 |website=Economic Policy Institute |language=en-US}}</ref> A 2020 microanalysis demonstrated that in the preceding four decades labor's share of national output declined while over the same period the profit share of the same output increased.<ref>{{cite book |last=Mattei|first=Clara E.|authorlink=Clara Mattei |date=2022 |title=[[The Capital Order: How Economists Invented Austerity and Paved the Way to Fascism]]|page=18|url=|location= |publisher=[[University of Chicago Press]]|isbn=978-0226818399}}</ref>

In 1970, [[wage]]s represented more than 51% of the U.S. GDP and profits were less than 5%. But by 2013, wages had fallen to 44% of the economy, while profits had more than doubled to 11%.<ref name="DThompson">{{cite news|last=Derek|first=Thompson|title=Corporate Profits Are Eating the Economy|url=https://www.theatlantic.com/business/archive/2013/03/corporate-profits-are-eating-the-economy/273687/|access-date=March 18, 2013|newspaper=The Atlantic|date=March 4, 2013}}</ref> Inflation-adjusted ("real") per capita [[Disposable and discretionary income|disposable personal income]] rose steadily in the U.S. from 1945 to 2008, but has since remained generally level.<ref>[http://research.stlouisfed.org/fred2/graph/?g=f3v "Real Disposable Personal Income: Per capita"] ''Federal Reserve Bank of St. Louis'', 2013</ref><ref>[http://thinkprogress.org/economy/2013/01/25/1495171/the-rich-are-enjoying-the-recovery-while-wages-fall-for-everyone-else/ "The Rich Are Enjoying The Recovery While Wages Fall For Everyone Else"] ''ThinkProgress'', January 25, 2013.</ref>

In 2005, median personal income for those over the age of 18 ranged from $3,317 for an unemployed, married [[Asian American]] female<ref>{{cite web|url=http://pubdb3.census.gov/macro/032006/perinc/new02_067.htm|archive-url=https://web.archive.org/web/20120205211730/http://pubdb3.census.gov/macro/032006/perinc/new02_067.htm|archive-date=February 5, 2012|title=US Census Bureau, females, 18 or older, unemployed, personal income, 2005|access-date=December 8, 2006}}</ref> to $55,935 for a full-time, year-round employed Asian American male.<ref>{{cite web|url=http://pubdb3.census.gov/macro/032006/perinc/new02_037.htm|archive-url=https://web.archive.org/web/20120205211741/http://pubdb3.census.gov/macro/032006/perinc/new02_037.htm|archive-date=February 5, 2012|title=US Census Bureau, male, 18 or older, employed full-time year round, 2005|access-date=December 8, 2006}}</ref> According to the U.S. Census men tended to have higher income than women while Asians and [[White American|Whites]] earned more than [[African American]]s and [[Hispanic and Latino Americans|Hispanics]]. The overall median personal income for all individuals over the age of 18 was $24,062<ref>{{cite web|url=http://pubdb3.census.gov/macro/032006/perinc/new02_001.htm|archive-url=https://web.archive.org/web/20120205211745/http://pubdb3.census.gov/macro/032006/perinc/new02_001.htm|archive-date=February 5, 2012|title=US Census Bureau, 18+ age, 2005|access-date=December 8, 2006}}</ref> ($32,140 for those age 25 or above) in the year 2005.<ref>{{cite web |url=http://pubdb3.census.gov/macro/032006/perinc/new03_001.htm |title=US Census Bureau, Personal income for all sexes, races in 2005 |access-date=November 19, 2006 |url-status=dead |archive-url=https://web.archive.org/web/20070319232115/http://pubdb3.census.gov/macro/032006/perinc/new03_001.htm |archive-date=March 19, 2007 }}</ref>

As a reference point, the minimum wage rate in 2009 and 2017 was $7.25 per hour or $15,080 for the 2080 hours in a typical work year. The minimum wage is a little more than the poverty level for a single person unit and about 50% of the [[Poverty in the United States|poverty level]] for a family of four.

According to an October 2014 report by the [[Pew Research Center]], [[real wages]] have been flat or falling for the last five decades for most U.S. workers, regardless of job growth.<ref>{{cite web|url=http://www.pewresearch.org/fact-tank/2014/10/09/for-most-workers-real-wages-have-barely-budged-for-decades/|title=For most workers, real wages have barely budged for decades|last=Desilver|first=Drew|date=October 9, 2014|publisher=Pew Research Center|access-date=July 20, 2018|quote=But a look at five decades' worth of government wage data suggests that the better question might be, why should now be any different? For most U.S. workers, real wages{{snd}}that is, after inflation is taken into account{{snd}}have been flat or even falling for decades, regardless of whether the economy has been adding or subtracting jobs.|archive-date=August 6, 2018|archive-url=https://web.archive.org/web/20180806142636/http://www.pewresearch.org/fact-tank/2014/10/09/for-most-workers-real-wages-have-barely-budged-for-decades/|url-status=dead}}</ref> Bloomberg reported in July 2018 that real GDP per capita has grown substantially since the Great Recession.<ref>{{cite news |last=Smith |first=Noah |date=July 25, 2018|title=How About a Free Market for Wages?|url=https://www.bloomberg.com/view/articles/2018-07-25/states-should-ban-contracts-barring-workers-from-joining-rivals |work=Bloomberg Opinion |access-date=August 31, 2018}}</ref>

An August 2017 survey by [[CareerBuilder]] found that eight out of ten U.S. workers live paycheck to paycheck. CareerBuilder spokesman Mike Erwin blamed "stagnant wages and the rising cost of everything from education to many consumer goods".<ref>{{cite news |last=Picchi |first=Aimee |date=August 24, 2017 |title=Vast number of Americans live paycheck to paycheck|url=https://www.cbsnews.com/news/americans-living-paycheck-to-paycheck/|work=[[CBS News]] |access-date=August 25, 2017}}</ref> According to a survey by the federal [[Consumer Financial Protection Bureau]] on the financial well-being of U.S. citizens, roughly half have trouble paying bills, and more than one third have faced hardships such as not being able to afford a place to live, running out of food, or not having enough money to pay for medical care.<ref>{{cite news |last=Albrecht |first=Leslie |date=September 27, 2017 |title=One-third of American households can't afford food, shelter or medical care|url=http://www.marketwatch.com/story/one-third-of-american-households-cant-afford-food-shelter-or-medical-care-2017-09-27|work=[[Marketwatch]] |access-date=October 6, 2017}}</ref> According to journalist and author [[Alissa Quart]], the cost of living is rapidly outpacing the growth of salaries and wages, including those for traditionally secure professions such as teaching. She writes that "middle-class life is now 30% more expensive than it was 20 years ago."<ref>{{cite news |last=Getlen |first=Larry |date=July 23, 2018|title=America's middle class is slowly being 'wiped out'|url=https://www.marketwatch.com/story/americas-middle-class-is-slowly-being-wiped-out-2018-07-23|work=[[MarketWatch]]|access-date=July 29, 2018}}</ref>

In February 2019, the [[Federal Reserve Bank of New York]] reported that seven million U.S. citizens are three months or more behind on their car payments, setting a record. This is considered a red flag by economists, that Americans are struggling to pay bills in spite of a low unemployment rate.<ref>{{cite news |last= Long|first=Heather|date=February 13, 2019 |title=Record 7 million Americans are 3 months behind on car payments|url=https://www.boston.com/cars/car-news/2019/02/13/record-7-million-americans-are-3-months-behind-on-car-payments|work=boston.com |access-date=February 15, 2019}}</ref> A May 2019 poll conducted by [[NPR]] found that among rural Americans, 40% struggle to pay for healthcare, food and housing, and 49% could not pay cash for a $1,000 emergency, and would instead choose to borrow in order to pay for such an unexpected emergency expense.<ref>{{cite news |last1=Neel |first1=Joe|last2=Neighmond |first2=Patti |date=May 21, 2019|title=Poll: Many Rural Americans Struggle With Financial Insecurity, Access To Health Care|url=https://www.npr.org/sections/health-shots/2019/05/21/725059882/poll-many-rural-americans-struggle-with-financial-insecurity-access-to-health-ca|work=NPR |access-date=May 21, 2019}}</ref> Some experts assert that the US has experienced a "two-tier recovery", which has benefitted 60% of the population, while the other 40% on the "lower tier" have been struggling to pay bills as the result of stagnant wages, increases in the cost of housing, education and healthcare, and growing debts.<ref>{{cite news |last=Long |first=Heather|date=July 4, 2019 |title='This doesn't look like the best economy ever': 40% of Americans say they still struggle to pay bills |url=https://www.msn.com/en-us/news/us/this-doesnt-look-like-the-best-economy-ever-40percent-of-americans-say-they-still-struggle-to-pay-bills/ar-AADRErK?li=BBnbcA1|newspaper=[[The Washington Post]] |access-date=July 5, 2019}}</ref>

A 2021 study by the [[National Low Income Housing Coalition]] found that workers would have to make at least $24.90 an hour to be able to afford (meaning 30% of a person's income or less) renting a standard two-bedroom home or $20.40 for a one-bedroom home anywhere in the US. The former is 3.4 times higher than the current federal minimum wage.<ref>{{cite news |last=Romo |first=Vanessa |date=July 14, 2021 |title=Rents Are Out Of Reach For Most Americans Earning Minimum Wage, A Study Says |url=https://www.npr.org/2021/07/14/1016230724/rents-are-out-of-reach-for-most-americans-earning-minimum-wage-a-study-says |work=NPR |location= |access-date=July 15, 2021}}</ref>

The [[USCB]] reported in September 2023 that incomes fell last year by 2.3% from 2021, which is the third consecutive year incomes have declined.<ref>{{cite news |last=Picchi |first=Aimee |date=September 12, 2023 |title=America's poverty rate soared last year. Children were among the worst hit.|url=https://www.cbsnews.com/news/poverty-rate-census-income/|work=CBS News |location= |access-date=September 15, 2023}}</ref>

===Poverty===
{{Main|Poverty in the United States}}

[[File:Number in Poverty and Poverty Rate 1959 to 2011. United States..PNG|thumb|upright=1.8|Number in poverty and poverty rate: 1959 to 2016. United States.]]
Starting in the 1980s [[relative poverty]] rates have consistently exceeded those of other wealthy nations, though analyses using a common data set for comparisons tend to find that the U.S. has a lower absolute poverty rate by market income than most other wealthy nations.<ref name="National Research Council">{{cite book |title=U.S. Health in International Perspective |url= http://www.nap.edu/openbook.php?record_id=13497&page=171 |publisher=National Research Council and Institute of Medicine |access-date=April 8, 2013 |author1=Woolf, Steven |author2=Aaron, Laudon |year = 2013|pages=171–72|doi = 10.17226/13497|pmid = 24006554|isbn = 978-0-309-26414-3}}</ref> [[Extreme poverty]] in the United States, meaning households living on less than $2 per day before government benefits, doubled from 1996 levels to 1.5 million households in 2011, including 2.8 million children.<ref name=NatlPovertyCtr>[http://npc.umich.edu/publications/policy_briefs/brief28/policybrief28.pdf "Extreme Poverty in the United States, 1996 to 2011"] {{Webarchive|url=https://web.archive.org/web/20191217142924/http://www.npc.umich.edu/publications/policy_briefs/brief28/policybrief28.pdf |date=December 17, 2019 }} ''National Poverty Center'', February 2012.</ref> In 2013, [[child poverty]] reached record high levels, with 16.7 million children living in [[Famine scales#Combined intensity and magnitude scales|food insecure]] households, about 35% more than 2007 levels.<ref name=WalkerBBC>{{cite news|last=Walker|first=Duncan|title=The children going hungry in America|url=https://www.bbc.co.uk/news/magazine-21636723|access-date=March 13, 2013|newspaper=BBC News|date=March 6, 2013}}</ref> As of 2015, 44 percent of children in the United States live with low-income families.<ref>[https://www.pbs.org/newshour/nation/nccp-finds-44-percent-u-s-children-live-low-income-families Report finds 44 percent of U.S. children live in low-income families]. ''PBS Newshour''. April 6, 2015.</ref>

In 2016, 12.7% of the U.S. population [[Poverty in the United States|lived in poverty]], down from 13.5% in 2015. The poverty rate rose from 12.5% in 2007 before the [[Great Recession]] to a 15.1% peak in 2010, before falling back to just above the 2007 level. In the 1959–1962 period, the poverty rate was over 20%, but declined to the all-time low of 11.1% in 1973 following the [[war on poverty]] begun during the Lyndon Johnson presidency.<ref>{{cite web| url = https://www.census.gov/library/publications/2017/demo/p60-259.html| title = U.S. Census Bureau{{snd}}Income and Poverty in the United States 2016}}</ref> In June 2016, The IMF warned the United States that its high poverty rate needs to be tackled urgently.<ref>[https://www.bbc.com/news/business-36599316 IMF warns the US over high poverty]. BBC, June 22, 2016.</ref>

[[File:Total US family wealth timeline by wealth group.png|thumb|250px|[[Wealth inequality in the United States]] increased from 1989 to 2013.<ref>{{cite news|title=Trends in Family Wealth, 1989 to 2013|url=https://www.cbo.gov/publication/51846|date=August 18, 2016|work=[[Congressional Budget Office]]}}</ref>]]
The population in extreme-poverty neighborhoods rose by one third from 2000 to 2009.<ref name="Concentrated Poverty">Kneebone, Elizabeth; Nadeau, Carey; Berube, Alan (November 3, 2011). [http://www.brookings.edu/research/papers/2011/11/03-poverty-kneebone-nadeau-berube "The Re-Emergence of Concentrated Poverty: Metropolitan Trends in the 2000s"]. ''[[Brookings Institution]].''</ref> People living in such neighborhoods tend to suffer from inadequate access to quality education; higher crime rates; higher rates of physical and psychological ailment; limited access to credit and wealth accumulation; higher prices for goods and services; and constrained access to job opportunities.<ref name="Concentrated Poverty" /> As of 2013, 44% of America's poor are considered to be in "deep poverty", with an income 50% or more below the government's official poverty line.<ref>Shah, Neil (October 11, 2013).[https://www.wsj.com/news/articles/SB10001424052702304500404579127603306039292 U.S. Poverty Rate Stabilizes{{snd}}For Some]. ''[[The Wall Street Journal]]'' (New York).</ref>

According to the US [[Department of Housing and Urban Development]]'s Annual Homeless Assessment Report, {{As of|2024|lc=y}} there were around 771,480 [[Homelessness in the United States|homeless people in the United States]] on a given night, or about 23 of every 10,000 people.<ref>{{cite news |last=Singh|first=Kanishka |date=December 27, 2024|title=US homelessness rose by record 18% in latest annual data|url=https://www.reuters.com/world/us/us-homelessness-rose-by-record-18-latest-annual-data-2024-12-27/|work=[[Reuters]] |location= |publisher= |access-date=February 13, 2025}}</ref><ref>{{cite news |last=Waldmeir |first=Patti |date=February 10, 2025 |title=The growing problem of child homelessness in the US|url=https://www.ft.com/content/c95893f4-1d7c-473a-a5fe-17b49acd56f1|work=[[Financial Times]] |location= |publisher= |access-date=February 13, 2025}}</ref> Almost two thirds stayed in an emergency shelter or transitional housing program and the other third were living on the street, in an abandoned building, or another place not meant for human habitation. About 1.56 million people, or about 0.5% of the U.S. population, used an emergency shelter or a transitional housing program between October 1, 2008, and September 30, 2009.<ref name=HUDhomeless2009>{{cite web|url=http://www.huduser.org/publications/pdf/5thHomelessAssessmentReport.pdf |title=HUD 5th Annual Homelessness Assessment Report to Congress, June 2010 |access-date=October 20, 2013}}</ref> Around 44% of homeless people are employed.<ref>[http://www.nationalhomeless.org/factsheets/employment.html Employment and Homelessness] {{Webarchive|url=https://web.archive.org/web/20190526022516/http://www.nationalhomeless.org/factsheets/employment.html|date=May 26, 2019}}. ''[[National_Coalition_for_the_Homeless]],'' July 2009.</ref> Homelessness increased from 2016 to 2020, along with deaths among the homeless population.<ref>{{cite web | last=McCormick | first=Erin | title='Homelessness is lethal': US deaths among those without housing are surging | website=[[The Guardian]] | date=February 7, 2022 | url=https://www.theguardian.com/us-news/2022/feb/07/homelessness-is-lethal-deaths-have-risen-dramatically | access-date=June 16, 2023}}</ref>

[[File:New Orleans Homeless Camp (Cropped).jpg|alt=A homeless camp under a highway bridge in New Orleans, LA|thumb|A homeless camp in New Orleans, March 2023]]

