Economy of the United States
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{{Infobox Economy
|country = [[United States]]
|image = Dollarbill4.jpg
|width = 265
|currency = [[United States dollar|United States Dollar]] (USD)
|year = [[1 October]] - [[30 September]]
|organs = [[North American Free Trade Agreement|NAFTA]], [[World Trade Organization|WTO]], [[Organization for Economic Cooperation and Development|OECD]] and others
|rank = 1st
|gdp = $13.84 trillion (2007 est.)
|growth = 2.2% (2007 est.)
|per capita = $46,000 (2007 est.)
|sectors = agriculture (0.9%), industry (20.6%), services (78.5%)
|inflation = 5.0%(Jun 2007 to Jun 2008) [http://www.bls.gov/news.release/cpi.nr0.htm]
|poverty = 12% (2006 est.)
|labor = 154.5 million (includes unemployed) (May 2008)[http://www.bls.gov/news.release/empsit.nr0.htm]
|occupations = managerial and professional (35.5%), technical, sales and administrative support (24.8%), services (16.5%), manufacturing, mining, transportation, and crafts (24%), farming, forestry, and fishing (0.6%) (excludes unemployed) (2007)
|unemployment = 5.5% (May 2008)<ref>{{cite web|url=http://www.bls.gov/|title=Bureau of Labor Statistics Home Page|publisher=U.S. Dept. of Labor|accessdate = 2008-06-07}}</ref>
|industries = [[petroleum]], [[steel]], [[motor vehicles]], [[aerospace]], [[telecommunications]], [[Chemical industry|chemicals]], [[electronics]], [[food processing]], consumer goods, [[lumber]], [[mining]], [[Defense industry|defense]]
|exports = $1.19 trillion f.o.b. (2007 est.)
|export-goods = agricultural products (soybeans, fruit, corn) 9%, industrial supplies (organic chemicals) 27%, capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49%, consumer goods (automobiles, medicines) 15% (2003)
|export-partners = [[Canada]] 22%, [[Mexico]] 12%, [[People's Republic of China|China]] 10%, [[Japan]] 6%, [[Germany]] 5%, [[United Kingdom]] 5% [http://www.census.gov/foreign-trade/statistics/highlights/top/index.html]
|imports = $1.987 trillion f.o.b. (2007 est.)
|import-goods = agricultural products 5%, industrial supplies 33% (crude oil 8%), capital goods 30% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery), consumer goods 32% (automobiles, clothing, medicines, furniture, toys) (2003)
|import-partners = [[People's Republic of China|China]] 19%, [[Canada]] 16%, [[Mexico]] 11%, [[Japan]] 8%, [[Germany]] 5%
|debt = $9 trillion (2007)
|gross external debt = $12.25 trillion (30 June 2007)
|revenue = $2.568 trillion (2007)
|expenses = $2.731 trillion (2007)
|aid = [[Official Development Assistance|ODA]] $19 billion, 0.2% of GDP (2004) [http://news.bbc.co.uk/2/shared/spl/hi/pop_ups/05/business_aid_and_development/html/2.stm]
|cianame = us
|spelling = US
}}
The '''[[economy]] of the [[United States]]''' is the [[world]]'s largest national economy. Its [[gross domestic product]] (GDP) was estimated as $13.8 [[trillion]] in 2007.<ref name="BEA-GDP">{{cite web|url=http://www.bea.gov/national/index.htm|title=National Economic Accounts: Gross Domestic Product (GDP) "Current-dollar and 'real' GDP"|publisher=Bureau of Economic Analysis|accessdate=2008-02-21}}</ref> It is a mixed economy in that private firms make the majority of the [[microeconomic]] decisions while being regulated by the government. The U.S. economy maintains a high level of [[output]] per person ([[List of countries by GDP (nominal) per capita|GDP per capita]], $46,000 in 2007, ranked within the top ten highest by most sources). The U.S. economy has maintained a stable overall GDP growth rate, a low [[unemployment]] rate, and high levels of [[research]] and [[capital investment]]. Major economic concerns in the U.S. include [[national debt]], [[external debt]], entitlement liabilities for retiring [[baby boomers]] who have already begun entering the [[Social Security (United States)|Social Security]] system, [[corporate debt]], [[mortgage]] [[debt]], a low [[savings]] rate, and a large [[current account]] [[deficit]]. In 2008, seventy-two percent of the economic activity in the U.S. came from consumers. <ref>''Can the World Stop the Slide'', '''TIME''', February 4, 2008, page 27. </ref>
As of June 2007, the gross U.S. external debt was $12 trillion,<ref>{{cite web|url=http://www.treas.gov/tic/external-debt.html|title=United States Department of the Treasury}}</ref> (see [[List of countries by external debt]]).<ref>{{cite web|url=https://www.cia.gov/cia/publications/factbook/geos/us.html#Econ|title=CIA World Factbook 2007}}</ref> The most recent estimate of gross public debt (also known as [[national debt]] and refers to what is owed by the combined public sector to both domestic and foreign creditors; see [[List of countries by public debt]] and [[global debt]]) was 37% of GDP in 2007{{Fact|date=July 2008}}, which was lower than that of Japan, Italy, France, Germany, Canada, India, Brazil, or the United Kingdom. The national debt includes the amount of the cumulative government deficits and interest.
== History ==
{{main|Economic history of the United States}}
The '''economic history of the United States''' has its roots in European settlements in the 16th, 17th, and 18th centuries. The American colonies progressed from marginally successful colonial economies to a small, independent farming economy, which in 1776 became the [[United States of America]]. In 230 years the United States grew to a huge, integrated, industrialized economy that makes up over a quarter of the [[world economy]]. The main causes were a large unified market, a supportive political-legal system, vast areas of highly productive farmlands, vast natural resources (especially timber, coal and oil), and an entrepreneurial spirit and commitment to investing in material and human capital. The economy has maintained high wages, attracting immigrants by the millions from all over the world.
=== After The Great Depression ===
For many years following the [[Great Depression]] of the 1930s, recessions—periods of slow economic growth and high unemployment—were viewed as the greatest of economic threats. When the danger of [[recession]] appeared most serious, government sought to strengthen 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. In the 1970s, economic woes brought on by the costs of the Vietnam conflict, major price increases, particularly for energy, created a strong fear of inflation. As a result, government leaders came to concentrate more on controlling inflation than on combating recession by limiting spending, resisting tax cuts, and reining in growth in the money supply.
Ideas about the best tools for stabilizing the economy changed substantially between the 1960s and the 1990s. In the 1960s, government had great faith in fiscal policy—manipulation of government revenues to influence the economy. Since spending and taxes are controlled by the [[President of the United States|president]] and the [[Congress of the United States|U.S. Congress]], these elected officials played a leading role in directing the economy. A period of high inflation, high unemployment, and huge government deficits weakened confidence in fiscal policy as a tool for regulating the overall pace of economic activity. Instead, monetary policy assumed growing prominence.
