Economy of the United States:
The economy of the United States is the world's largest single national economy. The United States' nominal GDP was estimated to be $16.8 trillion as of 2013,[1] approximately a quarter of nominal global GDP.[2] Its GDP at purchasing power parity is also the largest of any single country in the world, approximately a fifth of the global total.[2] The United States has a mixed economy[22][23] and has maintained a stable overall GDP growth rate, a moderate unemployment rate, and high levels of research and capital investment. Its five largest trading partners are Canada, China, Mexico, Japan, and Germany.
The US has abundant natural resources, a well-developed infrastructure, and high productivity.[24] It has the world's seventh-highest per capita GDP (PPP).[2] The U.S. is the world's third-largest producer of oil and largest producer of natural gas. It is the second-largest trading nation in the world behind China.[25] It has been the world's largest national economy (not including colonial empires) since at least the 1890s.[26] As of 2010, the country remains the world's largest manufacturer, representing a fifth of the global manufacturing output.[27] Of the world's 500 largest companies, 132 are headquartered in the US, twice that of any other country.[28] The country has one of the world's largest and most influential financial markets. The New York Stock Exchange is by far the world's largest stock exchange by market capitalization.[29] Foreign investments made in the US total almost $2.4 trillion,[30] while American investments in foreign countries total over $3.3 trillion.[31] Consumer spending comprises 71% of the US economy in 2013.[32] The labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world. The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report,[33] and others.
The US economy is currently embroiled in the economic downturn which followed the financial crisis of 2007–08, with output still below potential according to the Congressional Budget Office[34] and unemployment still above historic trends while household incomes have stagnated.[35] As of September 2013, the unemployment rate was 7.2% (11.26 million people),[6] while the government's broader U-6 unemployment rate, which includes the part-time underemployed, was 13.1%.[36][37] At 11.3%, the U.S. has one of the lowest labor union participation rates in the OECD.[38] 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.[39] The wealthiest 10% of the population possess 80% of all financial assets.[40] Total public and private debt was $50.2 trillion at the end of the first quarter of 2010, or 3.5 times GDP.[41] In December 2013, the total of the public debt was about 1.015 times GDP.[42] Domestic financial assets totaled $131 trillion and domestic financial liabilities totaled $106 trillion.[43]
The economy of the United States is the world's largest single national economy. The United States' nominal GDP was estimated to be $16.8 trillion as of 2013,[1] approximately a quarter of nominal global GDP.[2] Its GDP at purchasing power parity is also the largest of any single country in the world, approximately a fifth of the global total.[2] The United States has a mixed economy[22][23] and has maintained a stable overall GDP growth rate, a moderate unemployment rate, and high levels of research and capital investment. Its five largest trading partners are Canada, China, Mexico, Japan, and Germany.
The US has abundant natural resources, a well-developed infrastructure, and high productivity.[24] It has the world's seventh-highest per capita GDP (PPP).[2] The U.S. is the world's third-largest producer of oil and largest producer of natural gas. It is the second-largest trading nation in the world behind China.[25] It has been the world's largest national economy (not including colonial empires) since at least the 1890s.[26] As of 2010, the country remains the world's largest manufacturer, representing a fifth of the global manufacturing output.[27] Of the world's 500 largest companies, 132 are headquartered in the US, twice that of any other country.[28] The country has one of the world's largest and most influential financial markets. The New York Stock Exchange is by far the world's largest stock exchange by market capitalization.[29] Foreign investments made in the US total almost $2.4 trillion,[30] while American investments in foreign countries total over $3.3 trillion.[31] Consumer spending comprises 71% of the US economy in 2013.[32] The labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world. The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report,[33] and others.
The US economy is currently embroiled in the economic downturn which followed the financial crisis of 2007–08, with output still below potential according to the Congressional Budget Office[34] and unemployment still above historic trends while household incomes have stagnated.[35] As of September 2013, the unemployment rate was 7.2% (11.26 million people),[6] while the government's broader U-6 unemployment rate, which includes the part-time underemployed, was 13.1%.[36][37] At 11.3%, the U.S. has one of the lowest labor union participation rates in the OECD.[38] 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.[39] The wealthiest 10% of the population possess 80% of all financial assets.[40] Total public and private debt was $50.2 trillion at the end of the first quarter of 2010, or 3.5 times GDP.[41] In December 2013, the total of the public debt was about 1.015 times GDP.[42] Domestic financial assets totaled $131 trillion and domestic financial liabilities totaled $106 trillion.[43]
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