The United States has one of the least extensive social safety nets in the developed world, reducing both relative poverty and absolute poverty by [[Welfare's effect on poverty|considerably less than the mean for wealthy nations]].<ref name="Sme">{{cite journal |last1= Smeeding |first1= T.M. |year=2005 |title= Public Policy: Economic Inequality and Poverty: The United States in Comparative Perspective| journal= Social Science Quarterly |volume=86 |pages=955–83 |doi= 10.1111/j.0038-4941.2005.00331.x|doi-access= free }}</ref><ref>{{cite journal |last1= Kenworthy |first1= L. |year= 1999 |title= Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment| journal =Social Forces|volume = 77|issue=3|pages= 1119–39 |doi=10.1093/sf/77.3.1119|url= https://www.econstor.eu/bitstream/10419/160860/1/lis-wps-188.pdf}}</ref><ref>{{cite journal |author1=Bradley, D. |author2=E. Huber |author3=S. Moller |author4=F. Nielsen |author5=J.D. Stephens |name-list-style=amp|year=2003 | title = Determinants of Relative Poverty in Advanced Capitalist Democracies| journal = American Sociological Review | volume = 68 | issue = 1| pages = 22–51 | doi = 10.2307/3088901 |jstor=3088901|s2cid=144289954 }}</ref><ref>Kevin Drum (September 26, 2013). [https://www.motherjones.com/kevin-drum/2013/09/we-can-reduce-poverty-if-we-want-we-just-have-want We Can Reduce Poverty If We Want To. We Just Have To Want To.] ''[[Mother Jones (magazine)|Mother Jones]].''</ref><ref>Gould, Elise and Wething, Hilary (July 24, 2012). [http://www.epi.org/publication/ib339-us-poverty-higher-safety-net-weaker/ "U.S. poverty rates higher, safety net weaker than in peer countries."] ''[[Economic Policy Institute]].''</ref> Some experts posit that those in poverty live in conditions rivaling the [[Developing country|developing world]].<ref>{{cite book |last= Temin|first=Peter|author-link=Peter Temin|date=2017 |title=The Vanishing Middle Class: Prejudice and Power in a Dual Economy|url=https://mitpress.mit.edu/books/vanishing-middle-class|publisher= [[MIT Press]]|isbn=978-0262036160}}</ref><ref>{{cite news |last= Alston|first=Philp|date=December 15, 2017 |title=Extreme poverty in America: read the UN special monitor's report|url=https://www.theguardian.com/world/2017/dec/15/extreme-poverty-america-un-special-monitor-report|work=The Guardian |access-date=December 16, 2017}}</ref> A May 2018 report by the U.N. Special Rapporteur on extreme poverty and human rights found that over five million people in the United States live "in 'Third World' conditions".<ref>{{cite news |date=June 4, 2018|title="Contempt for the poor in US drives cruel policies," says UN expert|url=https://www.ohchr.org/en/press-releases/2018/06/contempt-poor-us-drives-cruel-policies-says-un-expert|work=OHCHR|access-date=June 6, 2018}}</ref> Poverty is the fourth leading risk factor for premature death annually, according to a 2023 study published in ''[[JAMA]]''.<ref>{{cite news |last=Danelski |first=David |date=April 17, 2023|title=Poverty is the 4th greatest cause of U.S. deaths|url=https://news.ucr.edu/articles/2023/04/17/poverty-4th-greatest-cause-us-deaths|work=news.ucr.edu|location= |access-date=June 23, 2023}}</ref><ref>{{cite journal |last1=Brady|first1=David |last2=Kohler|first2=Ulrich|last3=Zheng|first3=Hui |date=2023|title=Novel Estimates of Mortality Associated With Poverty in the US|url= |journal=The Journal of the American Medical Association|volume=183 |issue=6 |pages=504–628|doi=10.1001/jamainternmed.2023.0276|pmid=37067817 |pmc=10111231 |access-date= }}</ref><ref>{{cite news |last=Jarow|first=Oshan |date=July 14, 2023|title=Poverty is a major public health crisis. Let's treat it like one.|url=https://www.vox.com/future-perfect/23792854/poverty-mortality-study-public-health-antipoverty-america-deaths-poor-life-expectancy|work=Vox |location= |access-date=September 3, 2023|quote=Their results find poverty is America’s fourth-leading risk factor for death, behind only heart disease, cancer, and smoking. A single year of poverty, defined relatively in the study as having less than 50 percent of the US median household income, is associated with 183,000 American deaths per year. Being in “cumulative poverty,” or 10 years or more of uninterrupted poverty, is associated with 295,000 annual deaths.}}</ref> Over the last three decades the poor in America have been [[Incarceration in the United States|incarcerated]] at a much higher rate than their counterparts in other developed nations, with penal confinement being "commonplace for poor men of working age".<ref>Bruce Western. [https://www.jstor.org/discover/10.2307/23042281?uid=3739896&uid=2&uid=4&uid=3739256&sid=21104624536741 Poverty Politics and Crime Control in Europe and America]. ''[[Contemporary Sociology]]''
Vol. 40, No. 3 (May 2011), pp. 283–86</ref> Some scholars contend that the shift to [[Neoliberalism|neoliberal]] social and economic policies starting in the late 1970s has expanded the penal state, retrenched the social [[welfare state]], deregulated the economy and criminalized poverty, ultimately "transforming what it means to be poor in America".<ref>Stephen Haymes, Maria Vidal de Haymes and Reuben Miller (eds), ''[http://www.routledge.com/books/details/9780415673440/ The Routledge Handbook of Poverty in the United States],'' (London: [[Routledge]], 2015), {{ISBN|0415673445}}, pp. [https://books.google.com/books?id=qnHfBQAAQBAJ&pg=PA3 3], [https://books.google.com/books?id=qnHfBQAAQBAJ&pg=PA346 346].</ref><ref>{{cite book |last = Wacquant |first = Loïc |date = 2009 |title = Punishing the Poor: The Neoliberal Government of Social Insecurity|chapter=America as Living Laboratory of the Neoliberal Future|url =https://read.dukeupress.edu/books/book/1399/Punishing-the-PoorThe-Neoliberal-Government-of|chapter-url=https://read.dukeupress.edu/books/book/1399/chapter/167554/PrologueAmerica-as-Living-Laboratory-of-the|publisher = [[Duke University Press]] |pages = xi-xxiii, 125–26, 312 |isbn = 978-0822344223 |author-link = Loïc Wacquant }}</ref><ref>Marie Gottschalk. ''[http://press.princeton.edu/titles/10731.html Caught: The Prison State and the Lockdown of American Politics].'' [[Princeton University Press]], 2014. {{ISBN|0691164053}} [https://books.google.com/books?id=CzDFCgAAQBAJ&pg=PA10 p. 10]</ref>

Sociologist [[Matthew Desmond]] writes in his 2023 book ''[[Poverty, by America]]'' that the US "offers some of the lowest wages in the industrialized world," which has "swelled the ranks of the working poor, most of whom are thirty-five or older."<ref>{{cite book |last=Desmond|first=Matthew |author-link=Matthew Desmond|date=2023 |title=[[Poverty, by America]]|url= |location= |publisher=Crown Publishing Group|page=62 |isbn=9780593239919}}</ref> Social scientist [[Mark Robert Rank]] asserts that the high rates of poverty in the U.S. can largely be explained as structural failures at the economic and political levels.<ref>{{cite book |last=Rank|first=Mark Robert |author-link=Mark Robert Rank|date=2023|title=The Poverty Paradox: Understanding Economic Hardship Amid American Prosperity|url=https://books.google.com/books?id=hGewEAAAQBAJ&pg=PA4|location= |publisher=[[Oxford University Press]]|pages=4, 121 |isbn= 978-0190212636|quote=The tendency of our free market economy has been to produce a growing number of jobs that will no longer support a family. In addition, the basic nature of capitalism ensures that unemployment exists at modest levels. Both of these directly result in a shortage of economic opportunities in American society. In addition, the absence of social supports stems from failings at the political and policy levels. The United States has traditionally lacked the political desire to put in place effective policies and programs that would support the economically vulnerable. Structural failing at the economic and political levels have therefore produced a lack of opportunities and supports, resulting in high rates of American poverty. (p.121)}}</ref>

==Health care==
[[File:Health Insurance Coverage in the U.S. 2016 - v1.png|thumb|right|300px|U.S. health insurance coverage by source in 2016. CBO estimated ACA/Obamacare was responsible for 23 million persons covered via exchanges and Medicaid expansion.<ref name="CBO_Subsidy2016">{{cite web|url=https://www.cbo.gov/publication/51385|title=Federal Subsidies for Health Insurance Coverage for People Under Age 65|publisher=CBO|date=March 24, 2016}}</ref>]]
[[File:OECD life expectacy and health spending per capita 2013 v1.png|thumb|right|300px|Chart showing life expectancy at birth and health care spending per capita for OECD countries as of 2015. The U.S. is an outlier, with much higher spending but below average life expectancy.<ref>{{cite book| url = http://www.oecd.org/health/health-systems/health-at-a-glance-19991312.htm| title = OECD Health at a Glance 2015{{snd}}Table 3.3| date = November 7, 2023| doi = 10.1787/7a7afb35-en| isbn = 978-92-64-77767-5}}</ref>]]
[[File:Healthcare costs to GDP OECD 2015 v1.png|thumb|right|300px|Bar chart comparing healthcare costs as percentage of GDP across OECD countries]]
[[File:U.S. healthcare coverage 2008-2026.png|thumb|right|300px|U.S. uninsured number (millions) and rate (%), including historical data through 2016 and two CBO forecasts (2016/Obama policy and 2018/Trump policy) through 2026. Two key reasons for more uninsured under President Trump include: 1) Eliminating the individual mandate to have health insurance; and 2) Stopping cost sharing reduction payments.<ref>{{cite web|url=https://www.cbo.gov/publication/53826|title=Federal Subsidies for Health Insurance Coverage for People Under Age 65: 2018 to 2028|date=May 23, 2018|access-date=June 17, 2018}}</ref>]]

{{Main|Health care in the United States}}

{{Update|uninsured statistics|date=October 2016}}

===Coverage===
{{Further|Health insurance coverage in the United States}}
The American system is a mix of public and private insurance. The government provides insurance coverage for approximately 53 million elderly via [[Medicare (United States)|Medicare]], 62 million lower-income persons via [[Medicaid]], and 15 million military veterans via the [[Veteran's Administration]]. About 178 million employed by companies receive subsidized health insurance through their employer, while 52 million other persons directly purchase insurance either via the subsidized marketplace exchanges developed as part of the [[Affordable Care Act]] or directly from insurers. The private sector delivers healthcare services, with the exception of the Veteran's Administration, where doctors are employed by the government.<ref name="Census2016">{{cite web|url=https://www.census.gov/library/publications/2017/demo/p60-260.html|title=Health Insurance Coverage in the United States: 2016|website=census.gov}}</ref>

Multiple surveys indicate the number of uninsured fell between 2013 and 2016 due to expanded [[Medicaid]] eligibility and health insurance exchanges established due to the [[Patient Protection and Affordable Care Act]], also known as the "ACA" or "Obamacare". According to the [[United States Census Bureau]], in 2012 there were 45.6 million people in the US (14.8% of the under-65 population) who were without health insurance. This figure fell by 18.3 million (40%) to 27.3 million (8.6% of the under-65 population) by 2016.<ref name="Census_HistTable">{{cite web|url=https://www.census.gov/data/tables/time-series/demo/health-insurance/historical-series/hic.html|title=Health Insurance Historical Tables –HIC Series|publisher=Census}}</ref>

However, under President Trump these gains in healthcare coverage have begun to reverse. The [[Commonwealth Fund]] estimated in May 2018 that the number of uninsured increased by four million from early 2016 to early 2018. The rate of those uninsured increased from 12.7% in 2016 to 15.5%. The impact was greater among lower-income adults, who had a higher uninsured rate than higher-income adults. Regionally, the South and West had higher uninsured rates than the North and East. Further, those 18 states that have not expanded Medicaid had a higher uninsured rate than those that did.<ref>{{cite web |url=http://www.commonwealthfund.org/publications/blog/2018/apr/health-coverage-erosion |title=Commonwealth Fund – First Look at Health Insurance Coverage in 2018 Finds ACA Gains Beginning to Reverse |date= May 1, 2018 |doi=10.26099/aacp-5268 |last1=Collins |first1=Sara R. |last2=Gunja |first2=Munira Z. |last3=Doty |first3=Michelle M. |last4=Bhupal |first4=Herman K. |publisher=Commonwealth Fund |work=To the Point}}</ref>

According to [[Physicians for a National Health Program]], this lack of insurance causes roughly 48,000 unnecessary deaths per year.<ref name=uninsureddeaths>{{cite web |last= Woolhandler |first= S. |date= September 12, 2012 |title= Despite slight drop in uninsured, last year's figure points to 48,000 preventable deaths |publisher= Physicians for a National Health Program |url= http://www.pnhp.org/news/2012/september/despite-slight-drop-in-uninsured-last-year%E2%80%99s-figure-points-to-48000-preventable- |access-date= September 26, 2012 |display-authors= etal |archive-url= https://web.archive.org/web/20120924021844/http://www.pnhp.org/news/2012/september/despite-slight-drop-in-uninsured-last-year%E2%80%99s-figure-points-to-48000-preventable- |archive-date=September 24, 2012 |url-status=dead}}</ref> The group's methodology has been criticized by [[John C. Goodman]] for not looking at cause of death or tracking insurance status changes over time, including the time of death.<ref>{{cite journal|last=Goodman|first=John|title=Does Lack Of Insurance Cause Premature Death?|journal=Health Affairs Forefront |url=https://www.healthaffairs.org/do/10.1377/forefront.20090921.002196|publisher=Health Affairs|date=September 21, 2009|doi=10.1377/forefront.20090921.002196|url-access=subscription}}</ref> A 2009 study by former [[Bill Clinton|Clinton]] policy adviser Richard Kronick found no increased mortality from being uninsured after certain risk factors were controlled for.<ref>{{cite journal|last1=Kronick|first1=Richard|title=Health Insurance Coverage and Mortality Revisited|journal=Health Services Research|date=August 2009|volume=44|issue=4|pages=1211–31|doi=10.1111/j.1475-6773.2009.00973.x|pmid=19453392|pmc=2739025}}<!--|access-date=August 15, 2014--></ref>

===Outcomes===
The U.S. lags in overall healthcare performance but is [[Biomedical research in the United States|a global leader in medical innovation]]. America solely developed or contributed significantly to nine of the top ten most important medical innovations since 1975 as ranked by a 2001 poll of physicians, while the EU and Switzerland together contributed to five. Since 1966, Americans have received more [[List of Nobel laureates in Physiology or Medicine|Nobel Prizes in Medicine]] than the rest of the world combined. From 1989 to 2002, four times more money was invested in private biotechnology companies in America than in Europe.<ref>{{cite news |last= Cowen |first=Tyler |title=Poor U.S. Scores in Health Care Don't Measure Nobels and Innovation |url= https://www.nytimes.com/2006/10/05/business/05scene.html?_r=1& |access-date=October 9, 2012 |newspaper=The New York Times |date=October 5, 2006}}</ref><ref>{{cite web |author1=Whitman, Glen |author2=Raad, Raymond |title=Bending the Productivity Curve: Why America Leads the World in Medical Innovation |url= http://www.cato.org/publications/policy-analysis/bending-productivity-curve-why-america-leads-world-medical-innovation |publisher=The Cato Institute |access-date=October 9, 2012}}</ref>

Of 17 high-income countries studied by the [[National Institutes of Health]] in 2013, the United States ranked at or near the top in obesity rate, frequency of automobile use and accidents, homicides, [[infant mortality]] rate, incidence of heart and lung disease, sexually transmitted infections, adolescent pregnancies, recreational drug or alcohol deaths, injuries, and rates of disability. Together, such lifestyle and societal factors place the U.S. at the bottom of that list for life expectancy. On average, a U.S. male can be expected to live almost four fewer years than those in the top-ranked country, though Americans who reach age 75 live longer than those who reach that age in peer nations.<ref name=nihbph>{{cite book|url=http://books.nap.edu/openbook.php?record_id=13497 |title="U.S. Health in International Perspective: Shorter Lives, Poorer Health" (2013) National Institutes of Health Committee on Population, Board on Population Health and Public Health Practice |year=2013 |publisher=Books.nap.edu |doi=10.17226/13497 |pmid=24006554 |isbn=978-0-309-26414-3 |access-date=October 20, 2013|author1=National Research Council (US) |last2=Woolf |first2=S. H. |last3=Aron |first3=L. }}</ref> One consumption choice causing several of the maladies described above are cigarettes. Americans smoked 258 billion cigarettes in 2016.<ref name="CDCTobaccoFree">{{cite web|url=https://www.cdc.gov/tobacco/data_statistics/fact_sheets/economics/econ_facts/index.htm|title=Economic Trends in Tobacco|last=CDCTobaccoFree|date=May 4, 2018|website=Centers for Disease Control and Prevention|language=en-us|access-date=June 3, 2019 }}</ref> Cigarettes cost the United States $326{{spaces}}billion each year in direct healthcare costs ($170{{spaces}}billion) and lost productivity ($156{{spaces}}billion).<ref name="CDCTobaccoFree" />

A comprehensive 2007 study by European doctors found the five-year [[cancer]] survival rate was significantly higher in the U.S. than in all 21 European nations studied, 66.3% for men versus the European mean of 47.3% and 62.9% versus 52.8% for women.<ref>{{cite news|last=Martin|first=Nicole|title=UK cancer survival rate lowest in Europe|url=https://www.telegraph.co.uk/news/uknews/1560849/UK-cancer-survival-rate-lowest-in-Europe.html |archive-url=https://ghostarchive.org/archive/20220111/https://www.telegraph.co.uk/news/uknews/1560849/UK-cancer-survival-rate-lowest-in-Europe.html |archive-date=January 11, 2022 |url-access=subscription |url-status=live|access-date=August 19, 2013|newspaper=The Daily Telegraph|date=August 21, 2007}}{{cbignore}}</ref><ref>{{cite journal|last=Verdecchia|first=A|author2=Francisci, S |author3=Brenner, H |author4=Gatta, G |author5=Micheli, A |author6=Mangone, L |author7=Kunkler, I |author8= EUROCARE-4 Working, Group |title=Recent cancer survival in Europe: a 2000–02 period analysis of EUROCARE-4 data|journal=The Lancet Oncology|date=September 2007|volume=8|issue=9|pages=784–96|pmid=17714993|doi=10.1016/s1470-2045(07)70246-2}}</ref> Americans undergo cancer screenings at significantly higher rates than people in other developed countries, and access [[Magnetic resonance imaging|MRI]] and [[CT scan]]s at the highest rate of any OECD nation.<ref name=Atlas>{{cite book|last=MD|first=Scott W. Atlas|title=In excellent health : setting the record straight on America's health care and charting a path for future reform|year=2011|publisher=Hoover Institution Press, Stanford University|location=Stanford, California|isbn=978-0817914448|pages=199–205|url=https://books.google.com/books?id=0qExi2-3m5IC}}</ref> People in the U.S. diagnosed with [[Hypercholesterolemia|high cholesterol]] or [[hypertension]] access pharmaceutical treatments at higher rates than those diagnosed in other developed nations, and are more likely to successfully control the conditions.<ref>Atlas 2011, pp. 205–07</ref><ref>{{cite journal|last=Wolf-Maier|first=K.|title=Hypertension Treatment and Control in Five European Countries, Canada, and the United States|journal=Hypertension|date=November 24, 2003|volume=43|issue=1|pages=10–17|doi=10.1161/01.HYP.0000103630.72812.10|pmid=14638619|doi-access=free}}</ref> [[Diabetes mellitus|Diabetics]] are more likely to receive treatment and meet treatment targets in the U.S. than in Canada, England, or Scotland.<ref>Atlas 2011, pp. 150–56</ref><ref>{{cite journal |first1=June E. |last1=O'Neill |first2=Dave M. |last2=O'Neill |title=Health Status, Health Care and Inequality: Canada vs. the U.S |journal=Forum for Health Economics & Policy |volume=10 |issue=1 |doi=10.2202/1558-9544.1094 |year=2008 |s2cid=73172486 |url=http://www.nber.org/papers/w13429.pdf}}</ref>

According to a 2018 study of 2016 data by the [[Institute for Health Metrics and Evaluation]], the U.S. was ranked 27th in the world for healthcare and education, down from 6th in 1990.<ref>{{cite news |last=McDonald |first=Andy |date=September 28, 2018 |title=U.S. Drops To 27th In The World For Education And Health Care|url=https://www.huffingtonpost.com/entry/whelp-the-us-now-ranks-27th-in-the-world-on-education-and-healthcare_us_5bae5d02e4b0425e3c23508f|work=The Huffington Post |access-date=October 6, 2018}}</ref>

===Cost===
{{Further|Health care prices in the United States}}

U.S. healthcare costs are considerably higher than other countries as a share of GDP, among other measures. According to the OECD, U.S. healthcare costs in 2015 were 16.9% GDP, over 5% GDP higher than the next most expensive OECD country.<ref name="OECD1">{{cite web| url = http://stats.oecd.org/Index.aspx?DataSetCode=SHA| title = OECD Statistical Database{{snd}}Health expenditure and financing}}</ref> A gap of 5% GDP represents $1{{spaces}}trillion, about $3,000 per person or one-third higher relative to the next most expensive country.<ref name="CDC1">{{cite web|url=https://www.cdc.gov/nchs/fastats/health-expenditures.htm|title=FastStats|date=July 18, 2017|website=cdc.gov}}</ref>