Since the [[stagflation]] of the 1970s, the U.S. economy has been characterized by somewhat slower growth.
The worst recession in recent decades, in terms of lost output, occurred in the 1973-75 period of [[oil shock]]s, when GDP fell by 3.1 percent, followed by the 1981-82 recession, when GDP dropped by 2.9 percent. [http://edition.cnn.com/2008/BUSINESS/03/21/us.recession.ap/index.html]
Since the 1970's the US has sustained trade deficits with other nations.
Output fell by 1.3 percent in the 1990-91 downturn, and a tiny 0.3 percent in the 2001 recession. The 2001 downturn lasted just eight months. [http://edition.cnn.com/2008/BUSINESS/03/21/us.recession.ap/index.html]
In recent years, the primary economic concerns have centered on: high national debt ($9 trillion), high corporate debt ($9 trillion), high mortgage debt (over $10 trillion as of 2005 year-end), high unfunded Medicare liability ($30 trillion), high unfunded Social Security liability ($12 trillion), and high [[external debt]] (amount owed to foreign lenders), high [[trade deficits]], and a serious deterioration in the United States [[net international investment position]] (NIIP) (-24% of GDP).<ref name=Bivens>Bivens, L. Josh (December 14, 2004). [http://www.epinet.org/Issuebriefs/203/ib203.pdf Debt and the dollar] ''Economic Policy Institute''. Retrieved on July 8, 2007.</ref> In 2006, the U.S economy had its lowest saving rate since 1933.<ref>Associated Press (January 30, 2006).[http://www.msnbc.msn.com/id// US savings rate hits lowest level since 1933]''MSNBC''. Retrieved on May 6, 2007.</ref> These issues have raised concerns among [[economists]] and national politicians.<ref>Cauchon, Dennis and John Waggoner (October 3, 2004).The Looming National Benefit Crisis. ''USA Today''</ref>
The U.S. economy maintains a relatively high [[GDP]] per capita, with the caveat that it may be elevated by borrowing, a low to moderate GDP growth rate, and a low unemployment rate, making it attractive to [[immigrant]]s worldwide.
== Overview ==
[[Image:United States wealth compared to the rest of the world.gif|thumb|360px|United States wealth compared to the rest of the world in the year 2000]]
[[Image:Change in US household wealth 1946-2007.gif|thumb|360px|Year-on-year change in United States net worth 1946-2007]]
A central feature of the U.S. economy is a reliance on private decision-making ("economic freedom") in economic decision-making.<ref>{{cite web|url=http://www.heritage.org/research/features/index/country.cfm?ID=Unitedstates|title=www.heritage.org/research/features/index/country.cfm?ID=Unitedstates<!--INSERT TITLE-->}}</ref> This is enhanced by relatively low levels of regulation, taxation, and government involvement,<ref>{{cite web|url=http://members.forbes.com/global/2006/0522/032.html|title=members.forbes.com/global/2006/0522/032.html<!--INSERT TITLE-->}}</ref> as well as a court system that generally protects property rights and enforces contracts.
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 Ocean|Atlantic]] and [[Pacific Ocean]]s, as well as on the [[Gulf of Mexico]]. Rivers flow from far within the continent, and the [[Great Lakes (North America)|Great Lakes]]—five large, inland lakes along the U.S. border with [[Canada]]—provide additional shipping access. These extensive waterways have helped shape the country's economic growth over the years and helped bind America's 50 individual states together in a single economic unit.{{Fact|date=November 2007}}
The number of available workers and, more importantly, their productivity help determine the health of the U.S. economy. Throughout its history, the United States has experienced steady growth in the labor force, a phenomenon 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 American]]s who were mostly slaves taken from [[Africa]], or slave descendants. Beginning in the early 20th century, many [[Latin American]]s immigrated; followed by large numbers of [[Asian American|Asians]] following removal of nation-origin based immigration quotas. The promise of high wages brings many highly skilled workers from around the world to the United States.
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 [[U.S. Southern States|southern]] farms in the first half of the 20th century.
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. Through the [[stock market]], American banks and investors have grown their economy by investing and withdrawing capital from profitable corporations. Today in the era of [[globalization]] American investors and corporations have influence all over the world. The American government has also been instrumental in investing in the economy, in areas such as providing cheap electricity (such as from the [[Hoover Dam]]), and military contracts in times of war.
While consumers and producers make most decisions that mold the economy, government has a powerful effect on the U.S. economy in at least four areas. Strong government regulation in the U.S. economy started in the early 1900s with the rise of the [[Progressive Movement]]; prior to this the government promoted economic growth through protective tariffs and subsidies to industry, built infrastructure, and established banking policies, including the gold standard, to encourage savings and investment in productive enterprises.
==Government intervention==
=== Regulation and control ===
The [[Federal Government of the United States|U.S. federal government]] regulates private enterprise in numerous ways. Regulation falls into two general categories.
==== Economic regulation ====
Some efforts seek, either directly or indirectly, to control prices. Traditionally, the government has sought to prevent [[monopoly|monopolies]] such as electric utilities from raising prices beyond the level that would ensure them reasonable 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.
Another form of economic regulation, [[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.
In 1933, Congress created the [[Federal Deposit Insurance Corporation]] (FDIC) which presently guarantees checking and savings deposits in member banks up to $100,000 per [[depositor]] to prevent bank failures. This was in response to the widespread [[bank run]]s of the early 1930s during the [[Great Depression]].
=====Monetary policy=====
[[Image:US Historical Inflation Ancient.svg|thumb|right|United States historical inflation rate 1666-2004]]
{{main|Federal Reserve System}}
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]]. A relatively 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 most stable currencies in the world and many nations back their own currency with U.S. dollar reserves. During the last few years, the U.S. dollar has gradually depreciated in value and its reserve currency status is no longer as high as previously.
The dollar used [[gold standard]] and/or [[silver standard]] from 1785 until 1975, when it became a [[fiat currency]].
======Money supply======
[[Image:Components of the United States money supply2.svg|thumb|right|350px|Components of US money supply (currency, M1, M2, and M3) since 1959]]The most common measures are named M0 (narrowest), M1, M2, and M3. In the United States they are defined by the Federal Reserve as follows:
* '''M0''': The total of all physical [[currency]], plus accounts at the central bank that can be exchanged for physical currency.
* '''M1''': M0 - those portions of M0 held as reserves or vault cash + the amount in [[demand account]]s ("checking" or "current" accounts).
* '''M2''': M1 + most [[savings account]]s, [[money market account]]s, and small denomination time deposits ([[certificates of deposit]] of under $100,000).
* '''M3''': M2 + all other CDs, deposits of [[eurodollars]] and [[repurchase agreement]]s.
