Economy of the United States: Difference between revisions

Economy of the United States
	New York City, financial center of the United States
Currency	US$ (USD)
Fiscal year	October 1 – September 30
Statistics
GDP	$15.088 trillion (2011)
GDP growth	1.7% (2011)
GDP per capita	$48,147 (2011) (10th, nominal; 7th, PPP)
GDP by sector	agriculture: 1.2%, industry: 22.2%, services: 76.6% (2010 est.)
Inflation (CPI)	3.0% (December 2011)
Population below poverty line	15.1% (2010)
Gini coefficient	45 (List of countries)
Labor force	153.9 million (includes 13.897 mil. unemployed, Oct. 2011)
Labor force by occupation	farming, forestry, and fishing: 0.7% manufacturing, extraction, transportation, and crafts: 20.3% managerial, professional, and technical: 37.3% sales and office: 24.2% other services: 17.6% note: figures exclude the unemployed (2009)
Unemployment	8.3% (January 2012)
Main industries	highly diversified, world leading, high-technology innovator, second largest industrial output in world; petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, mining
External
Exports	$1.474 trillion (2011 est.)
Export goods	agricultural products (soybeans, fruit, corn) 9.2%, industrial supplies (organic chemicals) 26.8%, capital goods (transistors, aircraft, motor vehicle parts, computers, telecommunications equipment) 49.0%, consumer goods (automobiles, medicines) 15.0%
Main export partners	Canada 19.4%, Mexico 12.8%, China 7.2%, Japan 4.7% (2010)
Imports	$2.239 trillion (2011 est.)
Import goods	agricultural products 4.9%, industrial supplies 32.9% (crude oil 8.2%), capital goods 30.4% (computers, telecommunications equipment, motor vehicle parts, office machines, electric power machinery), consumer goods 31.8% (automobiles, clothing, medicines, furniture, toys)
Main import partners	China 19.5%, Canada 14.2%, Mexico 11.8%, Japan 6.3%, Germany 4.3% (2010)
FDI stock	$2.398 trillion (December 31, 2009 est.)
Public finances
Government debt	$14.972 trillion / 99.7% of GDP
Revenues	$2.302 trillion (2011)
Expenses	$3.601 trillion (2011)
Economic aid	ODA $19 billion, 0.2% of GDP (2004)
Credit rating	Standard & Poor's:; AA+ (Domestic); AA+ (Foreign); AAA (T&C Assessment); Outlook: Negative; Moody's:; AAA; Outlook: Negative; Fitch:; AAA; Outlook: Negative;
Foreign reserves	US$140.607 billion (May 2011)
	All values, unless otherwise stated, are in US dollars.

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Throughout this article, the unqualified term "dollar" and the $ symbol refer to the US dollar.

The economy of the United States is the world's largest national economy. Its nominal GDP was estimated to be over $15 trillion in 2011,^[10] approximately a quarter of nominal global GDP.^[10] The European Union has a larger collective economy, but is not a single nation. Its GDP at purchasing power parity was also the largest in the world, approximately a fifth of global GDP at purchasing power parity.^[10] The U.S. economy also maintains a very high level of output. In 2010, it was estimated to have a per capita GDP (PPP) of $46,844, the 7th highest in the world.^[1] The U.S is the largest trading nation in the world. Its three largest trading partners as of 2010 are Canada, China and Mexico.

The economy of the United States is a mixed economy^[11]^[12] and has maintained a stable overall GDP growth rate, a moderate unemployment rate, and high levels of research and capital investment. It has been the world's largest national economy (not including colonial empires) since at least the 1890s.^[13] It was also the world's largest economic entity between 1941 and 2004 (before 1941 : British colonial empire^[14] ; after 2004 : European Union). Most of the economy is classified as services. The country remains the world's largest manufacturer, representing a fifth of the global manufacturing output. 133 of the world's 500 largest companies are headquartered in the United States. This is twice the total of any other country.^[15]

About 60% of the global currency reserves has been invested in the United States dollar, while 24% has been invested in the euro. The country is one of the world's largest and most influential financial markets.Foreign investments made in the United States total almost $2.4 trillion, which is more than twice that of any other country.^[16] American investments in foreign countries total over $3.3 trillion, which is almost twice that of any other country.^[17] Total public and private debt was $50.2 trillion at the end of the first quarter of 2010, or 3.5 times GDP.^[18] The proportion of public debt was about 0.9 times the GDP.^[19]^[20] Domestic financial assets totaled $131 trillion and domestic financial liabilities totaled $106 trillion.^[21] As of 2010, the European Union as a whole was the largest trading partner of the U.S., whereas Canada, China, and Mexico were the largest individual trading nations.

The labor market in the United States has attracted immigrants from all over the world and its net migration rate is among the highest in the world. The United States is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report^[22], and others.