The high cost of health care in the United States is attributed variously to technological advance, administration costs, drug pricing, suppliers charging more for medical equipment, the receiving of more medical care than people in other countries, the high wages of doctors, government regulations, the impact of lawsuits, and third party payment systems insulating consumers from the full cost of treatments.<ref>{{cite web|last1=Conover|first1=Christopher J.|title=Health Care Regulation A $169 Billion Hidden Tax|url=http://www.cato.org/sites/cato.org/files/pubs/pdf/pa527.pdf|publisher=Cato Institute|access-date=September 2, 2014|date=October 4, 2004}}</ref><ref name=Cutler>{{cite web|title=Why Does Health Care Cost so Much in America? Ask Harvard's David Cutler|url=https://www.pbs.org/newshour/economy/why-does-health-care-cost-so-m|website=Public Broadcasting Service|date=November 19, 2013}}</ref><ref>{{cite web|last1=Lawler|first1=Joseph|title=Health Care Economist John Goodman on Market-Based Health Care|url=http://www.realclearpolicy.com/blog/2012/09/19/health_care_economist_john_goodman_on_health_care_markets_290.html|publisher=Real Clear Policy|access-date=September 2, 2014|date=September 19, 2012}}</ref> The lowest prices for pharmaceuticals, medical devices, and payments to physicians are in government plans. Americans tend to receive more medical care than people do in other countries, which is a notable contributor to higher costs. In the United States, a person is more likely to receive open heart surgery after a heart attack than in other countries. Medicaid pays less than Medicare for many prescription drugs due to the fact Medicaid discounts are set by law, whereas Medicare prices are negotiated by private insurers and drug companies.<ref name=Cutler /><ref>{{cite news|title=Medicaid Pays Less Than Medicare for Many Prescription Drugs, U.S. Report Finds|work=The New York Times |date=August 16, 2011 |url=https://www.nytimes.com/2011/08/16/us/16drug.html|last1=Pear |first1=Robert }}</ref> Government plans often pay less than overhead, resulting in healthcare providers shifting the cost to the privately insured through higher prices.<ref>{{cite journal|last1=Dobson|first1=A.|last2=DaVanzo|first2=J.|last3=Sen|first3=N.|title=The Cost-Shift Payment 'Hydraulic': Foundation, History, And Implications|journal=Health Affairs|date=January 1, 2006|volume=25|issue=1|pages=22–33|doi=10.1377/hlthaff.25.1.22|pmid=16403741|doi-access=free}}<!--|access-date=September 2, 2014--></ref><ref>{{cite web|last1=Pope|first1=Christopher|title=Legislating Low Prices: Cutting Costs or Care?|url=http://www.heritage.org/research/reports/2013/08/legislating-low-prices-cutting-costs-or-care|archive-url=https://web.archive.org/web/20130812075359/http://www.heritage.org/research/reports/2013/08/legislating-low-prices-cutting-costs-or-care|url-status=unfit|archive-date=August 12, 2013|publisher=The Heritage Foundation|access-date=September 2, 2014|date=August 9, 2013}}</ref>

==Composition of economic sectors==
{{Main|Economy of the United States by sector}}

===Primary sectors===
{{Main|Agriculture in the United States|Energy in the United States|Fishing industry in the United States|Mining in the United States|Petroleum in the United States}}

[[File:Wheat harvest.jpg|thumb|A [[wheat]] harvest in [[Idaho]]]]

{{excerpt|Agriculture in the United States}}
Agricultural products include [[Wheat production in the United States|wheat]], corn, other [[Food grain|grains]], fruits, vegetables, [[Cotton production in the United States|cotton]]; beef, pork, poultry, dairy products, [[forest products]], and seafood.

{{excerpt|Energy in the United States}}
{{excerpt|Fishing industry in the United States}}
{{excerpt|Mining in the United States}}
{{excerpt|Petroleum in the United States}}

===Secondary sectors===
{{Main|Manufacturing in the United States|Automotive industry in the United States|Construction industry in the United States|Iron and steel industry in the United States|Pulp and paper industry in the United States
}}

The United States is the world's second-largest manufacturer, with a 2013 industrial output of US$2.4{{spaces}}trillion. Its manufacturing output is greater than of Germany, France, India, and Brazil combined.<ref name="imt">{{cite web|title=Manufacturing Output by Country|url=http://news.thomasnet.com/IMT/2013/03/14/china-widens-lead-as-worlds-largest-manufacturer/|publisher=imt|access-date=April 4, 2014|archive-date=July 27, 2013|archive-url=https://web.archive.org/web/20130727123309/http://news.thomasnet.com/IMT/2013/03/14/china-widens-lead-as-worlds-largest-manufacturer/|url-status=dead}}</ref>
Its main industries include financials, information technology, petroleum, steel, automobiles, construction machinery, aerospace, agricultural machinery, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining and armaments.

The U.S. leads the world in [[List of aircraft manufacturers|airplane manufacturing]],<ref>{{cite web |url=http://www.nasa.gov/worldbook/aviation_worldbook.html |title=World Book at NASA |url-status=dead |archive-url=https://web.archive.org/web/20100731165241/http://www.nasa.gov/worldbook/aviation_worldbook.html |archive-date=July 31, 2010 |access-date=March 5, 2022}}{{full citation needed|date=August 2010}}</ref> which represents a large portion of U.S. industrial output. American companies such as [[Boeing]], [[Cessna]] (see: [[Textron]]), [[Lockheed Martin]] (see: [[Skunk Works]]), and [[General Dynamics]] produce a majority of the world's civilian and military aircraft in factories across the United States.

The manufacturing sector of the U.S. economy has experienced substantial job losses over the past several years.<ref>{{cite news |url=https://www.usatoday.com/money/economy/2007-04-20-4155011268_x.htm |title=Factory jobs: 3 million lost since 2000 |author=Martin Crutsinger |date=April 20, 2007 |agency=Associated Press |work=USA Today |access-date=March 4, 2012}}</ref><ref>{{cite journal |url=http://prospect.org/article/cost-free-trade |title=The Cost of Free Trade |author=Michael Lind |date=December 1, 2011 |journal=The American Prospect |access-date=March 3, 2012}}</ref> In January 2004, the number of such jobs stood at 14.3 million, down by 3.0 million jobs (17.5%) since July 2000 and about 5.2 million since the historical peak in 1979. Employment in manufacturing was its lowest since July 1950.<ref>{{cite web|url=http://www.cbo.gov/doc.cfm?index=5078&type=0|title=What Accounts for the Decline in Manufacturing Employment?|date=February 18, 2004|access-date=August 10, 2017}}</ref> The number of steel workers fell from 500,000 in 1980 to 224,000 in 2000.<ref>"''[https://books.google.com/books?id=iOgfSDKecCcC&pg=PA4557 Congressional Record V. 148, Pt. 4, April 11, 2002 to April 24, 2002]''". [[United States Government Printing Office]].</ref>
[[File:Survival rate of US start-ups, 1977–2012.svg|thumb|Statistics released by the U.S. Census Bureau showed that, in 2008, the number of business 'deaths' began overtaking the number of business 'births' and that the trend continued at least through 2012.<ref>{{Cite book|title=UNESCO Science Report: towards 2030|publisher=UNESCO Publishing|year=2015|isbn=978-9231001291|location=Paris|page=141|url=https://books.google.com/books?id=SDHwCgAAQBAJ}}</ref>]]
The U.S. produces approximately 18% of the world's manufacturing output, a share that has declined as other nations developed competitive manufacturing industries.<ref name="greyhill">{{cite web|title=Manufacturing Output by Country|url=http://greyhill.com/blog/2011/10/5/manufacturing-output-by-country.html|publisher=Greyhill Advisors|access-date=October 5, 2011}}</ref> The job loss during this continual volume growth is the result of multiple factors including increased productivity, trade, and secular economic trends.<ref>{{cite web|title=What Accounts for the Decline in Manufacturing Employment?|url=http://www.cbo.gov/doc.cfm?index=5078&type=0|publisher=Congressional Budget Office|access-date=October 5, 2011}}</ref> In addition, growth in telecommunications, pharmaceuticals, aircraft, heavy machinery and other industries along with declines in low end, low skill industries such as clothing, toys, and other simple manufacturing have resulted in some U.S. jobs being more highly skilled and better paying. There has been much debate within the United States on whether the decline in manufacturing jobs are related to American unions, lower foreign wages, or both.<ref>{{cite journal |url=http://prospect.org/article/back-china |title=Back from China? |author=Harold Meyerson |date=November 29, 2011 |journal=The American Prospect |access-date=March 4, 2012}}</ref><ref name="Pope_2012">{{cite news |url=https://www.bloomberg.com/news/2012-01-18/america-s-dirty-war-against-manufacturing-part-1-carl-pope.html |title=America's Dirty War Against Manufacturing: Part 1 |author=Carl Pope |author-link=Carl Pope (environmentalist) |date=January 18–20, 2012 |newspaper=Bloomberg |access-date=January 22, 2012}} [https://www.bloomberg.com/news/2012-01-19/america-s-dirty-war-against-manufacturing-part-2-carl-pope.html Part 2]. [https://www.bloomberg.com/news/2012-01-20/america-s-dirty-war-on-manufacturing-part-3-commentary-by-carl-pope.html Part 3].</ref><ref name="btb 22.01.2012">{{cite web |url=http://www.cepr.net/index.php/blogs/beat-the-press/hasnt-anyone-at-the-nyt-heard-of-exchange-rates |title=Hasn't Anyone at the NYT Heard of Exchange Rates? |author=Dean Baker |author-link=Dean Baker |date=January 22, 2012 |work=Beat the Press |publisher=Center for Economic and Policy Research |access-date=January 22, 2012 |archive-date=April 3, 2015 |archive-url=https://web.archive.org/web/20150403000757/http://www.cepr.net/index.php/blogs/beat-the-press/hasnt-anyone-at-the-nyt-heard-of-exchange-rates |url-status=dead }}</ref>

===Tertiary sectors===
{{Main|Education in the United States|Transportation in the United States|Communications in the United States|Internet in the United States|Category:Service industries in the United States|Tourism in the United States}}

[[File:Map of current Interstates.svg|thumb|The [[Interstate Highway System]] extends {{convert|46876|mi|km}}.<ref>{{cite web |title=Interstate FAQ (Question #3) |publisher=Federal Highway Administration |year=2006 |url=https://highways.dot.gov/highway-history/interstate-system/50th-anniversary/interstate-frequently-asked-questions |access-date=March 4, 2009}}</ref>]]
[[File:Port_of_Long_Beach_(49531439316).jpg|thumb|The [[Port of Long Beach]], The largest ports in the United States]]

====Transportation====
=====Road=====
The U.S. economy is heavily dependent on road transport for moving people and goods. Personal transportation is dominated by automobiles, which operate on a network of four million miles (6.4 million km) of public roads,<ref>{{cite web|title=Public Road and Street Mileage in the United States by Type of Surface|url=http://www.rita.dot.gov/bts/sites/rita.dot.gov.bts/files/publications/national_transportation_statistics/html/table_01_04.html|website=United States Department of Transportation|access-date=January 13, 2015|archive-date=January 2, 2015|archive-url=https://web.archive.org/web/20150102141414/http://www.rita.dot.gov/bts/sites/rita.dot.gov.bts/files/publications/national_transportation_statistics/html/table_01_04.html|url-status=dead}}</ref> including one of the world's [[National Highway System (United States)|longest highway systems]] at 57,000 miles (91,700{{spaces}}km).<ref>{{cite news |url= http://www.newgeography.com/content/002003-china-expressway-system-exceed-us-interstates |title=China Expressway System to Exceed US Interstates |work=New Geography |location =Grand Forks, ND |date=January 22, 2011 |access-date=September 16, 2011}}</ref> The world's second-largest automobile market,<ref>{{cite news |url= https://www.theguardian.com/business/2010/jan/08/china-us-car-sales-overtakes |title=China overtakes US in car sales |newspaper=The Guardian |date=January 8, 2010 |access-date=July 10, 2011 |location=London}}</ref> the United States has the highest rate of per-capita vehicle ownership in the world, with 765 vehicles per 1,000 Americans.<ref>{{cite web |url= http://www.nationmaster.com/graph/tra_mot_veh-transportation-motor-vehicles |title=Motor vehicles statistics – countries compared worldwide |publisher=NationMaster |access-date=July 10, 2011}}</ref> About 40% of [[Passenger vehicles in the United States|personal vehicles]] are vans, [[Sport utility vehicle|SUVs]], or light trucks.<ref>{{cite web|url= http://www.bts.gov/publications/highlights_of_the_2001_national_household_travel_survey/html/section_01.html|title= Household, Individual, and Vehicle Characteristics|publisher= U.S. Dept. of Transportation, Bureau of Transportation Statistics|work= 2001 National Household Travel Survey|access-date= August 15, 2007|archive-url= https://web.archive.org/web/20070929125403/http://www.bts.gov/publications/highlights_of_the_2001_national_household_travel_survey/html/section_01.html |archive-date=September 29, 2007|url-status= dead|df= mdy-all}}</ref>

=====Rail=====
[[Mass transit in the United States|Mass transit accounts for 9% of total U.S. work trips]].<ref>{{cite web |url= http://www.policy.rutgers.edu/vtc/documents/TOD.Euro-Style_Planning-Renne-Wells.pdf |archive-url=https://web.archive.org/web/20140924071956/http://www.policy.rutgers.edu/vtc/documents/TOD.Euro-Style_Planning-Renne-Wells.pdf |author1=Renne, John L. |author2=Wells, Jan S. |title= Emerging European-Style Planning in the United States: Transit-Oriented Development |page=2 |year=2003 |publisher = Rutgers University |access-date=June 11, 2007|archive-date=September 24, 2014}}</ref><ref>{{cite web|url=http://switchboard.nrdc.org/blogs/kbenfield/natgeo_surveys_countries_trans.html|title=NatGeo surveys countries' transit use: guess who comes in last|last=Benfield|first=Kaid|publisher=Natural Resources Defense Council|date=May 18, 2009|access-date=January 6, 2015|url-status=dead|archive-url=https://web.archive.org/web/20150120234533/http://switchboard.nrdc.org/blogs/kbenfield/natgeo_surveys_countries_trans.html|archive-date=January 20, 2015}}</ref> [[Rail transportation in the United States|Transport of goods by rail]] is extensive, though relatively low numbers of passengers (approximately 31 million annually) use intercity rail to travel, partially due to the low population density throughout much of the nation.<ref>{{cite web |url=http://www.gao.gov/products/GAO-07-15 |title= Intercity Passenger Rail: National Policy and Strategies Needed to Maximize Public Benefits from Federal Expenditures |date=November 13, 2006 |publisher=U.S. Government Accountability Office |access-date=June 20, 2007}}</ref><ref>{{cite news |url=https://www.economist.com/blogs/economist-explains/2013/08/economist-explains-18 |title=The Economist Explains: Why Americans Don't Ride Trains |date=August 29, 2013 |newspaper=[[The Economist]] |access-date=May 12, 2015}}</ref> However, ridership on [[Amtrak]], the national intercity passenger rail system, grew by almost 37% between 2000 and 2010.<ref>{{cite web|title=Amtrak Ridership Records |url= http://www.amtrak.com/servlet/BlobServer?blobcol=urldata&blobtable=MungoBlobs&blobkey=id&blobwhere=1249227805921&blobheader=application%2Fpdf&blobhead |publisher=Amtrak |date=June 8, 2011|access-date=February 29, 2012}}</ref> Also, [[Light rail in the United States|light rail development]] has increased in recent years.<ref>{{cite news |url= http://www.metaefficient.com/trains/master-2.html |title=3 Reasons Light Rail Is an Efficient Transportation Option for U.S. Cities |author=McGill, Tracy |work= MetaEfficient |date=January 1, 2011 |access-date=June 14, 2013}}</ref> The state of [[California]] is currently constructing the nation's first [[California High-Speed Rail|high-speed rail system]].