The Federal Reserve ceased publishing M3 statistics in March 2006, explaining that it costs a lot to collect the data but does not provide significantly useful information.<ref>{{cite web|url=http://www.federalreserve.gov/Releases/h6/discm3.htm|title=Discontinuance of M3}}</ref> The other three money supply measures continue to be provided in detail.
==== Social regulations ====
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 in the case of 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.
American attitudes about regulation changed substantially during the final three decades of the 20th century. Beginning in the 1970s, policy makers grew increasingly concerned that economic regulation protected inefficient 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.
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 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.
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.
=== Direct services ===
Each level of government provides many direct services. The federal government, for example, is responsible for national defense, backs 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 even 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.
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}}</ref>
=== Direct assistance ===
Government also provides many kinds of help to businesses and individuals. It offers low-interest loans and technical assistance to small businesses, and it provides loans to help students attend college. [[Government-sponsored enterprise]]s buy home mortgages from lenders and turn them into securities that can be bought and sold by investors, thereby encouraging home lending. Government also actively promotes exports and seeks to prevent foreign countries from maintaining trade barriers that restrict imports.
Government supports individuals who cannot or will not adequately care for themselves. [[Social Security (United States)|Social Security]], which is financed by a tax on employers and employees, accounts for the largest portion of Americans' retirement income. The [[Medicare (United States)|Medicare]] program pays for many of the medical costs of the elderly. The [[Medicaid]] program finances medical care for low-income families. In many states, government maintains institutions for the mentally ill or people with severe disabilities. The federal government provides [[Food Stamp Program|food stamps]] to help poor families obtain food, and the federal and state governments jointly provide welfare grants to support low-income parents with children.
Many of these programs, including Social Security, trace their roots to the [[New Deal]] programs of [[Franklin D. Roosevelt]], who served as the U.S. president from 1933 to 1945.
Many other assistance programs for individuals and families, including Medicare and Medicaid, were begun in the 1960s during President [[Lyndon Johnson]]'s (1963–1969) [[War on Poverty]]. Although some of these programs encountered financial difficulties in the 1990s and various reforms were proposed, they continued to have strong support from both of the United States' major political parties. Critics argued, however, that providing welfare to unemployed but healthy individuals actually created dependency rather than solving problems. [[Welfare reform]] legislation (the [[Personal Responsibility and Work Opportunity Act]]) passed in 1996 under President [[Bill Clinton]] (1993–2001) and a [[Republican Party (United States)|Republican]] Congress requires people to work, job search, enter training, or receive education as a condition of receiving benefits and imposes federal limits on how long individuals may receive payments (states may adopt stronger limits).
==National budget==
===National debt===
{{main|United States public debt}}
The national debt, also known as the [[United States public debt|U.S. public debt]] (part of which is the [[gross federal debt]]), is the overall collective sum of yearly [[budget deficit]] owed by all branches of the United States government, plus interest. The economic significance of this debt and its potential ramifications for future generations of Americans are controversial issues in the United States of America.
As of January 30, 2008, the total U.S. federal debt was approximately $9.20 trillion, or about $79,000 in average for each of the 117 million American taxpayers. The borrowing cap debt ceiling as of 2005 stood at $8.18 trillion.<ref>{{cite web|url=http://www.msnbc.msn.com/id//|title=MSNBC}}</ref> In March 2006, Congress raised that ceiling an additional $0.79 trillion to $8.97 trillion, which is approximately 68% of GDP.<ref>{{cite web|url=http://www.bloomberg.com/apps/news?pid=&sid=aV04.D.whRXc&refer=us|title=Bloomberg}}</ref> Congress has used this method to deal with an encroaching debt ceiling in previous years, as the federal borrowing limit was raised in 2002 and 2003.<ref>{{cite web|url=http://www.washingtonpost.com/wp-dyn/content/article/2005/12/29/AR.html|title=Washington Post 29 December 2005}}</ref>
While the U.S. national debt is the world's largest in absolute size, a more convenient measure is that of its size relative to the nation's GDP. When the national debt is put into this perspective it appears considerably less today than in past years, particularly during World War II. By this measure, it is also considerably less than those of other industrialized nations such as [[Economy of Japan|Japan]] and roughly equivalent to those of several western European nations.<ref>{{cite web|url=http://www.optimist123.com/photos/uncategorized/debt_burden_history_20050204_1.gif|title=www.optimist123.com/photos/uncategorized/debt_burden_history_20050204_1.gif<!--INSERT TITLE-->}}</ref>
==Sectors==
{|
|- valign="top"
| [[Image:Sectors of US economy - firms with payrolls - sales vs employees in 2002.gif|thumb|none|600px|Sales per sector compared to employees per sector in the United States economy in the year 2002]]
| [[Image:Sectors of the US economy by total sales in 2002 - employers and nonemployers.gif|thumb|none|left|Sectors of the US economy ranked by number of sales, receipts, or shipments in the year 2002. Includes both employers and nonemployers]]
|}
;Sectors of the U.S. Economy in 2002 - firms with payroll - All Sector Totals<ref>2002 Economic Census - Summary Statistics by 2002 NAICS: http://www.census.gov/econ/census02/data/us/US000.HTM</ref>
{| class="wikitable sortable"
|-
!Sector!!Establishments!!Sales, receipts, or<br>shipments ($1,000)!!Annual payroll<br>($1,000)!!Paid<br>employees
|-
| align="left" | [[Mining]]
| align="right" | 24,087
| align="right" | 182,911,093
| align="right" | 21,173,895
| align="right" | 477,840
|-
| align="left" | [[Utilities]]
| align="right" | 17,103
| align="right" | 398,907,044
| align="right" | 42,417,830
| align="right" | 663,044
|-
| align="left" | [[Construction]]
| align="right" | 710,307
| align="right" | 1,196,555,587
| align="right" | 254,292,144
| align="right" | 7,193,069
|-
| align="left" | [[Manufacturing]]
| align="right" | 350,828
| align="right" | 3,916,136,712
| align="right" | 576,170,541
| align="right" | 14,699,536
|-
| align="left" | Wholesale trade
| align="right" | 435,521
| align="right" | 4,634,755,112
| align="right" | 259,653,080
| align="right" | 5,878,405
|-
| align="left" | [[Retail trade]]
| align="right" | 1,114,637
| align="right" | 3,056,421,997
| align="right" | 302,113,581
| align="right" | 14,647,675
|-
| align="left" | [[Transportation]] & [[warehousing]]
| align="right" | 199,618
| align="right" | 382,152,040
| align="right" | 115,988,733
| align="right" | 3,650,859
|-
| align="left" | [[Information]]
| align="right" | 137,678
| align="right" | 891,845,956
| align="right" | 194,670,163
| align="right" | 3,736,061
|-
| align="left" | [[Finance]] & [[insurance]]
| align="right" | 440,268
| align="right" | 2,803,854,868
| align="right" | 377,790,172
| align="right" | 6,578,817
|-
| align="left" | [[Real estate]] & [[rental]] & [[leasing]]
| align="right" | 322,815
| align="right" | 335,587,706
| align="right" | 60,222,584
| align="right" | 1,948,657
|-
| align="left" | Professional, scientific, & technical services
| align="right" | 771,305
| align="right" | 886,801,038
| align="right" | 376,090,052
| align="right" | 7,243,505
|-
| align="left" | [[Management]] of companies & enterprises
| align="right" | 49,308
| align="right" | 107,064,264
| align="right" | 178,996,060
| align="right" | 2,605,292
|-
| align="left" | Administrative & support & [[waste management]] & remediation service
| align="right" | 350,583
| align="right" | 432,577,580
| align="right" | 206,439,329
| align="right" | 8,741,854
|-
| align="left" | Educational services
| align="right" | 49,319
| align="right" | 30,690,707
| align="right" | 10,164,378
| align="right" | 430,164
|-
| align="left" | [[Health care]] & [[social assistance]]
| align="right" | 704,526
| align="right" | 1,207,299,734
| align="right" | 495,845,829
| align="right" | 15,052,255
|-
| align="left" | Arts, entertainment, & [[recreation]]
| align="right" | 110,313
| align="right" | 141,904,109
| align="right" | 45,169,117
| align="right" | 1,848,674
|-
| align="left" | [[Accommodation]] & [[food services]]
| align="right" | 565,590
| align="right" | 449,498,718
| align="right" | 127,554,483
| align="right" | 10,120,951
|-
| align="left" | Other services (except [[public administration]])
| align="right" | 537,576
| align="right" | 307,049,461
| align="right" | 82,954,939
| align="right" | 3,475,310
|-
| align="left" | '''Totals'''
| align="right" | 6,891,382
| align="right" | 21,362,013,726
| align="right" | 3,727,706,910
| align="right" | 108,991,968
|}
'''Industrial production growth rate:'''
3.2% (2005 est.)
