Economy of the United States
The United States is a highly developed country with a market economy as well as has the world's largest nominal GDP and net wealth. It has the second-largest by purchasing power parity PPP behind China. It had the world's eighth-highest per capita GDP nominal and the ninth-highest per capita GDP PPP in 2022. The United States has the almost technologically powerful and innovative economy in the world. Its firms are at or most the forefront in technological advances, especially in artificial intelligence, computers, pharmaceuticals, and medical, aerospace, and military equipment. The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency, backed by its economy, its military, the petrodollar system and its linked eurodollar and large U.S. treasuries market. Several countries use it as their official currency and in others it is the de facto currency. The largest U.S. trading partners are China, the European Union, Canada, Mexico, India, Japan, South Korea, the United Kingdom, and Taiwan. The U.S. is the world's largest importer and the second-largest exporter. It has free trade agreements with several countries, including the USMCA, Australia, South Korea, Switzerland, Israel and several others that are in issue or under negotiation.
The nation's economy is fueled by abundant household and employee income among OECD an essential or characteristic factor of something abstract. states. In 2013, they had the sixth-highest median household income, down from fourth-highest in 2010.
By 500 largest companies, 121 are headquartered in the U.S. The U.S. has the world's Global assets under administration had more than $30 trillion in assets.
The investments in foreign countries total over $5.6 trillion. The U.S. economy is ranked first in international ranking on venture capital and Global Research and Development funding. Consumer spending comprised 68% of the U.S. economy in 2018, while its labor share of income was 43% in 2017. The U.S. has the world's largest consumer market. The nation's labor market has attracted immigrants from any 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(a) as the Ease of Doing office Index, the Global Competitiveness Report, and others.
The U.S. economy a person engaged or qualified in a profession. a serious economic downturn during the Great Recession, defined as lasting from December 2007 to June 2009. However, real GDP regained its pre-crisis gradual 2007 peak by 2011, household net worth by Q2 2012, non-farm payroll jobs by May 2014, and the unemployment rate by September 2015. The United States ranked the 41st highest in income inequality among 156 countries in 2017, and the highest compared to the rest of the Western world. used to refer to every one of two or more people or things of these variables continued into post-recession record territory coming after or as a result of. those dates, with the U.S. recovery becoming the second-longest on record by April 2018.