=====Airline=====
{{See also|List of the busiest airports in the United States}}
{{multiple image
| align             = right
| total_width       = 480
| image1            = Airports in the US.svg
| caption1          = Top passenger airports by enplanements
| image2            = Cargo airports in the United States.svg
| caption2          = [[Aviation in the United States#Air cargo|Cargo airports]] by weight landed
}}

The [[List of airlines of the United States|civil airline industry]] is entirely privately owned and has been largely [[Airline Deregulation Act|deregulated since 1978]], while [[List of airports in the United States|most major airports]] are publicly owned.<ref>{{cite web|title=Privatization|url=http://www.downsizinggovernment.org/privatization|website=downsizinggovernment.org|publisher=Cato Institute|access-date=December 27, 2014}}</ref> The three largest airlines in the world by passengers carried are U.S.-based; [[American Airlines]] is number one after its 2013 acquisition by U.S. [[US Airways|Airways]].<ref>{{cite web|url= http://www.iata.org/publications/pages/wats-passenger-carried.aspx|title= Scheduled Passengers Carried|publisher= International Air Transport Association (IATA)|year= 2011|access-date= February 17, 2012|url-status= dead|archive-url= https://web.archive.org/web/20131113175503/http://www.iata.org/publications/pages/wats-passenger-carried.aspx|archive-date= November 13, 2013 }}</ref> Of the world's thirty busiest passenger airports, twelve are in the United States, including the busiest, [[Hartsfield–Jackson Atlanta International Airport]].<ref>{{cite web |url =http://www.aci.aero/News/Releases/Most-Recent/2014/03/31/Preliminary-World-Airport-Traffic-and-Rankings-2013--High-Growth-Dubai-Moves-Up-to-7th-Busiest-Airport- |title =Preliminary World Airport Traffic and Rankings 2013 – High Growth Dubai Moves Up to 7th Busiest Airport – March 31, 2014 |publisher=Airports Council International |archive-url=https://web.archive.org/web/20140401052319/http://www.aci.aero/News/Releases/Most-Recent/2014/03/31/Preliminary-World-Airport-Traffic-and-Rankings-2013--High-Growth-Dubai-Moves-Up-to-7th-Busiest-Airport- |archive-date=April 1, 2014 |date=March 31, 2014 |access-date=May 17, 2014 |url-status= live}}</ref>

====Energy====
[[File:Countries by Natural Gas Proven Reserves (2014).svg|thumb|Countries by [[List of countries by natural gas proven reserves|natural gas proven reserves]] (2014). The U.S. holds the world's fourth largest [[natural gas]] reserves.]]
The US is the second-largest [[energy development|energy]] consumer in total use.<ref>{{cite web|last=Barr |first=Robert |url=https://www.nbcnews.com/id/43327793 |archive-url=https://web.archive.org/web/20200215010044/http://www.nbcnews.com/id/43327793 |url-status=dead |archive-date=February 15, 2020 |title=China surpasses US as top energy consumer – Business – Oil & energy – NBC News |work=NBC News |date=June 8, 2011 |access-date=April 21, 2012}}</ref> The U.S. ranks seventh in energy consumption per capita after Canada and a number of other countries.<ref>[https://web.archive.org/web/20061013182222/http://www.eia.doe.gov/pub/international/iealf/tablee1c.xls World Per Capita Total Primary Energy Consumption,1980–2005] (MS Excel format)</ref><ref>World Resources Institute "[https://web.archive.org/web/20041212020102/http://earthtrends.wri.org/text/energy-resources/variable-351.html Energy Consumption: Consumption per capita]" (2001). Nations with higher per-capita consumption are: Qatar, Iceland, United Arab Emirates, Bahrain, Luxembourg and Canada. Except for Canada, these are small countries with a prominent energy-intensive industry such as oil refining or [[steelmaking]].</ref> The majority of this energy is derived from [[fossil fuel]]s: in 2005, it was estimated that 40% of the nation's energy came from petroleum, 23% [[Coal power in the United States|from coal]], and 23% from natural gas. [[Nuclear power]] supplied 8.4% and [[renewable energy]] supplied 6.8%, which was mainly from hydroelectric dams although other renewables are included.<ref>US Dept. of Energy, "[http://www.eia.doe.gov/emeu/aer/pdf/pages/sec1_3.pdf Annual Energy Report]" (July 2006), Energy Flow diagram</ref>

American dependence on [[List of countries by oil imports|oil imports]] grew from 24% in 1970 to 65% by the end of 2005.<ref>{{cite news|url=https://www.forbes.com/home/energyspecial/2005/11/15/energy-oil-exxonmobil-cx_pt_1116energy_tertzakian.html |archive-url=https://web.archive.org/web/20060214225748/http://www.forbes.com/home/energyspecial/2005/11/15/energy-oil-exxonmobil-cx_pt_1116energy_tertzakian.html |url-status=dead |archive-date=February 14, 2006 |title=The U.S. Senate's Oil Spill |work=Forbes |date=November 15, 2005 |access-date=April 21, 2012 |first=Peter |last=Tertzakian}}</ref> [[Transportation in the United States|Transportation]] has the highest [[Oil consumption|consumption rates]], accounting for approximately 69% of the oil used in the United States in 2006,<ref name="btstable4-3">{{cite web |url=http://www.rita.dot.gov/bts/sites/rita.dot.gov.bts/files/publications/national_transportation_statistics/html/table_04_03.html |archive-url=https://web.archive.org/web/20130330165545/http://www.rita.dot.gov/bts/sites/rita.dot.gov.bts/files/publications/national_transportation_statistics/html/table_04_03.html |url-status=dead |archive-date=March 30, 2013 |title=Domestic Demand for Refined Petroleum Products by Sector |publisher=U.S. [[Bureau of Transportation Statistics]] |access-date=August 23, 2014}}</ref> and 55% of oil use worldwide as documented in the [[Hirsch report]].

In 2013, the United States imported 2.808 billion barrels of [[crude oil]], compared to 3.377 billion barrels in 2010.<ref>"[https://www.census.gov/foreign-trade/statistics/historical/petr.txt U.S. Imports of Crude Oil]". U.S. Census Bureau.</ref> While the U.S. is the largest importer of fuel, ''[[The Wall Street Journal]]'' reported in 2011 that the country was about to become a net fuel exporter for the first time in 62 years. The paper reported expectations that this would continue until 2020.<ref>{{cite news|last=Pleven |first=Liam |url=https://www.wsj.com/articles/SB10001424052970203441704577068670488306242 |title=The Wall Street Journal |date=November 30, 2011 |access-date=April 21, 2012}}</ref> In fact, petroleum was the major export from the country in 2011.<ref>{{Cite news | first=Chris | last=Kahn | title=In a first, gas and other fuels top U.S. exports | url=http://www.floridatoday.com/usatoday/article/52298812?odyssey=mod_sectionstories | archive-url=https://web.archive.org/web/20120311011059/http://www.floridatoday.com/usatoday/article/52298812?odyssey=mod_sectionstories | archive-date=March 11, 2012| newspaper=[[Florida Today]] | location=Melbourne, FL | page= 4A | date=December 31, 2011}}</ref>

====Telecommunications====

The [[Internet]] was developed in the U.S. and the country hosts many of the world's largest hubs.<ref>[http://www.livinginternet.com/i/ii_ipto.htm "IPTO – Information Processing Techniques Office"] {{Webarchive|url=https://web.archive.org/web/20140702210822/http://www.livinginternet.com/i/ii_ipto.htm |date=July 2, 2014}}, ''The Living Internet'', Bill Stewart (ed), January 2000.</ref>

====Tourism====
{{excerpt|Tourism in the United States}}

==International trade==
{{Main|Foreign trade of the United States|List of tariffs in the United States|Tariff in United States history}}

{{See also|List of exports of the United States|List of the largest trading partners of the United States|List of imports of the United States|List of U.S. states and territories by exports and imports}}
[[File:Protectionist measures taken 2008–2013 according to Global Trade Alert.png|thumb|[[Protectionist]] measures since 2008 by country<ref>{{cite web|url=http://www.globaltradealert.org/|title=Global Trade Alert – Independent monitoring of policies that affect world trade|work=globaltradealert.org}}</ref>]]
[[File:Foreign direct investment into the United States by year.webp|thumb|[[Foreign direct investment]] into the United States by year]]

The United States is the world's largest trading nation in 2024.<ref name=WBG /> There is a large amount of U.S. dollars in circulation all around the planet; about 60% of funds used in international trade are U.S. dollars. The dollar is also used as the standard unit of currency in international markets for commodities such as gold and petroleum.<ref>{{cite news|url=https://www.economist.com/finance-and-economics/2012/04/28/petrodollar-profusion|title=Free exchange: Petrodollar profusion |newspaper=The Economist}}</ref>

The [[North American Free Trade Agreement]], or [[NAFTA]], created one of the [[Trade bloc#Most active regional blocs|largest trade blocs in the world]] in 1994.<ref>{{cite web |title=North American Free Trade Agreement {{!}} History, Purpose, & Provisions |url=https://www.britannica.com/event/North-American-Free-Trade-Agreement |website=Encyclopedia Britannica |access-date=March 24, 2020 |language=en}}</ref><ref>{{cite web |title=North American Free Trade Agreement (NAFTA) {{!}} United States Trade Representative |url=https://ustr.gov/trade-agreements/free-trade-agreements/north-american-free-trade-agreement-nafta |website=ustr.gov |access-date=March 24, 2020 |archive-date=May 8, 2020 |archive-url=https://web.archive.org/web/20200508182542/https://ustr.gov/trade-agreements/free-trade-agreements/north-american-free-trade-agreement-nafta |url-status=dead }}</ref>

Since 1976, the U.S. has sustained merchandise trade deficits with other nations, and since 1982, [[current account deficit]]s. The nation's long-standing surplus in its [[trade in services]] was maintained, however, and reached a record US$231{{spaces}}billion in 2013.<ref name="Exports-Imports">{{cite web|url=https://www.bea.gov/newsreleases/international/trade/2015/pdf/trad1214.pdf|title=U.S. International Trade in Goods and Services|publisher=BEA|date=February 5, 2015|access-date=March 9, 2018|archive-date=September 6, 2017|archive-url=https://web.archive.org/web/20170906091430/https://www.bea.gov/newsreleases/international/trade/2015/pdf/trad1214.pdf|url-status=dead}}</ref>

The U.S. [[trade deficit]] increased from $502{{spaces}}billion in 2016 to $552{{spaces}}billion in 2017, an increase of $50{{spaces}}billion or 10%.<ref>{{cite web| url = https://fred.stlouisfed.org/graph/?graph_id=474908&rn=8252| title = FRED – Trade Balance, Goods and Services, Balance of Payments Basis| date = January 1992}}</ref> During 2017, total imports were $2.90{{spaces}}trillion, while exports were $2.35{{spaces}}trillion. The net deficit in goods was $807{{spaces}}billion, while the net surplus in services was $255{{spaces}}billion.<ref>{{cite web| url = https://www.census.gov/foreign-trade/statistics/historical/index.html| title = U.S. International Trade in Goods and Services{{snd}}Historical Series}}</ref>

Americas ten [[List of the largest trading partners of the United States|largest trading partners]] are China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India and Taiwan.<ref name="U.S. Census Bureau-2016" /> The goods trade deficit with China rose from $347{{spaces}}billion in 2016 to $376{{spaces}}billion in 2017, an increase of $30{{spaces}}billion or 8%. In 2017, the U.S. had a goods trade deficit of $71{{spaces}}billion with Mexico and $17{{spaces}}billion with Canada.<ref>{{cite web| url = https://www.census.gov/foreign-trade/balance/index.html| title = Census – Foreign Trade – Balance by Partner Country}}</ref>

According to the [[globalization index|KOF index of globalization]]{{clarify|reason=What is "KOF"?|date=February 2023}} and the [[globalization index]] by A.T. Kearney/Foreign Policy Magazine, the U.S. has a relatively high degree of [[globalization]].{{Citation needed|date=February 2023}} U.S. workers send a third of all [[remittances]] in the world.<ref>{{cite web |url=http://www.finfacts.com/irelandbusinessnews/publish/article_10001284.shtml |title=IMF: US accounts for one-third of annual remittances to Developing Countries of $100bn |publisher=Finfacts.com |access-date=April 21, 2012 |archive-date=December 22, 2015 |archive-url=https://web.archive.org/web/20151222142016/http://www.finfacts.com/irelandbusinessnews/publish/article_10001284.shtml |url-status=dead }}</ref>

{| class="wikitable"
!colspan="10"|<big> Balance of trade 2014 (goods only)</big><ref>{{cite news|url=http://www.businessinsider.com/balance-of-goods-us-trading-partners-from-goldman-sachs-2017-5|title=This chart shows how America stacks up in trade with everyone in the world|website=Business Insider|access-date=March 20, 2018 }}</ref>
|-
! !! China !! Euro area !! Japan !! Mexico !! Pacific !! Canada !! Middle East !! Latin America !! style="background: #91A3B0"| Total by product
|-
| style="background: #91A3B0"| '''Computer''' || style="background: #FA6E79"| −151.9 || 3.4 || −8.0 || −11.0 ||style="background: #FA6E79"| −26.1 || style="background: #A4C639"| 20.9 || 5.8 || 12.1 || style="background: red"| {{center|'''−155.0'''}}
|-
| style="background: #91A3B0"| '''Oil, gas, minerals''' || 1.9 || 6.4 || 2.4 || style="background: #FA6E79"| −20.8 || 1.1 || style="background: #FA6E79"|−79.8 || style="background: #FA6E79"|−45.1 || style="background: #FA6E79"|−15.9 || style="background: red"| {{center|'''−149.7'''}}
|-
| style="background: #91A3B0"| '''Transportation''' || 10.9 || style="background: #FA6E79"|−30.9 || style="background: #FA6E79"| −46.2 || style="background: #FA6E79"| −59.5 || −0.5 || −6.1 || style="background: #A4C639"| 17.1 || 8.8 ||style="background: red"| {{center|'''−106.3'''}}
|-
| style="background: #91A3B0"| '''Apparel''' || style="background: #FA6E79"| −56.3 || −4.9 || 0.6 || −4.2 || −6.3 || 2.5 || −0.3 || −1.1 ||style="background: red"| {{center|'''−69.9'''}}
|-
| style="background: #91A3B0"| '''Electrical equipment''' || style="background: #FA6E79"| −35.9 || −2.4 || −4.0 || −8.5 || −3.3 || 10.0 || 1.8 || 2.0 || style="background: red"|{{center|'''−40.4'''}}
|-
| style="background: #91A3B0"| '''Misc. manufacturing''' || style="background: #FA6E79"| −35.3 || 4.9 || 2.7 || −2.8 || −1.4 || 5.8 || −1.5 || 1.8 || style="background: red"| {{center|'''−25.8'''}}
|-
| style="background: #91A3B0"| '''Furniture''' ||style="background: #FA6E79"|−18.3 || −1.2 || 0.0 || −1.6 || −2.1 || 0.4 || 0.2 || 0.0 || style="background: red"|{{center|'''−22.6'''}}
|-
| style="background: #91A3B0"| '''Machinery''' ||style="background: #FA6E79"|−19.9 || style="background: #FA6E79"| −27.0 || style="background: #FA6E79"| −18.8 || 3.9 || 7.6 || style="background: #A4C639"| 18.1 || 4.5 || 9.1 || style="background: red"|{{center|'''−22.4'''}}
|-
| style="background: #91A3B0"| '''Primary metals''' || −3.1 || 3.1 || −1.8 || 1.0 || 1.9 || −8.9 || −0.9 || −10.4 ||style="background: red"| {{center|'''−19.1'''}}
|-
| style="background: #91A3B0"| '''Fabricated metals''' || style="background: #FA6E79"|−17.9 || −5.9 || −3.5 || 2.8 || −4.3 || 7.3 || 1.2 || 1.9 || style="background: red"|{{center|'''−18.5'''}}
|-
| style="background: #91A3B0"| '''Plastics''' || style="background: #FA6E79"| −15.7 || −1.9 || −2.0 || 5.7 || −4.1 || 2.6 || −0.1 || 0.5 || style="background: red"|{{center|'''−15.0'''}}
|-
| style="background: #91A3B0"| '''Textile''' || −12.3 || −1.1 || −0.3 || 2.8 || −4.6 || 1.5 || −0.9 || 0.2 || style="background: red"|{{center|'''−14.7'''}}
|-
| style="background: #91A3B0"| '''Beverages, tobacco''' || 1.3 || −9.9 || 0.6 || −3.3 || 0.0 || 1.0 || 0.2 || −0.6 || style="background: red"|{{center|'''−10.6'''}}
|-
| style="background: #91A3B0"| '''Nonmetallic minerals''' || −6.1 || −1.9 || −0.4 || −1.2 || 0.1 || 1.9 || −0.5 || −0.8 || style="background: red"|{{center|'''−8.9'''}}
|-
| style="background: #91A3B0"| '''Paper''' || −2.7 || 1.2 || 1.1 || 4.3 || 1.2 || −9.8 || 0.9 || −1.9 || style="background: red"|{{center|'''−5.8'''}}
|-
| style="background: #91A3B0"| '''Chemical''' || −3.9 || style="background: #FA6E79"| −39.5 || −1.5 || style="background: #A4C639"| 19.1 || 3.2 || 4.6 || −2.4 ||style="background: #A4C639"| 15.8 || style="background: red"|{{center|'''−4.7'''}}
|-
| style="background: #91A3B0"| '''Food''' || 0.7 || −3.6 || 6.1 || 4.9 || 0.9 || 0.1 || 1.4 || −1.1 || style="background: green"|{{center|'''9.5'''}}
|-
| style="background: #91A3B0"| '''Agriculture''' || style="background: #A4C639"| 17.8 || 6.2 || 7.3 || −3.0 || 5.7 || −0.8|| 2.8 || −6.5 || style="background: green"|{{center|'''29.5'''}}
|-
| style="background: #91A3B0"| '''Petroleum''' || 0.6 || −1.2 || 0.1 ||style="background: #A4C639"| 16.6 || −2.0 || −0.1 || 0.6 || style="background: #A4C639"| 18.3 || style="background: green"|{{center|'''32.9'''}}
|-
! Total by country/area || style="background: red"| −346.1 || style="background: red"| −106.1 || style="background: red"|−65.6 || style="background: red"| −54.9 || style="background: red"| −33.0 || style="background: red"| −29.0 || style="background: red"| −15.1 ||style="background: green"| 32.3 ||
|}

==Financial position==

{{Main|Financial position of the United States}}

[[File:US Federal Debt Held By Public as of Feb. 2023.png|thumb|upright=1.2|The amount of [[National debt of the United States|U.S. public debt]], measured as a percentage of GDP, held by the public since 1900]]
The [[U.S. public debt]] was $909{{spaces}}billion in 1980, an amount equal to 33% of America's gross domestic product (GDP); by 1990, that number had more than tripled to $3.2{{spaces}}trillion{{snd}}56% of GDP.<ref>[https://web.archive.org/web/20100201131532/http://www.whitehouse.gov/omb/budget/fy2010/assets/hist.pdf FY 2010 Budget Historical Tables. pp. 127–28].</ref> In 2001 the national debt was $5.7{{spaces}}trillion; however, the [[debt-to-GDP ratio]] remained at 1990 levels.<ref>"[https://web.archive.org/web/20070214085759/http://www.timesonline.co.uk/tol/news/world/us_and_americas/article742188.ece US spends its way to 28 Eiffel towers: made out of pure gold]". ''The Times''. March 17, 2006.</ref> Debt levels rose quickly in the following decade, and on January 28, 2010, the U.S. debt ceiling was raised to $14.3{{spaces}}trillion.<ref>"[https://www.reuters.com/article/idUSTRE60R5DK20100128?type=politicsNews Senate backs increase in debt limit to $14.3{{spaces}}trillion]". Reuters. January 28, 2010.</ref> Based on the 2010 [[United States federal budget]], total national debt will grow to nearly 100% of GDP, versus a level of approximately 80% in early 2009.<ref>{{cite web|url=http://www.gpoaccess.gov/usbudget/fy10/pdf/summary.pdf|archive-url=https://web.archive.org/web/20111010084418/http://www.gpoaccess.gov/usbudget/fy10/pdf/summary.pdf|archive-date=October 10, 2011 |title=2010 Budget-Summary Tables S-13 and S-14 |access-date=July 21, 2014}}</ref> The White House estimates that the government's tab for servicing the debt will exceed $700{{spaces}}billion a year in 2019,<ref>"[https://archive.today/20120802190722/http://www.abc.net.au/news/stories/2009/12/15/2771641.htm?site=thedrum Debt has become America's life blood]". Abc.net.au. December 15, 2009.</ref> up from $202{{spaces}}billion in 2009.<ref>"[https://www.nytimes.com/2009/11/23/business/23rates.html?_r=1 Wave of Debt Payments Facing US Government]". ''The New York Times''. November 22, 2009.</ref>