'''Electricity:'''
*''production:'' 3.979 trillion kWh (2004)
*''consumption:'' 3.717 trillion kWh (2004)
*''exports:'' 22.9 billion kWh (2004)
*''imports:'' 34.21 billion kWh (2004)
'''Electricity - production by source:'''
*''fossil fuel:'' 71.6%
*''hydro:'' 5.6%
*''nuclear:'' 20.6%
*''other:'' 2.3% (2001)
'''Oil:'''
* ''production:'' 7.61 million barrel/day (2005 est.)
* ''consumption:'' 20.03 million barrel/day (2003 est.)
* ''exports:'' 1.048 million barrel/day (2004 est.)
* ''imports:'' 13.15 million barrel/day (2004 est.)
* ''net imports:'' 12.097 million barrel/day (2004 est.)
* ''proved reserves:'' 22.45 billion barrel (1 January 2002)
'''Natural gas:'''
* ''production:'' 531.1 billion cu m (2004 est.)
* ''consumption:'' 635.1 billion cu m (2004 est.)
* ''exports:'' 24.18 billion cu m (2004 est.)
* ''imports:'' 120.6 billion cu m (2004 est.)
* ''proved reserves:'' 5.451 trillion cu m (1 January 2005 est.)
'''Agriculture - products:'''
wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; forest products; fish
'''Exports - commodities:'''
capital goods, automobiles, industrial supplies and raw materials, consumer goods, agricultural products
'''Imports - commodities:'''
crude oil and refined petroleum products, machinery, automobiles, consumer goods, industrial raw materials, food and beverages
===Agriculture===
{{main|Agriculture in the United States}}
{{see|United States Department of Agriculture}}
Agriculture is a major industry in the United States and the country is a net exporter of food.
===Manufacturing===
USA is a leading manufacturing power in the world with a yearly industrial output 2,696,880 millions of US Dollars (data for January 2008).
The US manufacturing is highly diversified and technologically advanced. Main industries are petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining.
===Financial===
[[Image:US derivatives and US wealth vs total world wealth 1995-2007.gif|thumb|none|600px|Total US derivatives and total US wealth 1995-2007 compared to total world wealth in the year 2000]]
==International trade==
===External debt: Liabilities to foreigners===
Gross U.S. liabilities to foreigners are $16.3 trillion as at end 2006.(over 100% of GDP). The U.S. ''Net International Investment Position (NIIP)''<ref>{{cite web|url=http://internationalecon.com/v1.0/Finance/ch5/5c100.html|title=internationalecon.com/v1.0/Finance/ch5/5c100.html<!--INSERT TITLE-->}}</ref> deteriorated to a negative $2.5 trillion at the end of 2006,<ref>{{cite web|url=http://www.bea.gov/newsreleases/international/intinv/2007/intinv06.htm|title=www.bea.gov/newsreleases/international/intinv/2007/intinv06.htm<!--INSERT TITLE-->}}</ref> or about minus 19% of GDP.
This figure rises as long as the US maintains an imbalance in [[trade]], specifically, when the value of imports substantially outweighs the value of exports. It should be noted that this external debt does not, for the most part, represent lending to Americans or the American government, nor is it consumer debt owed to non-US creditors. Rather, the external debt is an accounting entry that largely represents US domestic assets purchased with trade dollars and owned overseas, largely by US trading partners.<ref>{{cite web|url=http://www.epinet.org/content.cfm/Issuebrief203|title=www.epinet.org/content.cfm/Issuebrief203<!--INSERT TITLE-->}}</ref> However, this is not the whole picture, as foreign holdings of government debt currently amount to about 27% of the total, or some 2 trillion dollars.<ref>{{cite web|url=http://useconomy.about.com/od/fiscalpolicy/p/US_Debt.htm|title=useconomy.about.com/od/fiscalpolicy/p/US_Debt.htm<!--INSERT TITLE-->}}</ref>
For countries like the United States, a large net external debt is created when the value of foreign assets (debt and equity) held by domestic residents is less than the value of domestic assets held by foreigners. In simple terms, as foreigners buy property in the US, this adds to the external debt. When this occurs in greater amounts than Americans buying property overseas, nations like the United States are said to be ''debtor nations'', but this is not conventional debt like a loan obtained from a bank.<ref>{{cite web|url=http://internationalecon.com/v1.0/Finance/ch5/5c100.html|title=internationalecon.com/v1.0/Finance/ch5/5c100.html<!--INSERT TITLE-->}}</ref> However, foreigners also purchase U.S. debt instruments, such as government bonds, which are forms of conventional debt.
If the external debt represents foreign ownership of domestic assets, the result is that rental income, stock dividends, capital gains and other investment income is received by foreign investors, rather than by US residents. On the other hand, when US debt is held by overseas investors, they receive interest and principal repayments. As the trade imbalance puts extra dollars in hands outside of the US, these dollars may be used to invest in new assets (foreign direct investment, such as new plants) or be used to buy existing US assets such as stocks, real estate and bonds. With a mounting [[trade deficit]], the income from these assets increasingly transfers overseas.