History

The economic history of the United States has its roots in European settlements in the 16th, 17th, and 18th centuries. The American colonies went from marginally successful colonial economies to a small, independent farming economy, which in 1776 became the United States of America. In 180 years the United States grew to a huge, integrated, industrialized economy that still makes up over a quarter of the world economy^{[citation needed]}. 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), a cultural landscape that valued entrepreneurship, a commitment to investing in material and human capital, and at times a willingness to exploit labor. In addition, the U.S. was able to utilize these resources due to a unique set of institutions designed to encourage utilization and extraction.^{[citation needed]} As a result, the U.S.'s GDP per capita converged on and eventually surpassed that of the U.K., as well as other nations that it previously trailed economically. The economy has maintained high wages, attracting immigrants by the millions from all over the world.^[23]

In the 19th century, recessions frequently coincided with financial crises.

The Panic of 1837 was followed by a five-year depression, with the failure of banks and then-record-high unemployment levels.^[24] Because of the great changes in the economy over the centuries, it is difficult to compare the severity of modern recessions to early recessions.^[25] Recessions after World War II appear to have been less severe than earlier recessions, but the reasons for this are unclear.^[26] The Depression of 1893 was one of the worst in American history, with the unemployment rate exceeding 10% for half a decade.^[27]

Since the Great Depression

For many years following the Great Depression of the 1930s, when danger of recession appeared most serious, the 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. Ideas about the best tools for 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 policy makers relied principally on fiscal policy to influence the economy. 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 U.S. President and the Congress. The economy and living standards grew strongly during this era, but 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.^[28]

The U.S. economy grew by an average of 3.8% from 1946 to 1973, while real median household income surged 74% (or 2.1% a year).^[29]^[30] The economy since 1973, however, has been characterized by both slower growth (averaging 2.7%), and nearly stagnant living standards, with household incomes increasing by 10%, or only 0.3% annually.^[31] The worst recession in recent decades, in terms of lost output, 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 1957–58, when GDP fell 3.7%, following the 1973 oil crisis, with a 3.1% fall from late 1973 to early 1975, and in the 1981–82 recession, when GDP dropped by 2.9%.^[32]^[33] Recent, mild recessions have included the 1990–91 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.^[33] 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 in 2000, at 43% (3.8% a year), and from late 1982 to mid 1990, at 37% (4% a year).^[32]

Since 1976, the US has sustained trade deficits with other nations, and since 1982, current account deficits; the nation's long-standing surplus in its trade in services was maintained, however, and reached US$140 billion yearly in 2008 and 2009. In recent years, the primary economic concerns have centered on: high household debt ($11 trillion, including $2.5 trillion in revolving debt),^[34] high net national debt ($9 trillion), high corporate debt ($9 trillion), high mortgage debt (over $15 trillion as of 2005 year-end), high unfunded Medicare liability ($30 trillion^{[citation needed]}), high unfunded Social Security liability ($12 trillion)^{[citation needed]}, high external debt (amount owed to foreign lenders), high trade deficits, a serious deterioration in the United States net international investment position (NIIP) (−24% of GDP),^[35] and high unemployment.^[36] In 2006, the U.S economy had its lowest saving rate since 1933.^[37] These issues have raised concerns among economists and national politicians.^[38]

The United States economy experienced a crisis in 2008 led by a derivatives market and subprime mortgage crisis, and a declining dollar value.^[39] On December 1, 2008, the NBER declared that the United States entered a recession in December 2007, citing employment and production figures as well as the third quarter decline in GDP.^[40] The recession did, however, lead to a reduction in record trade deficits, which fell from $840 billion annually during the 2006–08 period, to $500 billion in 2009,^[32]^[41] as well as to higher personal savings rates, which jumped from a historic low of 1% in early 2008, to nearly 5% in late 2009. The merchandise trade deficit rose to $670 billion in 2010; savings rates, however, remained at around 5%.^[42]

In 1980, the U.S. public debt was $909 billion – or an amount equal to 33.3% of America's gross domestic product (GDP). By 1990, that number had more than tripled to $3.2 trillion – or 55.9% of GDP.^[43] In 2001 the national debt was $5.7 trillion; however, the debt-to-GDP ratio remained at 1990 levels.^[44] Debt levels rose quickly in the following decade, and on January 28, 2010, the US debt ceiling was raised to $14.3 trillion dollars.^[45] Based on the 2010 U.S. budget, total national debt will grow to nearly 100% of GDP, versus a level of approximately 80% in early 2009.^[46] The White House estimates that the government’s tab for servicing the debt will exceed $700 billion a year in 2019,^[47] up from $202 billion in 2009.^[48]

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.^[49] China, holding $801.5 billion in treasury bonds, is the largest foreign financier of the record U.S. public debt.^[50]

US share of world GDP (nominal) peaked in 1985 with 32.74% of global GDP (nominal). The second highest share was 32.24% in 2001.
US share of world GDP (PPP) peaked in 1999 with 23.78% of global GDP (PPP). The share has been declining each year since .