U.S. household and non-profit net worth exceeded $100{{spaces}}trillion for the first time in Q1 2018; it has been setting records since Q4 2012.<ref>{{cite web| url = https://fred.stlouisfed.org/series/TNWBSHNO| title = FRED – Household and Non-Profit Net Worth| date = October 1945}}</ref> The U.S. federal government or "national debt" was $21.1{{spaces}}trillion in May 2018, just over 100% GDP.<ref>{{cite web| url = https://www.treasurydirect.gov/govt/reports/pd/mspd/mspd.htm| title = Treasury Direct – Monthly Statement of the Public Debt| access-date = June 19, 2018| archive-date = February 13, 2020| archive-url = https://web.archive.org/web/20200213153409/https://www.treasurydirect.gov/govt/reports/pd/mspd/mspd.htm| url-status = dead}}</ref> Using a subset of the national debt called "debt held by the public", U.S. debt was approximately 77% GDP in 2017. By this measure, the U.S. ranked 43rd highest among 2017 nations.<ref>{{cite web| url = https://www.cia.gov/the-world-factbook/countries/united-states/| archive-url = https://web.archive.org/web/20210107073924/https://www.cia.gov/the-world-factbook/countries/united-states/| url-status = dead| archive-date = January 7, 2021| title = CIA World Factbook – USA| date = February 16, 2022}}</ref> Debt held by the public rose considerably as a result of the [[Great Recession]] and its aftermath. It is expected to continue rising as the country ages towards 100% GDP by 2028.<ref>{{cite web| url = https://www.cbo.gov/publication/53651| title = CBO. Budget & Economic Outlook 2018–2028| date = April 9, 2018}}</ref> In February 2024, the total federal government debt grew to $34.4 trillion after having grown by approximately $1 trillion in both of two separate 100-day periods since the previous June.<ref>{{cite news|last=Fox|first=Michelle|date=March 1, 2024|title=The U.S. national debt is rising by $1 trillion about every 100 days|publisher=CNBC|url=https://www.cnbc.com/2024/03/01/the-us-national-debt-is-rising-by-1-trillion-about-every-100-days.html}}</ref>

The U.S. Treasury statistics indicate that, at the end of 2006, non-US citizens and institutions held 44% of federal debt held by the public.<ref>"[http://www.gpoaccess.gov/usbudget/fy08/pdf/spec.pdf Analytical Perspectives of the FY 2008 Budget] {{webarchive|url=https://web.archive.org/web/20100107153657/http://www.gpoaccess.gov//usbudget/fy08/pdf/spec.pdf |date=January 7, 2010}}".</ref> {{As of|2014}}, China, holding $1.26{{spaces}}trillion in [[treasury bond]]s, is the largest foreign financier of the U.S. public debt.<ref>{{cite web|url=http://www.treasury.gov/ticdata/Publish/mfh.txt|title=Major Foreign Holders of Treasury Securities|date=July 2014|publisher=United States Department of the Treasury|access-date=August 23, 2014|url-status=dead|archive-url=https://web.archive.org/web/20151017031710/http://www.treasury.gov/ticdata/Publish/mfh.txt|archive-date=October 17, 2015}}</ref>

The overall financial position of the United States as of 2014 includes $269.6{{spaces}}trillion of assets owned by households, businesses, and governments within its borders, representing more than 15.7 times the annual gross domestic product of the United States. Debts owed during this same period amounted to $145.8{{spaces}}trillion, about 8.5 times the annual gross domestic product.<ref name="2014Q1flowoffunds">
{{cite web
 |url = http://www.federalreserve.gov/releases/z1/current/z1.pdf
 |title = Z.1 Financial Accounts of the United States – Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts – First Quarter 2014
 |author = Federal Reserve
 |date = June 5, 2014
 |access-date = July 3, 2010
|archive-url = https://web.archive.org/web/20100702134328/http://www.federalreserve.gov/releases/Z1/current/z1.pdf
 |archive-date = July 2, 2010
|url-status = dead
 |df = mdy-all
|author-link = Federal Reserve
}}</ref><ref name="2005to2013flowoffunds">
{{cite web
 |url = http://www.federalreserve.gov/releases/z1/current/annuals/a2005-2013.pdf
 |title = Z.1 Financial Accounts of the United States – Flow of Funds, Balance Sheets, and Integrated Macroeconomic Accounts – Historical Annual Tables 2005–2013
 |author = Federal Reserve
 |date = June 5, 2014
 |url-status = dead
 |archive-url = https://web.archive.org/web/20140813015931/http://www.federalreserve.gov/releases/z1/Current/annuals/a2005-2013.pdf
 |archive-date = August 13, 2014
|df = mdy-all
|author-link = Federal Reserve
}}</ref>

Since 2010, the U.S. Treasury has been obtaining [[negative real interest rate]]s on government debt.<ref>Saint Louis Federal Reserve (2012) [http://research.stlouisfed.org/fred2/series/DFII5 "5-Year Treasury Inflation-Indexed Security, Constant Maturity"] FRED Economic Data chart from government debt auctions (the x-axis at y=0 represents the inflation rate over the life of the security)</ref> Such low rates, outpaced by the [[inflation]] rate, occur when the market believes that there are no alternatives with sufficiently low risk, or when popular institutional investments such as insurance companies, [[pension]]s, or bond, money market, and balanced [[mutual fund]]s are required or choose to invest sufficiently large sums in Treasury securities to hedge against risk.<ref name="liquidation" /><ref>David Wessel (August 8, 2012) [https://www.wsj.com/articles/SB10000872396390444900304577577192417116440 "When Interest Rates Turn Upside Down"] ''The Wall Street Journal'' ([http://www.htisec.com/en/research/shownews.jsp?newsType=DJ&newsid=c-20120808DN019794 full text] {{webarchive|url=https://web.archive.org/web/20130120020448/http://www.htisec.com/en/research/shownews.jsp?newsType=DJ&newsid=c-20120808DN019794 |date=January 20, 2013}})</ref> American economist [[Lawrence Summers]] argues that at such low rates, government debt borrowing saves taxpayer money, and improves creditworthiness.<ref>Lawrence Summers (June 3, 2012) [https://web.archive.org/web/20120605042224/http://blogs.reuters.com/lawrencesummers/2012/06/03/breaking-the-negative-feedback-loop/ "Breaking the negative feedback loop"] ''Reuters''</ref>

In the late 1940s through the early 1970s, the US and UK both reduced their debt burden by about 30% to 40% of GDP per decade by taking advantage of negative real interest rates, but there is no guarantee that government debt rates will continue to stay so low.<ref name="liquidation">Carmen M. Reinhart and M. Belen Sbrancia (March 2011) [http://www.imf.org/external/np/seminars/eng/2011/res2/pdf/crbs.pdf "The Liquidation of Government Debt"] National Bureau of Economic Research working paper No. 16893</ref><ref>William H. Gross (May 2, 2011) [http://www.pimco.com/EN/insights/pages/the-caine-mutiny-part-2.aspx "The Caine Mutiny (Part 2)"] {{Webarchive|url=https://web.archive.org/web/20121013181717/http://www.pimco.com/EN/Insights/Pages/The-Caine-Mutiny-Part-2.aspx |date=October 13, 2012 }} ''PIMCO Investment Outlook''</ref> In January 2012, the U.S. Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association unanimously recommended that government debt be allowed to auction even lower, at negative absolute interest rates.<ref>U.S. Treasury (January 31, 2012) [http://www.treasury.gov/press-center/press-releases/Pages/tg1404.aspx "Minutes of the Meeting of the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association"]</ref>

The consumer confidence index fell to 88.7 in November 2025, which was a significant drop from the previous month. The decrease has been attributed to concerns over employment stability, rising inflation, financial security, trade tensions, and political uncertainty.<ref>{{cite web|url=https://www.reuters.com/business/us-consumer-confidence-deteriorates-november-2025-11-25/|title=US consumer confidence deteriorates in November |date=November 2025|publisher=Reuters |access-date=November 30, 2025}}</ref>

==Currency and central bank==
{{Main|United States dollar|Federal Reserve}}

[[File:Marriner S. Eccles Federal Reserve Board Building.jpg|thumb|right|The [[Federal Reserve]] is the central banking system of the United States.]]

The United States dollar is the unit of currency of the United States. The U.S. dollar is the currency most used in international transactions.<ref>{{cite web|url=http://www.federalreserve.gov/pf/pdf/pf_4.pdf |title=The Implementation of Monetary Policy – The Federal Reserve in the International Sphere |access-date=April 21, 2012}}</ref> Several countries [[Dollarization|use it as their official currency]], and in many others it is the [[de facto currency]].<ref>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</ref>

The federal government attempts to use both [[monetary policy]] (control of the money supply through mechanisms such as changes in interest rates) and [[fiscal policy]] (taxes and spending) to maintain low inflation, high economic growth, and low unemployment. An independent [[central bank]], known as the [[Federal Reserve]], was formed in 1913 to provide a stable currency and [[monetary policy]]. The U.S. dollar has been regarded as one of the more stable currencies in the world and many nations back their own currency with U.S. dollar reserves.<ref name="federalreserve.gov" /><ref name="Benjamin J. Cohen 2006, p. 17">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</ref>

The U.S. dollar has maintained its position as the world's primary reserve currency, although it is gradually being challenged in that role.<ref>"[https://www.bbc.co.uk/blogs/thereporters/stephanieflanders/2009/01/biggest_game_in_town.html Biggest game in town]". BBC News. January 29, 2009.</ref> Almost two thirds of currency reserves held around the world are held in U.S. dollars, compared to around 25% for the next most popular currency, the [[euro]].<ref>{{cite web|url=http://www.imf.org/external/np/sta/cofer/eng/cofer.pdf |title=Currency Composition of Official Foreign Exchange Reserves (COFER) – June 30, 2011 |access-date=April 21, 2012}}</ref> Rising U.S. national debt and [[quantitative easing]] has caused some to predict that the U.S. dollar will lose its status as the world's reserve currency; however, these predictions have not yet come to fruition.<ref>{{cite news | url=https://money.cnn.com/2011/02/10/markets/dollar/index.htm | title=IMF calls for dollar alternative | publisher=CNN |date=February 10, 2011 |access-date=March 28, 2012 | author=Rooney, Ben}}</ref>

==Climate change==
{{excerpt|Climate change in the United States|Socioeconomic impacts}}

==Corruption==
{{Main|Corruption in the United States}}

In 2019, the United States was ranked 23rd on the [[Transparency International]] [[Corruption Perceptions Index]] with a score of 69 out of 100.<ref>{{cite web|url=https://www.transparency.org/cpi2019|title=2019 - Cpi|date=January 24, 2020|access-date=April 18, 2020|archive-date=March 27, 2020|archive-url=https://web.archive.org/web/20200327160133/https://www.transparency.org/cpi2019|url-status=dead}}</ref>
This is a decrease from its score in 2018 which was 71 out of 100.<ref>{{cite web|url=https://www.transparency.org/cpi2018|title=2018 - Cpi|date=January 29, 2019|access-date=April 19, 2020|archive-date=April 27, 2019|archive-url=https://web.archive.org/web/20190427092026/https://www.transparency.org/cpi2018|url-status=dead}}</ref>

==Law and government==
The United States ranked 4th in the [[ease of doing business index]] in 2012, 18th in the [[Economic Freedom of the World]] index by the [[Fraser Institute]] in 2012, 10th in the [[Index of Economic Freedom]] by ''[[The Wall Street Journal]]'' and [[The Heritage Foundation]] in 2012, 15th in the 2014 [[Global Enabling Trade Report]],<ref>{{cite web|title=Enabling Trade Index 2014|url=http://widgets.weforum.org/global-enabling-trade-report-2014/|website=World Economic Forum}}</ref> and 3rd on the [[Global Competitiveness Report]].<ref>{{Cite web|url=http://www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2014-15.pdf|title=2014 Global Competitiveness Report}}</ref>

According to the 2014 [[Index of Economic Freedom]], released by ''[[The Wall Street Journal]]'' and [[The Heritage Foundation]], the U.S. has dropped out of the top ten most economically free countries. The U.S. has been on a steady seven-year economic freedom decline and is the only country to do so.<ref name="US economic freedom">{{cite web|title=2014 Index of Economic Freedom – United States|url=http://www.heritage.org/index/country/unitedstates|publisher=Heritage Foundation|access-date=January 14, 2014|archive-date=March 20, 2012|archive-url=https://web.archive.org/web/20120320134206/http://www.heritage.org/index/country/unitedstates|url-status=unfit}}</ref> The index measures each nation's commitment to free enterprise on a scale of 0 to 100. Countries losing economic freedom and receiving low index scores are at risk of economic stagnation, high unemployment rates, and diminishing social conditions.<ref name="wsj miller">{{cite news|last=Terry|first=Miller|title=America's Dwindling Economic Freedom Regulation, taxes and debt knock the U.S. out of the world's top 10|url=https://www.wsj.com/news/articles/SB10001424052702303848104579308811265028066?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702303848104579308811265028066.html|access-date=January 14, 2014|newspaper=The Wall Street Journal|date=January 13, 2014}}</ref><ref name="Index of economic freedom">{{cite web|title=2014 Index of Economic Freedom|url=http://www.heritage.org/index/ranking|publisher=Heritage Foundation|access-date=January 14, 2014|archive-date=November 17, 2010|archive-url=https://web.archive.org/web/20101117114939/http://www.heritage.org/Index/ranking|url-status=unfit}}</ref> The 2014 Index of Economic Freedom gave the United States a score of 75.5 and is listed as the twelfth-freest economy in world. It dropped two rankings and its score is half a point lower than in 2013.<ref name="US economic freedom" />

Economist [[Alan Blinder]] criticizes democratic government regulation of the U.S. economy as too short-sighted (targeting either the next election or the next news cycle rather than making difficult choices that favor long-term benefits despite short-term pain) and favoring policies that sound good and avoiding those that sound bad, regardless of merit when examined rigorously by economists.<ref>{{cite book |title=Advice and Dissent: Why America Suffers When Economics and Politics Collide |author=Alan S. Blinder |publisher=Basic Books |year=2018 |isbn=978-0465094172}}</ref>

===Regulations===

{{Main|United States administrative law}}

[[File:BankingCrises.svg|thumb|Number of countries having a banking crisis in each year since 1800. This is based on ''This Time is Different: Eight Centuries of Financial Folly''<ref>{{cite web |url=http://www.reinhartandrogoff.com/|title=This Time is Different |author1=Carmen M. Reinhart|author2=Kenneth S. Rogoff|publisher=Anchor Media Works|website=reinhartandrogoff.com}}</ref> which covers only seventy countries. The general upward trend might be attributed to many factors. One of these is a gradual increase in the percent of people who receive money for their labor. The dramatic feature of this graph is the virtual absence of banking crises during the period of the [[Bretton Woods agreement]], 1945 to 1971. This analysis is similar to Figure 10.1 in Reinhart and Rogoff (2009). For more details see the help file for "bankingCrises" in the Ecdat package available from the [[R (programming language)|Comprehensive R Archive Network (CRAN).]] ]]

The [[Federal government of the United States|U.S. federal government]] regulates private enterprise in numerous ways. Regulation falls into two general categories.

Some efforts seek, either directly or indirectly, to control prices. Traditionally, the government has sought to create state-regulated [[monopoly|monopolies]] such as electric utilities while allowing prices in the level that would ensure them normal profits. At times, the government has extended economic control to other kinds of industries as well. In the years following the Great Depression, it devised a complex system to stabilize prices for agricultural goods, which tend to fluctuate wildly in response to rapidly changing supply and demand. A number of other industries—trucking and, later, airlines—successfully sought regulation themselves to limit what they considered as harmful price-cutting, a process called [[regulatory capture]].<ref name="Regulation and Control in the U">Regulation and Control in the U.S. Economy: About.com</ref>

Another form of economic regulation, [[Competition law|antitrust law]], seeks to strengthen market forces so that direct regulation is unnecessary. The government—and, sometimes, private parties—have used antitrust law to prohibit practices or mergers that would unduly limit competition.<ref name="Regulation and Control in the U" />

[[Bank regulation in the United States]] is highly fragmented compared to other [[Group of Ten (economic)|G10]] countries where most countries have only one bank regulator. In the U.S., banking is regulated at both the federal and state level. The U.S. also has one of the most highly regulated banking environments in the world; however, many of the regulations are not soundness related, but are instead focused on privacy, disclosure, fraud prevention, anti-money laundering, anti-terrorism, anti-[[usury]] lending, and promoting lending to lower-income segments.

Since the 1970s, government has also exercised control over private companies to achieve social goals, such as improving the public's health and safety or maintaining a healthy environment. For example, the [[Occupational Safety and Health Administration]] provides and enforces standards for workplace safety, and the [[United States Environmental Protection Agency]] provides standards and regulations to maintain air, water, and land resources. The U.S. [[Food and Drug Administration]] regulates what drugs may reach the market, and also provides standards of disclosure for food products.<ref name="Regulation and Control in the U" />

American attitudes about regulation changed substantially during the final three decades of the 20th century. Beginning in the 1970s, policy makers grew increasingly convinced that economic regulation protected companies at the expense of consumers in industries such as airlines and trucking. At the same time, technological changes spawned new competitors in some industries, such as telecommunications, that once were considered natural monopolies. Both developments led to a succession of laws easing regulation.<ref name="Regulation and Control in the U" />

While leaders of America's two most influential political parties generally favored economic [[deregulation]] during the 1970s, 1980s, and 1990s, there was less agreement concerning regulations designed to achieve social goals. Social regulation had assumed growing importance in the years following the Depression and World War II, and again in the 1960s and 1970s. During the 1980s, the government relaxed labor, consumer and [[Environmental policy of the United States|environmental rules]] based on the idea that such regulation interfered with [[free enterprise]], increased the costs of doing business, and thus contributed to inflation. The response to such changes is mixed; many Americans continued to voice concerns about specific events or trends, prompting the government to issue new regulations in some areas, including environmental protection.<ref name="Regulation and Control in the U" />

Where legislative channels have been unresponsive, some citizens have turned to the courts to address social issues more quickly. For instance, in the 1990s, individuals, and eventually the government itself, sued tobacco companies over the health risks of cigarette smoking. The 1998 [[Tobacco Master Settlement Agreement]] provided states with long-term payments to cover medical costs to treat smoking-related illnesses.<ref name="Regulation and Control in the U" />

Between 2000 and 2008, economic regulation in the United States saw the most rapid expansion since the early 1970s. The number of new pages in the Federal Registry, a proxy for economic regulation, rose from 64,438 new pages in 2001 to 78,090 in new pages in 2007, a record amount of regulation. Economically significant regulations, defined as regulations which cost more than $100{{spaces}}million a year, increased by 70%. Spending on regulation increased by 62% from $26.4{{spaces}}billion to $42.7{{spaces}}billion.<ref name="bushregulation">{{cite magazine|title=Bush's Regulatory Kiss-Off – Obama's assertions to the contrary, the 43rd president was the biggest regulator since Nixon|url=http://www.reason.com/news/show/130328.html|magazine=Reason magazine|date=January 2009|access-date=February 12, 2012|archive-url=https://web.archive.org/web/20090902085717/http://www.reason.com/news/show/130328.html|archive-date=September 2, 2009|url-status=dead}}</ref>

===Taxation===
[[File:1960- Tax rates of richest versus low income people - US.svg|thumb|Chart comparing effective total (federal and state and local) tax rates in the United States, of the richest Americans and those in the bottom 50% of earners]]
[[File:US overall tax burden in 2024.webp|thumb|Overall [[tax burden]] in the US in 2024]]
{{Main|Taxation in the United States}}