Of major concern is the fact that the magnitude of the NIIP (or net external debt) is quite a bit larger than most national economies. Fueled by the sizable trade deficit, the external debt is so large that many wonder if the trade situation can be sustained in the long term. Complicating the matter is that many of America's trading partners, such as China, depend for much of their entire economy on exports, and especially exports to America. Many controversies exist about the current trade and external debt situation, and it is arguable whether anyone understands how these dynamics will play out in an historically unprecedented floating exchange rate system. While various aspects of the U.S. economic profile have precedents in the situations of other countries (notably government debt as a percentage of GDP), the sheer size of the US, and the integral role of the US economy in the overall global economic environment, create considerable uncertainty about the future.
===Trade agreements===
[[Image:Ftamap.PNG|thumb|US Free Trade Agreements]]
{{see|United States Court of International Trade|Canada-United States Free Trade Agreement|United States International Trade Commission|United States free trade agreements|North American Free Trade Agreement|Organization of American States|Security and Prosperity Partnership of North America}}
The U.S. is a member of several international trade organizations. The purpose of joining these organizations is to come to agreement with other nations on trade issues, although there is some disagreement among U.S. citizens as to whether or not the U.S. government should be making these trade agreements in the first place.
===Imports and exports===
<gallery caption="Proportions" widths="150px" heights="150px" perrow="6">
Image:ProportionUSexportsimports1960-2004.gif|Proportion of US exports to imports 1960-2004
Image:USexportsgs1960-2004.gif|U.S. exports of goods and services 1960-2004
Image:USimportsgs1960-2004.gif|U.S. imports of goods and services 1960-2004
</gallery>
<gallery caption="Imports and exports by country" widths="150px" heights="150px" perrow="6">
Image:2006American_exports.PNG|US exports in 2006
Image:USexportsbycountry2004.gif|US exports of goods by country in 2004 (does not include exports of services)
Image:USimportsbycountry2004.gif|US imports of goods by country in 2004 (does not include imports of services)
</gallery>
The United States is the most significant nation in the world when it comes to international trade. For decades, it has led the world in imports while simultaneously remaining as one of the top three exporters of the world.
As the major epicenter of world trade, the United States enjoys leverage that many other nations do not. For one, since it is the world's leading consumer, it is the number one customer of companies all around the world. Many businesses compete for a share of the United States market. In addition, the United States occasionally uses its economic leverage to impose economic sanctions in different regions of the world. USA is the top export market for almost 60 trading nations worldwide.
Since it is the world's leading importer, there are many U.S. dollars in circulation all around the planet. The stable U.S. economy and fairly sound monetary policy has led to faith in the U.S. dollar as the world's most stable currency, although that may be changing in recent times.
In order to fund the national debt (also known as public debt), the United States relies on selling U.S. treasury bonds to people both inside and outside the country, and in recent times the latter have become increasingly important. Much of the money generated for the treasury bonds came from U.S. dollars which were used to purchase imports in the United States.
====US trade by nation====
{| class="wikitable" frame="VOID" rules="NONE" frame="VOID" rules="NONE"
|-
! colspan=8 | US trade of goods by nation in 2004 (services not included)
|-
! colspan=4 | Exports<ref>{{cite web|url=http://www.ita.doc.gov/td/industry/OTEA/usfth/aggregate/H04t55.pdf|title=www.ita.doc.gov/td/industry/OTEA/usfth/aggregate/H04t55.pdf<!--INSERT TITLE-->|format=PDF}}</ref>
! colspan=4 | Imports<ref>{{cite web|url=http://www.ita.doc.gov/td/industry/otea/usfth/aggregate/H04t56.pdf|title=www.ita.doc.gov/td/industry/otea/usfth/aggregate/H04t56.pdf<!--INSERT TITLE-->|format=PDF}}</ref>
|-
| width="80" height="32" align="CENTER" | '''Nation'''
| width="80" align="CENTER" | '''Millions of dollars'''
| width="80" align="CENTER" | '''Percentage'''
| width="80" align="CENTER" | '''Cumulative Percentage'''
| width="80" align="CENTER" | '''Nation'''
| width="80" align="CENTER" | '''Millions of dollars'''
| width="80" align="CENTER" | '''Percentage'''
| width="80" align="CENTER" | '''Cumulative Percentage'''
|-
| height="17" align="LEFT" |
[[Canada]]
| align="CENTER" | 189,101
| align="CENTER" | 23.12%
| align="CENTER" | 23.12%
| align="LEFT" |
[[Canada]]
| align="CENTER" | 255,928
| align="CENTER" | 17.41%
| align="CENTER" | 17.41%
|-
| height="17" align="LEFT" |
[[Mexico]]
| align="CENTER" | 110,775
| align="CENTER" | 13.54%
| align="CENTER" | 36.66%
| align="LEFT" |
[[China]]
| align="CENTER" | 196,699
| align="CENTER" | 13.38%
| align="CENTER" | 30.80%
|-
| height="17" align="LEFT" |
[[Japan]]
| align="CENTER" | 54,400
| align="CENTER" | 6.65%
| align="CENTER" | 43.31%
| align="LEFT" |
[[Mexico]]
| align="CENTER" | 155,843
| align="CENTER" | 10.60%
| align="CENTER" | 41.40%
|-
| height="17" align="LEFT" |