[[Taxation in the United States]] is a complex system which may involve payment to at least four different levels of government and many methods of taxation. Taxes are levied by the [[Federal government of the United States|federal government]], by the [[State governments of the United States|state governments]], and often by [[Local government in the United States|local governments]], which may include [[Counties of the United States|counties]], municipalities, [[Township (United States)|township]], [[school district]]s, and other [[Special district (United States)|special-purpose districts]], which include fire, utility, and transit districts.<ref>{{cite news |title=America's Aversion to Taxes |url=https://www.nytimes.com/2012/08/15/business/economy/slipping-behind-because-of-an-aversion-to-taxes.html?_r=1&src=recg |quote=In 1965, taxes collected by federal, state and municipal governments amounted to 24.7 percent of the nation's output. In 2010, they amounted to 24.8 percent. Excluding Chile and Mexico, the United States raises less tax revenue, as a share of the economy, than every other industrial country. |newspaper=[[The New York Times]] |date=August 14, 2012 |access-date=August 15, 2012 |first=Eduardo |last=Porter}}</ref>

Forms of taxation include taxes on [[Income tax in the United States|income]], [[Property tax in the United States|property]], [[Sales tax in the United States|sales]], imports, payroll, estates and gifts, as well as various fees. When taxation by all government levels taken into consideration, the [[List of countries by tax revenue as percentage of GDP|total taxation as percentage of GDP]] was approximately a quarter of GDP in 2011.<ref>{{cite web |url=http://www.heritage.org/index/country/unitedstates |title=Index of Economic Freedom: United States |publisher=Index of Economic Freedom |access-date=February 12, 2012 |archive-date=March 20, 2012 |archive-url=https://web.archive.org/web/20120320134206/http://www.heritage.org/index/country/unitedstates |url-status=unfit }}</ref> Share of [[black market]] in the U.S. economy is very low compared to other countries.<ref name="Trans-Atlantic Comparisons 3-2">{{cite news |url=http://www.spiegel.de/international/europe/0,1518,628389-2,00.html |work=Der Spiegel |title=Is the US Really a Nation of God-Fearing Darwin-Haters? |date=June 6, 2009}}</ref>

Although a federal [[wealth tax]] is prohibited by the [[United States Constitution]] unless the receipts are distributed to the States by their populations, state and local government property tax amount to a wealth tax on [[real estate]], and because [[Capital gains tax in the United States|capital gains]] are taxed on nominal instead of inflation-adjusted profits, the capital gains tax amounts to a wealth tax on the inflation rate.<ref name=YglesiasWealth>{{cite news|last=Yglesias|first=Matthew|title=America Does Tax Wealth, Just Not Very Intelligently|url=http://www.slate.com/blogs/moneybox/2013/03/06/america_s_wealth_tax_it_s_called_property_taxes_and_they_re_not_very_smart.html|access-date=March 18, 2013|newspaper=Slate|date=March 6, 2013}}</ref>

U.S. taxation is generally [[Progressive tax|progressive]], especially at the federal level, and is among the most progressive in the developed world.<ref name = "CBO 2010">{{cite web|url=http://cbo.gov/publication/44604|title=The Distribution of Household Income and Federal Taxes, 2010|publisher=The US Congressional Budget Office (CBO)|date=December 4, 2013|access-date=August 13, 2014}}</ref><ref>{{cite journal |last1=Prasad |first1=M. |last2=Deng|first2= Y. |title=Taxation and the worlds of welfare |journal= Socio-Economic Review |date=April 2, 2009 |volume=7 |issue=3 |pages=431–57 |doi= 10.1093/ser/mwp005 |url=http://www.lisdatacenter.org/wps/liswps/480.pdf}}</ref><ref name=Dylan47>{{cite news |last=Matthews |first=Dylan |title=Other countries don't have a "47%" |url= https://www.washingtonpost.com/blogs/wonkblog/wp/2012/09/19/other-countries-dont-have-a-47/ |newspaper=The Washington Post |access-date=October 29, 2013 |date=September 19, 2012}}</ref><ref>{{cite news |last=Stephen |first=Ohlemacher |title=Tax bills for rich families approach 30-year high |url= http://seattletimes.com/html/politics/2020475301_apustaxingtherich.html|access-date=April 3, 2013|newspaper=The Seattle Times |agency=Associated Press |date=March 3, 2013}}</ref> There is debate over whether taxes should be more or less progressive.<ref name=YglesiasWealth /><ref name=BairParity>{{cite news|last=Bair|first=Sheila|title=Grand Old Parity|url=https://www.nytimes.com/2013/02/27/opinion/republicans-must-bridge-the-income-gap.html|access-date=March 18, 2013|newspaper=The New York Times|date=February 26, 2013}}</ref><ref>{{cite web|last1=Hodge|first1=Scott A.|title=The Case for a Single-Rate Tax: Why Our Progressive Tax Code is Inconsistent with the Changing Face of American Taxpayers|url=http://taxfoundation.org/article/case-single-rate-tax-why-our-progressive-tax-code-inconsistent-changing-face-american-taxpayers|publisher=Tax Foundation|access-date=August 13, 2014|date=April 29, 2005|archive-date=December 22, 2015|archive-url=https://web.archive.org/web/20151222115717/http://taxfoundation.org/article/case-single-rate-tax-why-our-progressive-tax-code-inconsistent-changing-face-american-taxpayers|url-status=dead}}</ref><ref>{{cite news|last1=Frank|first1=Robert|title=The Price of Taxing the Rich: The top 1% of earners fill the coffers of states like California and New York during a boom – and leave them starved for revenue in a bust|url=https://www.wsj.com/news/articles/SB10001424052748704604704576220491592684626|newspaper=The Wall Street Journal|access-date=August 13, 2014|date=March 26, 2011}}</ref>

According to the [[Tax Justice Network]] in 2022, the US fuels more global [[Financial Secrecy Index|financial secrecy]] than [[Banking in Switzerland|Switzerland]], Cayman and Bermuda combined.<ref name="SWI swissinfo.ch 2022">{{cite web | title=Switzerland ranked second-worst global facilitator of tax avoidance | website=SWI swissinfo.ch | date=May 18, 2022 | url=https://www.swissinfo.ch/eng/business/switzerland-ranked-second-worst-global-facilitator-of-tax-avoidance/47603522 | access-date=June 28, 2022}}</ref>

===Expenditure===
{{Main|United States federal budget|Government spending in the United States|National debt of the United States}}

{{See also|Social programs in the United States|Social Security (United States)}}
[[File:2023 US Federal Budget Infographic.png|thumb|400px|right|CBO: U.S. Federal spending and revenue components for fiscal year 2023. Major expenditure categories are healthcare, Social Security, and defense; income and payroll taxes are the primary revenue sources.]]
[[File:CBO Deficit - Baseline Comparison - April 2018.png|thumb|right|350px|Congressional Budget Office (CBO) baseline scenario comparisons: June 2017 (essentially the deficit trajectory that President Trump inherited from President Obama), April 2018 (which reflects Trump's tax cuts and spending bills), and April 2018 alternate scenario (which assumes extension of the Trump tax cuts, among other current policy extensions).<ref name="CBO_BOE2018">{{cite web| url = https://www.cbo.gov/publication/53651| title = CBO Budget and Economic Outlook 2018–2028| date = April 9, 2018}}</ref>]]

The United States public-sector spending amounts to about 38% of GDP (federal is around 21%, state and local the remainder).<ref>{{Cite web|url=https://www.oecd.org/en/data/indicators/general-government-spending.html|title=General government spending|website=OECD}}</ref> Each level of government provides many direct services. The federal government, for example, is responsible for national defense, research that often leads to the development of new products, conducts space exploration, and runs numerous programs designed to help workers develop workplace skills and find jobs (including higher education). Government spending has a significant effect on local and regional economies, and on the overall pace of economic activity.

[[Politics of the United States|State governments]], meanwhile, are responsible for the construction and maintenance of most highways. State, county, or city governments play the leading role in financing and operating public schools. Local governments are primarily responsible for police and fire protection. In 2016, U.S. state and local governments owed $3{{spaces}}trillion and have another $5{{spaces}}trillion in unfunded liabilities.<ref>{{cite news |title=Debt Myths, Debunked |url=https://www.usnews.com/opinion/economic-intelligence/articles/2016-12-01/myths-and-facts-about-the-us-federal-debt |work=U.S. News |date=December 1, 2016}}</ref>

The [[United States welfare state|welfare system in the United States]] began in the 1930s, during the Great Depression, with the passage of the [[New Deal]]. The welfare system was later expanded in the 1960s through [[Great Society]] legislation, which included [[Medicare (United States)|Medicare]], [[Medicaid]], the [[Older Americans Act]] and federal education funding.

Overall, federal, state, and local spending accounted for almost 28% of gross domestic product in 1998.<ref>{{cite web |url=http://www.gpoaccess.gov/usbudget/fy01/guide01.html|title=U.S. Budget 2001|archive-url=https://web.archive.org/web/20120112170429/http://www.gpoaccess.gov/usbudget/fy01/guide01.html|archive-date=January 12, 2012}}</ref>

===Federal budget and debt===
{{Further|United States federal budget}}
During FY2017, the federal government spent $3.98{{spaces}}trillion on a budget or cash basis, up $128{{spaces}}billion or 3.3% vs. FY2016 spending of $3.85{{spaces}}trillion. Major categories of FY 2017 spending included: Healthcare such as Medicare and Medicaid ($1,077B or 27% of spending), Social Security ($939B or 24%), non-defense discretionary spending used to run federal Departments and Agencies ($610B or 15%), Defense Department ($590B or 15%), and interest ($263B or 7%).<ref name="CBO_BOE2018" />

During FY2017, the federal government collected approximately $3.32{{spaces}}trillion in tax revenue, up $48{{spaces}}billion or 1.5% versus FY2016. Primary receipt categories included individual income taxes ($1,587{{spaces}}billion or 48% of total receipts), Social Security/Social Insurance taxes ($1,162{{spaces}}billion or 35%), and corporate taxes ($297{{spaces}}billion or 9%). Other revenue types included excise, estate and gift taxes. FY 2017 revenues were 17.3% of [[gross domestic product]] (GDP), versus 17.7% in FY 2016. Tax revenues averaged approximately 17.4% GDP over the 1980–2017 period.<ref name="CBO_BOE2018" />

The federal budget deficit (i.e., expenses greater than revenues) was $665{{spaces}}billion in FY2017, versus $585{{spaces}}billion in 2016, an increase of $80{{spaces}}billion or 14%. The budget deficit was 3.5% GDP in 2017, versus 3.2% GDP in 2016. The budget deficit is forecast to rise to $804{{spaces}}billion in FY 2018, due significantly to the [[Tax Cuts and Jobs Act]] and other spending bills. An aging country and healthcare inflation are other drivers of deficits and debt over the long-run.<ref name="CBO_BOE2018" />

Debt held by the public, a measure of national debt, was approximately $14.7{{spaces}}trillion or 77% of GDP in 2017, ranked the 43rd highest out of 207 countries.<ref>{{cite web| url = https://www.cia.gov/library/publications/the-world-factbook/rankorder/2186rank.html#us| archive-url = https://web.archive.org/web/20070613005546/https://www.cia.gov/library/publications/the-world-factbook/rankorder/2186rank.html#us| url-status = dead| archive-date = June 13, 2007| title = CIA World Factbook-Debt to GDP}}</ref> This debt, as a percent of GDP, is roughly equivalent to those of many western European nations.<ref>{{cite web| url=http://www.dailyfinance.com/story/is-rising-u-s-debt-inviting-trouble-ask-japan/19469343/|access-date=May 18, 2010|title=Is Rising U.S. Debt Inviting Trouble? Ask Japan|publisher=Daily Finance|first=Vishesh|last=Kumar}}</ref>

==Defense industry==
{{Main|List of United States defense contractors}}

The U.S. defense industry is the world's largest [[arms industry]], valued at over $354 billion in 2026, driven by high-tech investments, geopolitical tensions and modernization efforts. Dominated by major firms like [[Lockheed Martin]], [[RTX Corporation]] and [[Northrop Grumman]], the sector is shifting toward autonomous systems, artificial intelligence and software-defined platforms. Key challenges include supply chain constraints, skilled labor shortages and rising regulatory compliance costs.<ref>https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2025)777967</ref>

==Business culture==
A central feature of the U.S. economy is the economic freedom afforded to the private sector by allowing the private sector to make the majority of economic decisions in determining the direction and scale of what the U.S. economy produces. This is enhanced by relatively low levels of regulation and government involvement,<ref>{{cite web |first=Jack |last=Anderson |url=https://www.forbes.com/global/2006/0522/032.html |title=Tax Misery & Reform Index |work=Forbes |date=May 22, 2006 |access-date=November 17, 2008}}</ref> as well as a court system that generally protects [[Right to property|property rights]] and enforces contracts. Today, the United States is home to 29.6 million small businesses, thirty percent of the world's millionaires, forty percent of the world's billionaires, and 139 of the world's 500 largest companies.<ref name="sba.gov">{{cite web|url=http://www.sba.gov/advo/stats/sbfaq.pdf |title=Office of Advocacy – Frequently Asked Questions – How important are small businesses to the U.S. economy? |publisher=SBA.gov |access-date=April 21, 2012 |url-status=dead |archive-url=https://web.archive.org/web/20101202170306/http://www.sba.gov/advo/stats/sbfaq.pdf |archive-date=December 2, 2010}}</ref><ref name="forbes.com">{{cite news| url=https://www.forbes.com/wealth/billionaires | title=Forbes | date=March 14, 2011}}</ref><ref name="Global 500 2010: Countries">{{cite news| url=https://money.cnn.com/magazines/fortune/global500/2010/countries/US.html |publisher=CNN | title=Global 500 2010: Countries}}</ref><ref>{{cite web |url=http://articles.moneycentral.msn.com/Investing/Extra/WhereTheMillionairesAreNow.aspx |title=Where the millionaires are now |publisher=MSN |date=October 22, 2007 |access-date=April 21, 2012 |archive-url=https://web.archive.org/web/20110927143337/http://articles.moneycentral.msn.com/Investing/Extra/WhereTheMillionairesAreNow.aspx |archive-date=September 27, 2011 |url-status=dead}}</ref>

[[File:Boeing 787-10 rollout with President Trump (32335755473) (cropped).jpg|thumb|[[Boeing]] CEO [[Dennis Muilenburg]] at the [[Boeing 787 Dreamliner|787-10 Dreamliner]] rollout ceremony]]
From its emergence as an independent nation, the United States has encouraged science and innovation. In the early 20th century, the research developed through informal cooperation between U.S. industry and academia grew rapidly and by the late 1930s exceeded the size of that taking place in Britain (although the quality of U.S. research was not yet on par with British and German research at the time). After World War II, federal spending on defense R&D and antitrust policy played a significant role in U.S. innovation.<ref>{{cite book|author1=Walker, William|title=National innovation systems : a comparative analysis|date=1993|publisher=Oxford University Press|isbn=978-0195076172|editor1-last=Nelson|editor1-first=Richard R.|location=New York|pages=61–64|chapter=National Innovation Systems: Britain|ref=Walker1993|chapter-url=https://books.google.com/books?id=YFDGjgxc2CYC&pg=PA61}}<!--Author profile: https://www.st-andrews.ac.uk/intrel/people/index.php/wbw.html--></ref>

The United States is rich in mineral resources and fertile farm soil, and it is fortunate to have a moderate climate. It also has extensive coastlines on both the Atlantic and Pacific Oceans, as well as on the Gulf of Mexico. Rivers flow from far within the continent and the [[Great Lakes]] (the five large inland lakes along the Canadian border) provide additional shipping access. These extensive waterways have helped shape the country's economic growth over the years and helped bind America's fifty individual states together in a single economic unit.<ref>{{cite web| url = http://usinfo.state.gov/infousa/government/forpolicy/chap2.html| archive-url = https://web.archive.org/web/20081114043907/http://usinfo.state.gov/infousa/government/forpolicy/chap2.html| url-status = dead| archive-date = November 14, 2008| title = U.S. Department of state: How the U.S. Economy Works}}</ref>

The number of workers and, more importantly, their productivity help determine the health of the U.S. economy. [[Consumer spending]] in the U.S. rose to about 62% of GDP in 1960, where it stayed until about 1981, and has since risen to 71% in 2013.<ref name=consumerecon /> Throughout its history, the United States has experienced steady growth in the labor force, a phenomenon that is both cause and effect of almost constant economic expansion. Until shortly after World War I, most workers were immigrants from Europe, their immediate descendants, or African Americans who were mostly slaves taken from Africa, or their descendants.<ref>"''[https://books.google.com/books?id=EB29BrnCMm4C&pg=PA280 Trends in International Migration 2002: Continuous Reporting System on Migration]''". Organisation for Economic Co-Operation and Development (2003). OECD Publishing. p. 280. {{ISBN|9264199497}}</ref>

==Demographic shift==
{{See also|Demographics of the United States}}
Beginning in the late 20th century, many Latin Americans immigrated, followed by large numbers of Asians after the removal of nation-origin based [[Immigration and Nationality Act of 1965|immigration quotas]].<ref>{{cite web
|url=https://www.boston.com:80/news/politics/2008/articles/2008/11/11/obama_victory_took_root_in_kennedy_inspired_immigration_act/?page=full
|title=Obama victory took root in Kennedy-inspired Immigration Act
|author=Peter S. Canellos
|date=November 11, 2008
|work=The Boston Globe
|access-date=November 14, 2008}}</ref> The promise of high wages brings many highly skilled workers from around the world to the United States, as well as millions of [[Illegal immigration to the United States|illegal immigrants]] seeking work in the informal economy. More than 13 million people officially entered the United States during the 1990s alone.<ref>{{cite book|author1=Jeanette Altarriba|author2=Roberto R. Heredia|title=An Introduction to Bilingualism: Principles and Processes|url=https://books.google.com/books?id=87snuOaE7DwC&pg=PA212|year=2007|publisher=Taylor & Francis|isbn=978-0203927823|page=212}}</ref>

[[File:Philadelphia - panoramio - 4net (3).jpg|thumb|Restaurants and shops in [[Chinatown, Philadelphia]]]]
Labor mobility has also been important to the capacity of the American economy to adapt to changing conditions. When immigrants flooded labor markets on the East Coast, many workers moved inland, often to farmland waiting to be tilled. Similarly, economic opportunities in industrial, northern cities attracted black Americans from [[Southern United States|southern]] farms in the first half of the 20th century, in what was known as the [[Great Migration (African American)|Great Migration]].

In the United States, the corporation has emerged as an association of owners, known as stockholders, who form a business enterprise governed by a complex set of rules and customs. Brought on by the process of [[mass production]], corporations, such as [[General Electric]], have been instrumental in shaping the United States. Today in the era of [[globalization]], American investors and corporations have influence all over the world. The American government is also included among the major investors in the American economy. Government investments have been directed towards public works of scale (such as from the [[Hoover Dam]]), military-industrial contracts, and the financial industry.