[[United Kingdom]]
| align="CENTER" | 35,960
| align="CENTER" | 4.40%
| align="CENTER" | 47.71%
| align="LEFT" |
[[Japan]]
| align="CENTER" | 129,595
| align="CENTER" | 8.82%
| align="CENTER" | 50.22%
|-
| height="17" align="LEFT" |
[[China]]
| align="CENTER" | 34,721
| align="CENTER" | 4.24%
| align="CENTER" | 51.95%
| align="LEFT" |
[[Germany]]
| align="CENTER" | 77,236
| align="CENTER" | 5.26%
| align="CENTER" | 55.48%
|-
| height="17" align="LEFT" |
[[Germany]]
| align="CENTER" | 31,381
| align="CENTER" | 3.84%
| align="CENTER" | 55.79%
| align="LEFT" |
[[United Kingdom]]
| align="CENTER" | 46,402
| align="CENTER" | 3.16%
| align="CENTER" | 58.63%
|-
| height="17" align="LEFT" |
[[South Korea]]
| align="CENTER" | 26,333
| align="CENTER" | 3.22%
| align="CENTER" | 59.01%
| align="LEFT" |
[[South Korea]]
| align="CENTER" | 46,163
| align="CENTER" | 3.14%
| align="CENTER" | 61.77%
|-
| height="17" align="LEFT" |
[[Netherlands]]
| align="CENTER" | 24,286
| align="CENTER" | 2.97%
| align="CENTER" | 61.98%
| align="LEFT" |
[[Taiwan, ROC]]
| align="CENTER" | 34,617
| align="CENTER" | 2.36%
| align="CENTER" | 64.13%
|-
| height="17" align="LEFT" |
[[Taiwan]]
| align="CENTER" | 21,731
| align="CENTER" | 2.66%
| align="CENTER" | 64.64%
| align="LEFT" |
[[France]]
| align="CENTER" | 31,814
| align="CENTER" | 2.16%
| align="CENTER" | 66.29%
|-
| height="17" align="LEFT" |
[[France]]
| align="CENTER" | 21,240
| align="CENTER" | 2.60%
| align="CENTER" | 67.23%
| align="LEFT" |
[[Malaysia]]
| align="CENTER" | 28,185
| align="CENTER" | 1.92%
| align="CENTER" | 68.21%
|-
| height="17" align="LEFT" |
[[Singapore]]
| align="CENTER" | 19,601
| align="CENTER" | 2.40%
| align="CENTER" | 69.63%
| align="LEFT" |
[[Italy]]
| align="CENTER" | 28,089
| align="CENTER" | 1.91%
| align="CENTER" | 70.12%
|-
| height="17" align="LEFT" |
[[Belgium]]
| align="CENTER" | 16,877
| align="CENTER" | 2.06%
| align="CENTER" | 71.69%
| align="LEFT" |
[[Ireland]]
| align="CENTER" | 27,442
| align="CENTER" | 1.87%
| align="CENTER" | 71.99%
|-
| height="17" align="LEFT" |
[[Hong Kong]]
| align="CENTER" | 15,809
| align="CENTER" | 1.93%
| align="CENTER" | 73.63%
| align="LEFT" |
[[Venezuela]]
| align="CENTER" | 24,962
| align="CENTER" | 1.70%
| align="CENTER" | 73.69%
|-
| height="17" align="LEFT" |
[[Australia]]
| align="CENTER" | 14,271
| align="CENTER" | 1.74%
| align="CENTER" | 75.37%
| align="LEFT" |
[[Brazil]]
| align="CENTER" | 21,157
| align="CENTER" | 1.44%
| align="CENTER" | 75.13%
|-
| height="17" align="LEFT" |
[[Brazil]]
| align="CENTER" | 13,863
| align="CENTER" | 1.69%
| align="CENTER" | 77.07%
| align="LEFT" |
[[Saudi Arabia]]
| align="CENTER" | 20,924
| align="CENTER" | 1.42%
| align="CENTER" | 76.55%
|-
| height="17" align="LEFT" |
[[Malaysia]]
| align="CENTER" | 10,897
| align="CENTER" | 1.33%
| align="CENTER" | 78.40%
| align="LEFT" |
[[Thailand]]
| align="CENTER" | 17,577
| align="CENTER" | 1.20%
| align="CENTER" | 77.75%
|-
| height="17" align="LEFT" |
[[Italy]]
| align="CENTER" | 10,711
| align="CENTER" | 1.31%
| align="CENTER" | 79.71%
| align="LEFT" |
[[Nigeria]]
| align="CENTER" | 16,246
| align="CENTER" | 1.11%
| align="CENTER" | 78.85%
|-
| height="17" align="LEFT" |
[[Switzerland]]
| align="CENTER" | 9,268
| align="CENTER" | 1.13%
| align="CENTER" | 80.84%
| align="LEFT" |
[[India]]
| align="CENTER" | 15,562
| align="CENTER" | 1.06%
| align="CENTER" | 79.91%
|-
| height="17" align="LEFT" |
[[Israel]]
| align="CENTER" | 9,198
| align="CENTER" | 1.12%
| align="CENTER" | 81.96%
| align="LEFT" |
[[Singapore]]
| align="CENTER" | 15,306
| align="CENTER" | 1.04%
| align="CENTER" | 80.95%
|-
| height="17" align="LEFT" |
[[Ireland]]
| align="CENTER" | 8,166
| align="CENTER" | 1.00%
| align="CENTER" | 82.96%
| align="LEFT" |
[[Israel]]
| align="CENTER" | 14,527
| align="CENTER" | 0.99%
| align="CENTER" | 81.94%
|-
| height="17" align="LEFT" |
[[Philippines]]
| align="CENTER" | 7,072
| align="CENTER" | 0.86%
| align="CENTER" | 83.83%
| align="LEFT" |
[[Sweden]]
| align="CENTER" | 12,687
| align="CENTER" | 0.86%
| align="CENTER" | 82.81%
|-
| height="17" align="LEFT" |
[[Spain]]
| align="CENTER" | 6,641
| align="CENTER" | 0.81%
| align="CENTER" | 84.64%
| align="LEFT" |
[[Netherlands]]
| align="CENTER" | 12,605
| align="CENTER" | 0.86%
| align="CENTER" | 83.66%
|-
| height="17" align="LEFT" |
[[Thailand]]
| align="CENTER" | 6,363
| align="CENTER" | 0.78%
| align="CENTER" | 85.42%
| align="LEFT" |
[[Belgium]]
| align="CENTER" | 12,448
| align="CENTER" | 0.85%
| align="CENTER" | 84.51%
|-
| height="17" align="LEFT" |
[[India]]
| align="CENTER" | 6,095
| align="CENTER" | 0.75%
| align="CENTER" | 86.16%
| align="LEFT" |
[[Russia]]
| align="CENTER" | 11,847
| align="CENTER" | 0.81%
| align="CENTER" | 85.32%
|-
| height="17" align="LEFT" |
[[Saudi Arabia]]
| align="CENTER" | 5,245
| align="CENTER" | 0.64%
| align="CENTER" | 86.80%
| align="LEFT" |
[[Switzerland]]
| align="CENTER" | 11,643
| align="CENTER" | 0.79%
| align="CENTER" | 86.11%
|-
| height="17" align="LEFT" |
[[Venezuela]]
| align="CENTER" | 4,782
| align="CENTER" | 0.58%
| align="CENTER" | 87.39%
| align="LEFT" |
[[Indonesia]]
| align="CENTER" | 10,811
| align="CENTER" | 0.74%
| align="CENTER" | 86.84%
|-
| height="17" align="LEFT" |
[[Colombia]]
| align="CENTER" | 4,504
| align="CENTER" | 0.55%
| align="CENTER" | 87.94%
| align="LEFT" |
[[Hong Kong]]
| align="CENTER" | 9,314
| align="CENTER" | 0.63%
| align="CENTER" | 87.48%
|-
| height="17" align="LEFT" |
[[Dominican Republic]]
| align="CENTER" | 4,343
| align="CENTER" | 0.53%
| align="CENTER" | 88.47%
| align="LEFT" |
[[Philippines]]
| align="CENTER" | 9,144
| align="CENTER" | 0.62%
| align="CENTER" | 88.10%
|-
| height="17" align="LEFT" |
[[United Arab Emirates]]
| align="CENTER" | 4,064
| align="CENTER" | 0.50%
| align="CENTER" | 88.97%
| align="LEFT" |
[[Iraq]]
| align="CENTER" | 8,514
| align="CENTER" | 0.58%
| align="CENTER" | 88.68%
|-
| height="17" align="LEFT" |
[[Chile]]
| align="CENTER" | 3,625
| align="CENTER" | 0.44%
| align="CENTER" | 89.41%
| align="LEFT" |
[[Australia]]
| align="CENTER" | 7,544
| align="CENTER" | 0.51%
| align="CENTER" | 89.19%
|-
| height="17" align="LEFT" |
[[Argentina]]
| align="CENTER" | 3,386
| align="CENTER" | 0.41%
| align="CENTER" | 89.82%
| align="LEFT" |
[[Spain]]
| align="CENTER" | 7,476
| align="CENTER" | 0.51%
| align="CENTER" | 89.70%
|-
| height="17" align="LEFT" |
[[Turkey]]
| align="CENTER" | 3,361
| align="CENTER" | 0.41%
| align="CENTER" | 90.24%
| align="LEFT" |
[[Algeria]]
| align="CENTER" | 7,409
| align="CENTER" | 0.50%
| align="CENTER" | 90.21%
|-
| height="17" align="LEFT" |
[[Costa Rica]]
| align="CENTER" | 3,304
| align="CENTER" | 0.40%
| align="CENTER" | 90.64%
| align="LEFT" |
[[Colombia]]
| align="CENTER" | 7,290
| align="CENTER" | 0.50%
| align="CENTER" | 90.70%
|-
| height="17" align="LEFT" |
[[Sweden]]
| align="CENTER" | 3,265
| align="CENTER" | 0.40%
| align="CENTER" | 91.04%
| align="LEFT" | <br />
| align="CENTER" | <br />
| align="CENTER" | <br />
| align="CENTER" | <br />
|-
| height="32" align="LEFT" |
[[South Africa]]
| align="CENTER" | 3,172
| align="CENTER" | 0.39%
| align="CENTER" | 91.43%
| align="LEFT" | <br />
| align="CENTER" | <br />
| align="CENTER" | <br />
| align="CENTER" | <br />
|-
| height="17" align="LEFT" |
[[Egypt]]
| align="CENTER" | 3,105
| align="CENTER" | 0.38%
| align="CENTER" | 91.81%
| align="LEFT" | <br />
| align="LEFT" | <br />
| align="LEFT" | <br />
| align="LEFT" | <br />
|-
| height="17" align="LEFT" | ''Others''
| align="CENTER" | 67,023
| align="CENTER" | 8.19%
| align="CENTER" | 100.00%
| align="LEFT" | ''Others''
| align="CENTER" | 136,661
| align="CENTER" | 9.30%
| align="CENTER" | 100.00%
|-
| height="32" align="LEFT" | '''Total Exports:'''
| align="CENTER" | '''817,939'''
| align="CENTER" | <br />
| align="CENTER" | <br />
| align="LEFT" | '''Total Imports:'''
| align="CENTER" | '''1,469,667'''
| align="LEFT" | <br />
| align="LEFT" | <br />
|}
==Wealth==
===Distribution of wealth===
{{main|Wealth in the United States}}
[[Image:USmeanfamilybynetworth.gif|thumb|none|U.S. mean family net worth by percentile of net worth (1989-2004)]]
===Poverty===
{{main|Poverty in the United States}}
There is significant disagreement about poverty in the United States, particularly over how [[poverty]] ought to be defined. Using radically different definitions, two major groups of advocates have claimed variously that (a) the United States has eliminated poverty over the last century;<ref>{{cite web|url=http://www.heritage.org/Research/Welfare/bg1713.cfm|title=Understanding Poverty in America}}</ref> or (b) it has such a severe poverty crisis that it ought to devote significantly more resources to the problem.{{Fact|date=November 2007}} The debate includes how poverty should be defined.
Measures of poverty can be either [[absolute poverty|absolute]] or [[relative poverty|relative]]. Absolute poverty is defined in real dollar values, whereas relative poverty is a comparison of the highest to the lowest standard of living at a particular time period.
==Private income==
{{main|Household income in the United States|Personal income in the United States}}
{{Income in the US}}
[[Image:American Society.jpg|thumb|250px|This graphic shows the distribution of gross annual household income. The floors above the top black line represent those households with incomes of or exceeding $100,000. The floors below the bottom black line represent those households below the poverty threshold. In order to live on the top floor of the American income strata, a household's annual gross income must exceed $200,000.]]
===Distribution of income===
{{main|Household income in the United States}}
[[Image:BeforetaxfamilyincomemeanUS1989-2004.gif|thumb|none|Before-tax U.S. family income distribution 1989-2004 (mean)]]
===Income inequality===
{{main|Income inequality in the United States}}
The United Nations Development Programme Report 2006 on income equality ranks the United States as tied for 73rd out of 126 countries, as measured by the [[Gini coefficient]]. (See [[List of countries by income equality]].) The Gini coefficient for the U.S. was 45 in 2007, according to the CIA. The richest 10% make 16 times as much as the poorest 10%, and the richest 20% make 8 times as much as the poorest 20%. (See [[List of countries by income equality]].)
===International comparison===
{{International median household income}}
==Unemployment==
{{Expand-section|date=June 2008}}
==Economic predictions and forecasting==
Predictions about the direction of the United States economy in the short term and long term are crucial factors in determining federal government policies, business decisions, and Federal Reserve decisions. Several institutions make economic predictions, including: [http://www.globalinsight.com Global Insight], and the [http://uclaforecast.com/ UCLA Anderson Forecast]. Various state agencies, including the California Department of Finance, also make predictions.