===Aging===

The U.S. population is [[Aging of the United States|aging]], which has significant economic implications for GDP growth, productivity, innovation, inequality, and national debt, according to several studies. The average worker in 2019 was aged 42, vs. 38 in 2000. By 2030, about 59% of adults over 16 will be in the labor force, vs. 62% in 2015. One study estimated that aging since 2000 has reduced productivity between 0.25% and 0.7% per year. Since GDP growth is a function of productivity (output per worker) and the number of workers, both trends slow the GDP growth rate. Older workers save more, which pushes interests rates down, offsetting some of the GDP growth reduction but reducing the Federal Reserve's ability to address a recession by lowering interest rates. Means of addressing the aging trend include immigration (which theoretically brings in younger workers) and higher fertility rates, which can be encouraged by incentives to have more children (e.g., tax breaks, subsidies, and more generous paid leave).<ref>{{cite news |url=https://www.nytimes.com/2019/06/15/sunday-review/work-age-economy.html?|title=This Economy Is Not Aging Gracefully |last=Porter |first=Eduardo |date=June 15, 2019 |work=[[The New York Times]] |access-date=June 15, 2019}}</ref>

The [[Congressional Budget Office]] estimated in May 2019 that mandatory spending (e.g., Medicare, Medicaid, and Social Security) will continue growing relative to the size of the economy (GDP) as the population ages. The population aged 65 or older is projected to rise by one-third from 2019–2029. Mandatory program spending (outlays) in 2019 were 12.7% of GDP and are projected to average 14.4% GDP from 2025–2029.<ref>{{cite news |url=https://www.cbo.gov/publication/55151|title= Updated Budget Projections: 2019 to 2029|date=May 2, 2019 |work=[[Congressional Budget Office]] |access-date=June 15, 2019}}</ref>

==Entrepreneurship==
{{See also|Technological and industrial history of the United States|List of startup incubators in the United States}}
[[File:Government and State-Owned Enterprises to GDP for United States.png|thumb|Percent of U.S. economy from [[state-owned enterprise]]s or [[government-sponsored enterprise]]s.]]
[[File:PyramidParthenon.jpg|thumb|Tennessee in 1897. The U.S. was a leader in the adoption of [[lightbulb|electric lighting]].]]

The United States has been a leader in technological innovation since the late 19th century and scientific research since the mid-20th century. In 1876, [[Alexander Graham Bell]] was awarded the first U.S. [[Invention of the telephone|patent for the telephone]]. [[Thomas Edison]]'s laboratory developed the [[phonograph]], the first [[Incandescent light bulb|long-lasting light bulb]], and the first viable [[Kinetoscope|movie camera]]. Edison's company would also pioneer ([[direct current]] based) electric power delivery and market it around the world, followed on by companies such as [[Westinghouse Electric Corporation]] which would rapidly develop [[alternating current]] power delivery. In the early 20th century, the automobile companies of [[Ransom E. Olds]] and [[Henry Ford]] popularized the [[assembly line]]. The [[Wright brothers]], in 1903, made the [[Wright Flyer|first sustained and controlled heavier-than-air powered flight]].<ref>{{cite web |author=Benedetti, François |url=http://www.fai.org/news_archives/fai/000295.asp |archive-url=https://web.archive.org/web/20070912065254/http://www.fai.org/news_archives/fai/000295.asp |archive-date=September 12, 2007 |title=100 Years Ago, the Dream of Icarus Became Reality |publisher=Fédération Aéronautique Internationale (FAI) |date=December 17, 2003 |access-date=August 15, 2007}}</ref>

[[File:Steve Jobs and Bill Gates (522695099).jpg|thumb|[[Steve Jobs]] and [[Bill Gates]] are two of the most well-known American entrepreneurs.]]

American society highly emphasizes entrepreneurship and business innovation that facilitates [[economic dynamism]]. [[Entrepreneurship]] is the act of being an entrepreneur, which can be defined as "one who undertakes [[innovation]]s, finance and business acumen in an effort to transform innovations into economic goods". This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity.<ref name="Shane">Shane, Scott "A General Theory of Entrepreneurship: the Individual-Opportunity Nexus", Edward Elgar</ref> American entrepreneurs are even engaged in public services delivery through [[Public-private partnerships in the United States|public-private partnerships]].

The most obvious form of entrepreneurship refers to the process and engagement of starting new businesses (referred to as [[startup company|startup companies]]); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.<ref name="Shane" />

According to Paul Reynolds, entrepreneurship scholar and creator of the [[Global Entrepreneurship Monitor]], "by the time they reach their retirement years, half of all working men in the United States probably have a period of self-employment of one or more years; one in four may have engaged in self-employment for six or more years. Participating in a new business creation is a common activity among U.S. workers over the course of their careers."<ref>Reynolds, Paul D. "Entrepreneurship in the United States", Springer, 2007, {{ISBN|978-0387456676}}</ref> And in recent years, business creation has been documented by scholars such as [[David Audretsch]] to be a major driver of economic growth in both the United States and Western Europe.{{citation needed|date=August 2019}}
[[File:Survival rate of US start-ups, 1977–2012.svg|thumb|Survival rate of U.S. start-ups, 1977–2012. Source: U.S. Census Bureau, Business Dynamic Statistics, Published by Gallup, reproduced in UNESCO Science Report: towards 2030, Figure 5.7, p. 143]]

==Venture capital investment==
{{See also|List of venture capital firms#Americas}}
[[File:US VC funding.png|300px|right|Quarterly U.S. venture capital investments, 1995–2017]]
[[Venture capital]], as an industry, originated in the United States, which it still dominates.<ref>{{cite web|url=http://www.briskfox.com/open/years/2009_q1/do_v_c44780.php|title=Mandelson, Peter. "There is no Google, or Amazon, or Microsoft or Apple in the UK, Mandelson tells BVCA." BriskFox Financial News, March 11, 2009|publisher=Briskfox.com|access-date=April 21, 2012|archive-date=November 3, 2019|archive-url=https://web.archive.org/web/20191103173518/http://www.briskfox.com/open/years/2009_q1/do_v_c44780.php|url-status=dead}}</ref> According to the National Venture Capital Association 11% of private sector jobs come from venture capital backed companies and venture capital backed revenue accounts for 21% of U.S. GDP.<ref>{{cite book|url=http://www.nvca.org/index.php?option=com_content&view=article&id=255&Itemid=103|title=Venture Impact|publisher=IHS Global Insight|year=2009|isbn=978-0978501570|edition=5|page=2|url-status=dead|archive-url=https://web.archive.org/web/20140630170428/http://www.nvca.org/index.php?option=com_content&view=article&id=255&Itemid=103|archive-date=June 30, 2014}}</ref>

Total U.S. investment in venture capital amounted to $48.3{{spaces}}billion in 2014, for 4,356 deals. This represented "an increase of 61% in dollars and a 4% increase in deals over the prior year", reported the National Venture Capital Association. The Organisation for Economic Cooperation and Development estimates that venture capital investment in the United States had fully recovered by 2014 to pre-recession levels. The National Venture Capital Association has reported that, in 2014, venture capital investment in the life sciences was at its highest level since 2008: in biotechnology, $6.0{{spaces}}billion was invested in 470 deals and, in life sciences overall, $8.6{{spaces}}billion in 789 deals (including biotechnology and medical devices).

Two thirds (68%) of the investment in biotechnology went to first-time/early-stage development deals and the remainder to the expansion stage of development (14%), seed-stage companies (11%) and late-stage companies (7%). However, it was the software industry which invested in the greatest number of deals overall: 1,799, for an investment of $19.8{{spaces}}billion. Second came internet-specific companies, garnering US$11.9{{spaces}}billion in investment through 1,005 deals. Many of these companies are based in the state of California, which alone concentrates 28% of U.S. research.<ref name="Stewart-2015">{{Cite book|url=http://unesdoc.unesco.org/images/0023/002354/235406e.pdf|title=United States of America. In: UNESCO Science Report: towards 2030|last1=Stewart|first1=Shannon|last2=Springs|first2=Stacy|publisher=UNESCO|year=2015|isbn=978-9231001291|location=Paris|pages=129–55}}</ref>

Some new American businesses raise investments from [[angel investor]]s (venture capitalists). In 2010 healthcare/medical accounted for the largest share of angel investments, with 30% of total angel investments (vs. 17% in 2009), followed by software (16% vs. 19% in 2007), biotech (15% vs. 8% in 2009), industrial/energy (8% vs. 17% in 2009), retail (5% vs. 8% in 2009) and IT services (5%).<ref>{{cite web|last=Sohl|first=Jeffrey|title=Full Year 2009 Angel Market Trends|url=http://wsbe.unh.edu/files/2009_Angel_Market_Press_Release.pdf|archive-url=https://web.archive.org/web/20130120034841/http://wsbe.unh.edu/files/2009_Angel_Market_Press_Release.pdf|archive-date=January 20, 2013|publisher=University of New Hampshire Center for Venture Research|access-date=September 27, 2011|date=March 31, 2010}}</ref> {{clarify|In this article, we really need total amount of dollars/annually|date=February 2012}}

Americans are "venturesome consumers" who are unusually willing to try new products of all sorts, and to pester manufacturers to improve their products.<ref>{{cite web |url=https://www.economist.com/special-report/2009/03/14/the-united-states-of-entrepreneurs|newspaper=The Economist|title=The United States of Entrepreneurs|date=March 12, 2009}}</ref>

==Mergers and acquisitions==
{{See also|List of largest mergers and acquisitions|Mergers and acquisitions in the United States retail sector|United States antitrust law}}

Since 1985 there have been three major waves of [[Mergers & acquisitions]] in the U.S. (see graph "Mergers and Acquisitions in the U.S. since 1985"). 2017 has been the most active year in terms of number of deals (12,914), whereas 2015 cumulated to the biggest overall value of deals ($24{{spaces}}billion).

The biggest merger deal in U.S. history was the acquisition of Time Warner by America Online Inc. in 2000, where the bid was over $164{{spaces}}billion. Since 2000 acquisitions of U.S. companies by Chinese investors increased by 368%. The other way round—U.S. companies acquiring Chinese Companies—showed a decrease of 25%, with a short upwards trend until 2007.<ref>{{Cite news|url=https://imaa-institute.org/m-and-a-us-united-states/|title=M&A US – Mergers & Acquisitions in the United States|work=IMAA-Institute|access-date=February 22, 2018|language=en-US }}</ref>

==Research and development==
{{See also|Science and technology in the United States|List of R&D laboratories|List of United States federal research and development agencies}}

[[File:Research spending as percent of GDP, from 1996, OWID.png|thumb|Gross domestic expenditure on R&D in the U.S. as a percentage of GDP, 1996–2022. Other countries are given for comparison.]]
The U.S. invests more funds in research and development (R&D) in absolute terms than the other G7 nations combined: 17.2% more in 2012. Since 2000, gross domestic expenditure on R&D (GERD) in the U.S. has increased by 31.2%, enabling it to maintain its share of GERD among the G7 nations at 54.0% (54.2% in 2000).<ref name="Stewart-2015" />
[[File:R&D by country.webp|thumb|center|{{center|R&D by country]]}}

===Impact of recession on research spending===
Generally speaking, U.S. investment in R&D rose with the economy in the first years of the century before receding slightly during the economic recession then rising again as growth resumed. At its peak in 2009, GERD amounted to US$406{{spaces}}billion (2.82% of GDP). Despite the recession, it was still at 2.79% in 2012 and will slide only marginally to 2.73% in 2013, according to provisional data, and should remain at a similar level in 2014.<ref name="Stewart-2015" />

The federal government is the primary funder of basic research, at 52.6% in 2012; state governments, universities and other non-profits funded 26%. Experimental development, on the other hand, is primarily funded by industry: 76.4% to the federal government's 22.1% in 2012.<ref name="Stewart-2015" />
[[File:World shares of GDP, GERD, researchers and publications for the G20, 2009 and 2013.svg|thumb|World shares of GDP, research spending, researchers and scientific publications, 2009 and 2013. Source: UNESCO Science Report: towards 2030, Figure 1.7]]
While U.S. investment in R&D is high, it failed to reach President Obama's target of 3% of GDP by the end of his presidency in 2016. Between 2009 and 2012, the United States' world share of research expenditure receded slightly from 30.5% to 28.1%. Several countries now devote more than 4% of GDP to R&D (Israel, Japan and the Republic of Korea) and others plan to raise their own GERD/GDP ratio to 4% by 2020 (Finland and Sweden).<ref name="Stewart-2015" />

===Business spending on research===
Business enterprises contributed 59.1 % of U.S. GERD in 2012, down from 69.0 % in 2000. Private non-profits and foreign entities each contribute a small fraction of total R&D, 3.3% and 3.8%, respectively.<ref name="Stewart-2015" /> [[File:R&D budget by US agency, 1994–2014.svg|thumb|US research and development budget by government agency, 1994–2014. Source: UNESCO Science Report: towards 2030, Figure 5.4, based on data from American Association for the Advancement of Science]]The United States has historically been a leader in business R&D and innovation. The economic recession of 2008–2009 has had a lasting impact, however. While the major performers of R&D largely maintained their commitments, the pain of the U.S. recession was felt mainly by small businesses and start-ups. Statistics released by the U.S. Census Bureau showed that, in 2008, the number of business 'deaths' began overtaking the number of business 'births' and that the trend continued at least through 2012. From 2003 to 2008, business research spending had followed a generally upward trajectory. In 2009, the curve inverted, as expenditure fell by 4% over the previous year then again in 2010, albeit by 1–2% this time. Companies in high-opportunity industries like health care cut back less than those in more mature industries, such as fossil fuels. The largest cutbacks in R&D spending were in agriculture production: −3.5% compared to the average R&D to net sales ratio. The chemicals and allied products industry and electronic equipment industry, on the other hand, showed R&D to net sales ratios that were 3.8% and 4.8% higher than average. Although the amount of R&D spending increased in 2011, it was still below the level of 2008 expenditure. By 2012, the growth rate of business-funded R&D had recovered. Whether this continues will be contingent on the pursuit of economic recovery and growth, levels of federal research funding and the general business climate.<ref name="Stewart-2015" />

===Research spending at the state level===
{{See also|List of U.S. states by research and development spending}}
The level of research spending varies considerably from one state to another. Six states (New Mexico, Maryland, Massachusetts, Washington, California and Michigan) each devoted 3.9% or more of their GDP to R&D in 2010, together contributing 42% of national research expenditure. In 2010, more than one quarter of R&D was concentrated in California (28.1%), ahead of Massachusetts (5.7%), New Jersey (5.6%), Washington State (5.5%), Michigan (5.4%), Texas (5.2%), Illinois (4.8%), New York (3.6%) and Pennsylvania (3.5%). Seven states (Arkansas, Nevada, Oklahoma, Louisiana, South Dakota and Wyoming) devoted less than 0.8% of GDP to R&D.<ref name="Stewart-2015" />
[[File:Science and engineering in the USA by state, 2010.svg|thumb|Science and engineering in the U.S. by state. Source: UNESCO Science Report: towards 2030, Figure 5.6, based on data from American Association for the Advancement of Science]]
[[File:San Francisco from the Marin Headlands in August 2022 (cropped2).jpg|thumb|265px|[[San Francisco]] is one of the world's largest [[financial center]]s.<ref>{{Cite web |title=The Global Financial Centres Index 31|url=https://www.longfinance.net/programmes/financial-centre-futures/global-financial-centres-index/gfci-31-explore-data/gfci-31-rank/|access-date=August 14, 2022 |website=Longfinance.net}}</ref>]]

California is home to [[Silicon Valley]], the name given to the area hosting the leading corporations and start-ups in [[information technology]]. This state also hosts dynamic [[biotechnology]] clusters in the San Francisco Bay Area, Los Angeles and San Diego. The main biotechnology clusters outside California are the cities of Boston/Cambridge, Massachusetts, Maryland, suburban Washington, DC, New York, Seattle, Philadelphia, and Chicago. California supplies 13.7% of all jobs in science and engineering across the country, more than any other state. Some 5.7% of Californians are employed in these fields. This high share reflects a potent combination of academic excellence and a strong business focus on R&D: the prestigious Stanford University and University of California rub shoulders with Silicon Valley, for instance. In much the same way, Route 128 around Boston in the state of Massachusetts is not only home to numerous high-tech firms and corporations but also hosts the renowned Harvard University and Massachusetts Institute of Technology.<ref name="Stewart-2015" />

New Mexico's high research intensity can be explained by the fact that it hosts the Los Alamos National Laboratory. Maryland's position may reflect the concentration of federally funded research institutions there. Washington State has a high concentration of high-tech firms like [[Microsoft]], [[Amazon (company)|Amazon]] and Boeing and the engineering functions of most automobile manufacturers are located in the state of Michigan.<ref name="Stewart-2015" />

===Research spending by multinational corporations===
The federal government and most of the 50 states that make up the United States offer tax credits to particular industries and companies to encourage them to engage in research and development (R&D). Congress usually renews a tax credit every few years. According to a survey by ''[[The Wall Street Journal]]'' in 2012, companies do not factor in these credits when making decisions about investing in R&D, since they cannot rely on these credits being renewed.<ref name="Stewart-2015" />

In 2014, four U.S. multinational corporations figured in the Top 50 for the volume of expenditure on R&D: Microsoft, Intel, Johnson & Johnson and Google. Several have figured in the Top 20 for at least ten years: Intel, Microsoft, Johnson & Johnson, Pfizer and IBM. Google was included in this table for the first time in 2013.<ref name="Stewart-2015" />

'''Global top 50 companies by R&D volume and intensity, 2014'''
<nowiki>*</nowiki> R&D intensity is defined as R&D expenditure divided by net sales.
<nowiki>**</nowiki> Although incorporated in the Netherlands, Airbus's principal manufacturing facilities are located in France, Germany, Spain and the UK.
Source: ''UNESCO Science Report: towards 2030'' (2015), Table 9.3, based on Hernández ''et al.'' (2014) ''EU R&D Scoreboard: the 2014 EU Industrial R&D Investment Scoreboard''. [[European Commission]]: Brussels, Table 2.2.

===Exports of high-tech goods and patents===
[[File:High-tech exports from the USA as a world share, 2008–2013.svg|thumb|High-tech exports from the U.S. as a percentage of the world share, 2008–2013. Source: UNESCO Science Report: towards 2030, Figure 5.10, based on Comtrade database]]
Until 2010, the United States was a net exporter of pharmaceuticals but, since 2011, it has become a net importer of these goods.