==Other statistics==
'''Historic exchange rates: '''
:{| class=wikitable
|-
! !!Jan 2008 ||Jan 2007 ||Jan 2006 ||Jan 2005 ||Jan 2004 ||Jan 2003 ||Jan 2002 ||2001* ||2000* ||1999* ||1998 ||1997
|- align="right"
| align="left"|[[Canadian dollar]]s per U.S. dollar ||0.982 ||1.165 ||1.164 ||1.204 ||1.293 ||1.576 ||1.600 ||1.548 ||1.485 ||1.485 ||1.483 ||1.384
|- align="right"
| align="left"|[[Japanese yen]] per U.S. dollar ||112.1 ||119.0 ||118.1 ||102.5 ||107.2 ||118.7 ||132.6 ||121.5 ||107.7 ||113.9 ||130.9 ||120.9
|- align="right"
| align="left"|[[Euro]]s per US dollar ||0.6803 ||0.7577||0.8444||0.7387 ||0.7939 ||0.9534 ||1.128||1.062 ||0.9947||0.8557||- ||-
|- align="right"
| align="left"|[[British pound]]s per U.S. dollar ||0.5009 ||0.5104 ||0.5812 ||0.5209 ||0.5600||0.6212 ||0.6981 || 0.6944 || 0.6596 || 0.6180 || 0.6037 || 0.6106
|- align="right"
| align="left"|[[Renminbi|Chinese Renminbi]]<ref>{{cite web|url=http://www.oanda.com/convert/fxhistory|title=FXHistory®: Historical Currency Exchange Rates}}</ref> per U.S. dollar ||7.3141 ||7.8175 ||8.0755 ||8.2865 ||8.2867 ||8.2871 ||8.2867 ||8.2782 ||8.2803 ||8.2789 ||8.2796 ||8.2982
|- align="right"
| align="left"|[[French franc]]s per U.S. dollar ||- ||- ||- ||- ||- ||- ||- ||- ||- ||5.65 ||5.899 ||5.836
|- align="right"
| align="left"|[[Italian lire]] per U.S. dollar ||- ||- ||- ||- ||- ||- ||- ||- ||- ||1,668.7 ||1,763.2 ||1,703.1
|- align="right"
| align="left"|[[deutschmark|German deutschmark]]s per U.S. dollar ||- ||- ||- ||- ||- ||- ||- ||- ||- ||1.69 ||1.969 ||1.734 <includeonly></includeonly>
|-
| colspan="13"|Note: financial institutions in France, Italy, Germany, and eight other European countries started using the euro on [[1 January]] [[1999]], with the euro replacing the local currency for all transactions in 2002. Their 1999 figures are for January.
|-
|colspan="13"|*January 1 exchange rates
|}
==See also==
* [[Income in the United States]]
* [[Household income in the United States]]
* [[Personal income in the United States]]
* [[Income inequality in the United States]]
* [[Affluence in the United States]]
* [[Wealth in the United States]]
* [[American Dream]]
* [[Balance of payments]]
* [[Economy of Puerto Rico]]
* [[American trade]]
* [[List of United States companies]]
* [[National debt by U.S. presidential terms]] - Includes federal spending and GDP
* [[Economic history of the United States]]
* [[Energy policy of the United States]]
* [[List of industry trade groups in the United States]]
* [[Subprime mortgage crisis]]
* [[Economic crisis of 2008]]
* [[Oil price increases since 2003]]
==References==
<div class="references-small" style="-moz-column-count:2; column-count:2;">
<references />
</div>
===Other references===
* [http://www.bea.gov/bea/A-Z/A-ZIndex_h.htm Bureau of Economic Analysis Historical Gross Domestic Product Estimates]
* [ftp://ftp.bls.gov/pub/special.requests/lf/aat1.txt US Bureau of Labor Statistics Employment status of the civilian noninstitutional population, 1940 to date]
* [http://aspe.hhs.gov/poverty/08poverty.shtml 2008 Poverty Guidelines US Dept of Health and Human Services]
* [http://www.freetrade.org/congress Who Are the Real Free Traders in Congress?]
== External links ==
*[https://www.cia.gov/library/publications/the-world-factbook/geos/us.html CIA - The World Factbook - United States]
*[http://usinfo.state.gov/products/pubs/oecon/homepage.htm Outline of the U.S. Economy]
*[http://www.bea.gov/national/zip/dpga.zip Bureau of Economic Analysis: Selected NIPA tables (Lots of U.S. economic data)]
*[http://www.bloomberg.com/markets/ecalendar/ U.S. Economic Calendar]
*[http://factfinder.census.gov/bf/_lang=en_vt_name=DEC_2000_SF3_U_DP3_geo_id=01000US.html U.S. Census Bureau]
*[http://www.bls.gov/cps/home.htm U.S. Dept of Labor - Bureau of Labor Statistics]
*[http://www.bea.gov/ U.S. Dept of Commerce - Bureau of Economic Analysis]
*[http://www.federalreserve.gov/releases/Z1/ FRB: Z.1 Release-- Flow of Funds Accounts of the United States, Release Dates]
*[http://www.oecd.org/us/ OECD's United States country Web site] and [http://www.oecd.org/eco/surveys/us/ OECD Economic Survey of the United States]
*[http://www.eia.doe.gov/emeu/international/petroleu.html#IntlTrade U.S. Energy Information Administration]
*[http://www.nber.org/ National Bureau of Economic Research (USA)] Economics material from the organization that declares Recessions and Recoveries.
*[http://www.bls.gov Bureau of Labor Statistics]–from the American Labor Department
*[https://bea.gov/ US Department of Commerce Economics Statistics]
*[http://www.heritage.org/Research/Welfare/bg1713.cfm The Heritage Foundation: Understanding Poverty in America]
*[http://www.omedia.org/Show_Article.asp?DynamicContentID=1972&MenuID=726&ThreadID= The Possible Collapse of the American Economy at 2007]
*[http://www.intelligentguess.com/blog/2007/04/09/usa-relationship-between-gdp-and-savings-rate-quarterly-data-since-1985/ GDP growth viz Savings rate since 1985] Comparing GDP growth rate with the Savings rate since 1985
*[http://www.euroekonom.com/database/graphs.php?type=gdp-growth-usa&lang=an&time=0 Gross Domestic Product Growth - USA]
*[http://www.euroekonom.com/database/graphs2.php?type=unemployment-usa&lang=an&time=0 Unemployment Rate - USA]
*[http://www.euroekonom.com/database/graphs3.php?type=inflation-usa&lang=an&time=0 Consumer Price Index - USA]
*[http://www.dollarsandsense.org Dollars & Sense]
*[http://www.freetrade.org/pubs/FTBs/FTB-032.html A U.S.-Colombia Free Trade Agreement: Strengthening Democracy and Progress in Latin America]
{{Life in the United States}}
{{United States topics}}
{{NAFTA}}
{{APEC}}
{{OECD}}
[[Category:Economic history of the United States|*]]
[[Category:Economy of the United States|*]]
[[Category:WTO member economies|United States]]
[[Category:OECD member economies|United States]]
[[ar:اقتصاد الولايات المتحدة]]
[[bs:Privreda Sjedinjenih Američkih Država]]
[[bg:Икономика на САЩ]]
[[ca:Economia dels Estats Units]]
[[da:USA's økonomi]]
[[de:Wirtschaft der Vereinigten Staaten]]
[[es:Economía de los Estados Unidos]]
[[fa:اقتصاد ایالات متحده آمریکا]]
[[fr:Économie des États-Unis]]
[[gl:Economía dos Estados Unidos de América]]
[[io:Ekonomio di Usa]]
[[it:Economia degli Stati Uniti]]
[[lt:JAV ekonomika]]
[[ms:Ekonomi Amerika Syarikat]]
[[ja:アメリカ合衆国の経済]]
[[no:Amerikas forente staters økonomi]]
[[oc:Economia dels Estats Units]]
[[pt:Economia dos Estados Unidos da América]]
[[ro:Economia Statelor Unite ale Americii]]
[[ru:Экономика США]]
[[sk:Hospodárstvo USA]]
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[[vi:Kinh tế Hoa Kỳ]]
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