The United States is a post-industrial country. Imports of high-tech products far exceed exports. However, the United States' technologically skilled workforce produces a large volume of patents and can still profit from the license or sale of these patents. Within the United States' scientific industries active in research, 9.1% of products and services are concerned with the licensing of intellectual property rights.<ref name="Stewart-2015" />

When it comes to trade in intellectual property, the United States remains unrivalled. Income from royalties and licensing amounted to $129.2{{spaces}}billion in 2013, the highest in the world. Japan comes a distant second, with receipts of $31.6{{spaces}}billion in 2013. The United States' payments for use of intellectual property amounted to $39.0{{spaces}}billion in 2013, exceeded only by Ireland ($46.4{{spaces}}billion).<ref name="Stewart-2015" />

==Notable companies and markets==
{{See also|Forbes 500|Fortune 500}}
{{Further|List of largest companies in the United States by revenue|Category:American brands|Category:Multinational companies headquartered in the United States
}}
[[File:Walmart exterior.jpg|thumb|right|A typical Walmart discount department store (location: [[Laredo, Texas]])]]
America's largest companies are ranked every year by revenue in the ''[[Fortune 500]]''. Between 2000 and 2022's edition of the list, the top spot on the Fortune 500 was occupied by either the auto manufacturer [[General Motors]] (GM), the oil and gas giant [[ExxonMobil]], or the retailer [[Walmart]].<ref>{{Cite web |last=Hoover |first=Gary |date=June 26, 2022 |title=2022 UPDATED Largest Companies Charts |url=https://americanbusinesshistory.org/2022-updated-largest-companies-charts/ |access-date=February 9, 2023 |website=Business History - The American Business History Center |language=en-US}}</ref> The US is also home of many of the world's largest companies by [[market capitalization]]; {{As of|2023|February|9|df=US}}, the largest American companies by market cap are [[Apple Inc.|Apple]], [[Microsoft]], [[Google]] (through holding company [[Alphabet Inc.|Alphabet]]), [[Amazon (company)|Amazon]], [[Berkshire Hathaway]], [[Tesla, Inc.|Tesla]], [[Nvidia]], [[Visa Inc.|Visa]], ExxonMobil, and [[Meta Platforms]].<ref>{{Cite web |title=Companies ranked by Market Cap - CompaniesMarketCap.com |url=https://companiesmarketcap.com/ |access-date=February 9, 2023 |website=companiesmarketcap.com |language=en-us}}</ref> Moreover, many of these companies are the most valuable brands, with many of the largest companies by revenue and market cap on the annual ranking of most valuable brands by [[Forbes]] being joined by [[The Coca-Cola Company|Coca-Cola]], [[The Walt Disney Company]], and [[McDonald's]].<ref>{{Cite web |title=The 2020 World's Most Valuable Brands |url=https://www.forbes.com/the-worlds-most-valuable-brands/ |access-date=February 9, 2023 |website=Forbes |language=en}}</ref>

Some industries within America are defined by a few major companies, often deriving terms such as "Big Three" or "Big Four". Examples of this phenomenon include the Big Three credit reporting agencies ([[Equifax]], [[Experian]], and [[TransUnion]]), the [[Big Three (automobile manufacturers)|Big Three automobile makers]] ([[Ford Motor Company|Ford]], [[General Motors]], and [[Stellantis]]), the [[Big Four accounting firms]] ([[Deloitte]], [[Ernst & Young]], [[KPMG]], and [[PwC]]), and the Big Four communications carriers ([[Verizon Communications|Verizon]], [[AT&T]], [[T-Mobile US|T-Mobile]]/[[Sprint Corporation|Sprint]], and [[Dish Network]]).<ref>{{Cite news |title=How to protect yourself against the theft of your identity |newspaper=The Economist |url=https://www.economist.com/finance-and-economics/2017/09/14/how-to-protect-yourself-against-the-theft-of-your-identity |access-date=February 10, 2023 |issn=0013-0613}}</ref><ref>{{Cite web |title=Big 4 wireless carriers spent $100B on 5G spectrum: Was it worth it? |url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/big-4-wireless-carriers-spent-100b-on-5g-spectrum-was-it-worth-it-68488095 |access-date=February 10, 2023 |website=www.spglobal.com |language=en-us}}</ref>
The [[Energy in the United States|American energy industry]] is among the largest and consists of large companies in [[Petroleum industry|oil, natural gas]], [[Coal mining in the United States|coal]], and renewable energy sources. America's largest energy companies by market are in oil and gas, with ExxonMobil being joined by [[Chevron Corporation|Chevron]], [[ConocoPhillips]], and [[Schlumberger]]; British oil companies [[BP]] and [[Shell plc|Shell]] also have significant presence in the United States and trade on both the [[London Stock Exchange]] and [[New York Stock Exchange]]. Many large American petroleum companies, as well as BP, can trace some origin back to [[Standard Oil]], a former monopoly run by [[John D. Rockefeller]]. In coal, the $30 billion industry is dominated by [[Peabody Energy]], which is the largest coal company in the world with almost $23 billion in revenue for 2021. Much of the nation's coal mining occurs in Wyoming and Appalachian states like West Virginia, Pennsylvania, and Kentucky.<ref>{{cite web|url=http://fortune.com/global500/list/filtered?hqcountry=U.S.|title=Global 500 2016|work=Fortune|access-date=June 22, 2017|archive-date=September 21, 2018|archive-url=https://web.archive.org/web/20180921142659/http://fortune.com/global500/list/filtered?hqcountry=U.S.|url-status=dead}} Number of companies data taken from the "Country" filter.</ref><ref>{{Cite web |title=The 10 Largest Coal Mining Companies In The United States – Zippia |date=July 26, 2022 |url=https://www.zippia.com/advice/largest-coal-mining-companies/ |access-date=February 10, 2023 |language=en}}</ref><ref>{{Cite web |last=Desjardins |first=Jeff |date=November 24, 2017 |title=Chart: The Evolution of Standard Oil |url=https://www.visualcapitalist.com/chart-evolution-standard-oil/ |access-date=February 10, 2023 |website=Visual Capitalist |language=en-US}}</ref>

A 2012 Deloitte report published in ''STORES'' magazine indicated that of the world's top 250 largest retailers by retail sales revenue in fiscal year 2010, 32% of those retailers were based in the United States, and those 32% accounted for 41% of the total retail sales revenue of the top 250.<ref>Deloitte, ''Switching Channels: Global Powers of Retailing 2012'', ''STORES'', January 2012, G20.</ref>

[[File:US Semiconductor Economy.webp|thumb|228px|[[List of semiconductor companies in the United States|Semiconductor companies in the United States]]]]
America is the foremost country in the world when it comes to semiconductor production. In 2011, half of the world's 20 largest semiconductor manufacturers by sales were based in America. More recently, Congress under the [[presidency of Joe Biden]] passed a bipartisan bill, the [[CHIPS and Science Act]], which bolstered semiconductor production. Some of America's largest semiconductor firms and chip companies are [[Broadcom Inc.|Broadcom]], [[Intel]], [[AMD]], and [[Qualcomm]].<ref>{{cite web|url=http://www.isuppli.com/PublishingImages/Press%20Releases/2011-12-01_Market_Share_Table1.jpg |title=IHS iSuppli Semiconductor preliminary rankings for 2011 |access-date=April 21, 2012|archive-url=https://web.archive.org/web/20131214152106/http://www.isuppli.com/PublishingImages/Press%20Releases/2011-12-01_Market_Share_Table1.jpg|archive-date=December 14, 2013}}</ref><ref>{{Cite web |title=Top 10 Semiconductor Manufacturers in the U.S. - IndustrySelect® |url=https://www.industryselect.com/blog/top-10-semiconductor-manufacturers-in-the-us |access-date=February 10, 2023 |website=www.industryselect.com}}</ref><ref>{{Cite web |last=House |first=The White |date=August 9, 2022 |title=FACT SHEET: CHIPS and Science Act Will Lower Costs, Create Jobs, Strengthen Supply Chains, and Counter China |url=https://bidenwhitehouse.archives.gov/briefing-room/statements-releases/2022/08/09/fact-sheet-chips-and-science-act-will-lower-costs-create-jobs-strengthen-supply-chains-and-counter-china/ |access-date=February 10, 2023 |website=The White House |language=en-US}}</ref>

Many of the United States' largest firms by market cap are technology companies. These companies are dominated by the [[Big Tech|Big Five tech giants]] (Apple, Amazon, Google, Microsoft, and Meta), though numerous software firms also dominate the American technology industry. These firms range from hardware manufacturers like [[Dell Technologies]], [[IBM]], [[Hewlett-Packard]], and [[Cisco]], to software and computing infrastructure programmers like [[Oracle Corporation|Oracle]], [[Salesforce]], [[Adobe Inc.|Adobe]], and [[Intuit]].<ref>{{Cite web |last=Girardin |first=McKayla |date=September 22, 2022 |title=Top Tech Companies in 2022 |url=https://www.theforage.com/blog/companies/what-companies-in-technology-field |access-date=February 10, 2023 |website=Forage |language=en-US}}</ref><ref>{{Cite web |title=Top 1000 Technology Companies United States 2023 |url=https://disfold.com/united-states/sector/technology/companies/ |access-date=February 10, 2023 |website=Disfold Data |language=en}}</ref>

In film, American producers create nearly all of [[List of highest-grossing films|the world's highest-grossing films]]. Many of [[List of best-selling music artists|the world's best-selling music artists]] are based in the United States. Some of America's largest media companies are The Walt Disney Company, [[Warner Bros. Discovery]], [[Netflix]], [[Comcast]], [[Paramount Global]], and [[Fox Corporation|Fox]].

==Banking and finance==
{{Main|Banking in the United States|Financial services in the United States|Insurance in the United States}}

{{Further|List of largest banks in the United States}}

[[File:NYC NYSE.jpg|thumb|The [[New York Stock Exchange]] is the largest stock exchange in the world.]]
Measured by [[market capitalization|value]] of its listed companies' [[Security (finance)|securities]], the [[New York Stock Exchange]] is more than three times larger than any other stock exchange in the world.<ref name="world-exchanges.org">{{cite web|url=http://www.world-exchanges.org/statistics/ytd-monthly|archive-url=https://web.archive.org/web/20111106005313/http://www.world-exchanges.org/statistics/ytd-monthly|archive-date=November 6, 2011 |title=WFE – YTD Monthly |date=November 6, 2011 |access-date=June 8, 2014}}</ref> As of October 2008, the combined [[Market capitalization|capitalization]] of all domestic NYSE listed companies was US$10.1{{spaces}}trillion.<ref>{{cite web |url=http://www.nyxdata.com/nysedata/default.aspx?tabid=115 |title=> Data Products > NYSE > Facts & Figures |publisher=NYXdata |access-date=April 21, 2012 |archive-date=February 28, 2009 |archive-url=https://web.archive.org/web/20090228111716/http://www.nyxdata.com/nysedata/Default.aspx?tabid=115 |url-status=dead }}</ref> [[NASDAQ]] is another American [[stock exchange]] and the world's third-largest exchange after the [[New York Stock Exchange]] and Japan's [[Tokyo Stock Exchange]]. However, NASDAQ's [[Market value|trade value]] is larger than Japan's TSE.<ref name="world-exchanges.org" /> NASDAQ is the largest [[Electronic visual display|electronic screen-based]] [[Share capital|equity securities]] trading market in the U.S. With approximately 3,800 companies and corporations, it has more trading volume per hour than any other stock exchange.<ref>{{cite web |url=http://www.nasdaq.com/newsroom/stats/Performance_Report.stm#item_2 |title=NASDAQ Performance Report|access-date=February 15, 2007 |date=January 12, 2007 |work=NASDAQ Newsroom |publisher=The Nasdaq Stock Market|archive-url=https://web.archive.org/web/20070210233035/http://www.nasdaq.com/newsroom/stats/Performance_Report.stm|archive-date=February 10, 2007}}</ref>

Because of the influential role that the U.S. stock market plays in [[international finance]], a [[New York University]] study in late 2014 interprets that in the short run, stocks that affect the willingness to bear risk independently of macroeconomic fundamentals explain most of the variation in the U.S. stock market. In the long run, the U.S. stock market is profoundly affected by shocks that reallocate the rewards of a given level of production between workers and shareholders. Productivity shocks, however, play a small role in historical stock market fluctuations at all horizons in the U.S. stock market.<ref>[http://www.econ.nyu.edu/user/ludvigsons/osf.pdf Origins of Stock Market Fluctuations] {{Webarchive|url=https://web.archive.org/web/20150923233200/http://www.econ.nyu.edu/user/ludvigsons/osf.pdf |date=September 23, 2015 }}. [[New York University]], December 16, 2014.</ref>

The U.S. [[finance industry]] comprised only 10% of total non-farm business profits in 1947, but it grew to 50% by 2010. Over the same period, finance industry income as a proportion of GDP rose from 2.5% to 7.5%, and the finance industry's proportion of all corporate income rose from 10% to 20%. The mean earnings per employee hour in finance relative to all other sectors has closely mirrored the share of total U.S. income earned by the top 1% income earners since 1930. The mean salary in New York City's finance industry rose from $80,000 in 1981 to $360,000 in 2011, while average New York City salaries rose from $40,000 to $70,000. In 1988, there were about 12,500 U.S. banks with less than $300{{spaces}}million in deposits, and about 900 with more deposits, but by 2012, there were only 4,200 banks with less than $300{{spaces}}million in deposits in the U.S., and over 1,800 with more.

Top ten U.S. banks by assets<ref name="money.msn.com">[http://money.msn.com/ Stock quotes, investing & personal finance, news – MSN Money] {{Webarchive|url=https://web.archive.org/web/20130506025118/http://money.msn.com/ |date=May 6, 2013}}. Money.msn.com (December 31, 1999).</ref><ref name="secdatabase.com">secdatabase.com</ref><ref>[http://www.goldmansachs.com/investor-relations/index.html Investor Relations]. Goldman Sachs.</ref><ref>{{cite web|url=https://www.usbank.com/cgi_w/cfm/about/investor/index.cfm|title=Financial and investor information from U.S. Bank|website=usbank.com|access-date=May 6, 2013|archive-date=October 12, 2018|archive-url=https://web.archive.org/web/20181012182518/https://www.usbank.com/cgi_w/cfm/about/investor/index.cfm|url-status=dead}}</ref>
{| class="wikitable"
|1|| JP Morgan Chase
|-
|2||Bank of America
|-
|3||Citigroup
|-
|4||Wells Fargo
|-
|5||Goldman Sachs
|-
|6||Morgan Stanley
|-
|7||U.S. Bancorp
|-
|8||Bank of NY Mellon
|-
|9||HSBC North American Holdings
|-
|10||Capital One Financial
|}
A 2012 [[International Monetary Fund]] study concluded that the U.S. financial sector has grown so large that it is slowing [[economic growth]]. New York University economist [[Thomas Philippon]] supported those findings, estimating that the U.S. spends $300{{spaces}}billion too much on financial services per year, and that the sector needs to shrink by 20%. Harvard University and University of Chicago economists agreed, calculating in 2014 that workers in research and development add $5 to the GDP for each dollar they earn, but finance industry workers cause the GDP to shrink by $0.60 for every dollar they are paid.<ref>{{cite news|last1=Tankersley|first1=Jim|title=A black hole for our best and brightest|url=https://www.washingtonpost.com/sf/business/2014/12/16/a-black-hole-for-our-best-and-brightest/|access-date=December 23, 2014|newspaper=The Washington Post|date=December 16, 2014}}</ref> A study by the [[Bank for International Settlements]] reached similar conclusions, saying the finance industry impedes economic growth and research and development based industries.<ref>{{cite web|last1=Cecchetti|first1=Stephen G|last2=Kharroubi|first2=Enisse|title=Why does financial sector growth crowd out real economic growth?|url=http://www.bis.org/publ/work490.pdf|website=BIS Working Papers No 490|publisher=Bank for International Settlements|access-date=September 20, 2015}}</ref>

==Historical statistics==
{{main|Economic history of the United States}}

==List of state and territory economies==
===State and federal district economies===
{{Columns-list|colwidth=25em|
* [[Economy of Alabama]]
* [[Economy of Alaska]]
* [[Economy of Arizona]]
* [[Economy of Arkansas]]
* [[Economy of California]]
* [[Economy of Colorado]]
* [[Economy of Connecticut]]
* [[Economy of Delaware]]
* [[Economy of Florida]]
* [[Georgia (U.S. state)#Economy|Economy of Georgia]]
* [[Economy of Hawaii]]
* [[Economy of Idaho]]
* [[Economy of Illinois]]
* [[Economy of Indiana]]
* [[Economy of Iowa]]
* [[Economy of Kansas]]
* [[Economy of Kentucky]]
* [[Economy of Louisiana]]
* [[Economy of Maine]]
* [[Economy of Maryland]]
* [[Economy of Massachusetts]]
* [[Economy of Michigan]]
* [[Economy of Minnesota]]
* [[Economy of Mississippi]]
* [[Economy of Missouri]]
* [[Economy of Montana]]
* [[Economy of Nebraska]]
* [[Economy of Nevada]]
* [[Economy of New Hampshire]]
* [[Economy of New Jersey]]
* [[Economy of New Mexico]]
* [[Economy of New York (state)]]
* [[Economy of North Carolina]]
* [[Economy of North Dakota]]
* [[Economy of Ohio]]
* [[Economy of Oklahoma]]
* [[Economy of Oregon]]
* [[Economy of Pennsylvania]]
* [[Economy of Rhode Island]]
* [[Economy of South Carolina]]
* [[Economy of South Dakota]]
* [[Economy of Tennessee]]
* [[Economy of Texas]]
* [[Economy of Utah]]
* [[Economy of Vermont]]
* [[Economy of Virginia]]
* [[Washington, D.C.#Economy|Economy of Washington, D.C.]]
* [[Economy of Washington (state)]]
* [[Economy of West Virginia]]
* [[Economy of Wisconsin]]
* [[Economy of Wyoming]]
}}

===Territory economies===
* [[Economy of American Samoa]]
* [[Economy of Guam]]
* [[Economy of the Northern Mariana Islands]]
* [[Economy of Puerto Rico]]
* [[Economy of the United States Virgin Islands]]

==See also==
<!--Please maintain the list in alphabetical order.-->
* [[Bretton Woods system]]
* [[Energy policy of the United States]]
* [[Financial position of the United States]]
* ''[[Historical Statistics of the United States]]''<!--italicized book title-->
* [[Job creation index]]
* [[Labor unions in the United States]]
* [[Unemployment insurance in the United States]]
* [[List of industry trade groups in the United States]]
* [[Washington Consensus]]
* [[World oil market chronology from 2003]]
* [[Work–life balance]]
* [[Work–life balance in the United States]]
* [[Work–family balance in the United States]]

==References==
{{reflist|group=note}}
===Citations===
{{Reflist|25em}}

===Sources===
{{Commons category}}
{{Wikiquote}}
{{Refbegin}}
* {{Free-content attribution
| title = UNESCO Science Report: towards 2030
| author =
| publisher = UNESCO Publishing
| page numbers = 141–143
| source =
| documentURL = http://unesdoc.unesco.org/images/0023/002354/235406e.pdf
| license statement URL =
| license = CC BY-SA IGO 3.0
}}
* {{cite book |last1=Gordon |first1=Robert J. |title=The American Business Cycle: Continuity and Change |date=1986 |publisher=University of Chicago Press |location=Chicago |isbn=0-226-30452-3 |url=https://www.nber.org/books-and-chapters/american-business-cycle-continuity-and-change}}
{{Refend}}

{{Economy of the United States}}
{{North America in topic|Economy of}}
{{Portal bar|United States|Economics|Business and economics}}
{{Authority control}}

[[Category:Economy of the United States| ]]
[[Category:OECD member economies|United States]]
[[Category:World Trade Organization member economies|United States]]
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