Overview

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.^[51] This is enhanced by relatively low levels of regulation and government involvement,^[52] as well as a court system that generally protects property rights and enforces contracts. Today, the United States is home to 29.6 million small businesses, 30% of the world's millionaires, 40% of the world's billionaires, as well as 139 of the world's 500 largest companies.^[53]^[15]^[54]^[55] From its emergence as an independent nation, the United States has encouraged science and innovation. As a result, the United States has been the birthplace of 161 of Britannica's 321 Great Inventions, including items such as the airplane, internet, microchip, laser, cellphone, refrigerator, email, microwave, LCD and LED technology, air conditioning, assembly line, supermarket, bar code, electric motor, and ATM.^[56]

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—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.^[57]

The number of 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 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 slave descendants.^[58] Beginning in the late 20th century, many Latin Americans immigrated; followed by large numbers of Asians following removal of nation-origin based immigration quotas.^[59] The promise of high wages brings many highly skilled workers from around the world to the United States. Over 13 million people entered the United States during the 1990s alone.^[60]

Labor mobility has also been important to the capacity of the American economy to adapt to changing conditions.^{[citation needed]} 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 farms in the first half of the 20th century, in what was known as the 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. 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 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.

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, as the government uses a capitalist system. 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.^{[citation needed]} On June 26, 2009, Jeff Immelt, the CEO of General Electric, called for the United States to increase its manufacturing base employment to 20% of the workforce, commenting that the U.S. has outsourced too much in some areas and can no longer rely on the financial sector and consumer spending to drive demand.^[61]

Employment

There are 4,352 colleges, universities, and junior colleges in the United States.^[62] In 2007, Americans stood second only to Canada in the percentage of 35 to 64 year olds holding at least two-year degrees. Among 25 to 34 year olds, two-year degree rate is also among the highest, standing tenth. In 2003 a Supreme Court decision concerning affirmative action in universities allowed educational institutions to consider race as a factor in admitting students.^[63] The labor market in the United States has attracted immigrants from all over the world and its net migration rate is among the highest in the world.

For example, the brain drain from Europe to the United States means that some 400,000 European science and technology graduates now live in the U.S.^[64] Nearly 14 million immigrants came to the United States from 2000 to 2010.^[65] In a 2006 news story, USA Today reported, "The analysis shows that 31% of adult immigrants have not completed high school. A third lack health insurance."^[66]

There are approximately 154.4 million employed individuals in the US. Government is the largest employment sector with 22 million.^[67] Small businesses are the largest employer in the country representing 53% of US workers.^[54] The second largest share of employment belongs to large businesses, who employ a total of 38% of the US workforce.^[54] A total of 91% of Americans are employed by the private sector. Government accounts for 8% of all US workers. Over 99% of all employing organizations in the US are small businesses.^[54] The 30 million small businesses in the USA account for 64% of net new jobs (jobs created minus jobs lost).^[54] 70% of jobs created in the last decade were by small business.^[68] 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 more than 5 years.^[54] Amongst large businesses, several of the largest companies and employers in the world are American companies. Amongst them are Walmart, the largest company and the largest private sector employer in the world, which employs 2.1 million people world-wide and 1.4 million in the US alone.^[69]^[70]

There are nearly 30 million small businesses in the USA. Minorities in the US, such as Hispanics, African Americans, Asian Americans, and Native Americans (35% of the country's population),^[71] own 4.1 million of the country's businesses. Minority-owned businesses generate almost $700 billion in revenue and employ almost 5 million workers in the US.^[54]

The median household income in the US as of 2008 is $52,029.^[73] 284,000 working people in the US have two full-time jobs and 7.6 million have a part-time job in addition to their full-time employment.^[67] 12% of working individuals in the US belong to a labor union with the majority of labor union members being government workers.^[67]

In May 2009, the unemployment rate was 9.4%.^[74] A broader measure of unemployment (taking into account marginally attached workers, those employed part time for economic reasons, and discouraged workers) was 15.9%.^[75] In 2009 and 2010, following the financial crisis of 2007–2010, the emerging problem of jobless recoveries resulted in record levels of long-term unemployment with over 6 million workers looking for work longer than 6 months as of January, 2010. This particularly affected older workers.^[36] Since the recession's end in June 2009 in the United States, immigrants have gained 656,000 jobs, while U.S.-born workers lost more than a million jobs.^[76]

In April 2010, the official unemployment rate was 9.9%, but the government’s broader U-6 unemployment rate was 17.1%.^[77] In the period between February 2008 and February 2010, the number of people working part time for economic reasons has increased by 4 million to 8.8 million, that is a 83% increase in part time workers during the two year period.^[78]

Female unemployment continued to be significantly lower than male unemployment (7.5% vs. 9.8%). The unemployment among Caucasians continues to be much lower than African American unemployment (at 8.5% vs. 15.8%).^[74] The youth unemployment rate was 18.5% in July 2009, the highest July rate since 1948.^[79] 34.5% of young African American men were unemployed in October 2009.^[80] Officially, Detroit’s unemployment rate is 27%, but Detroit News suggests that nearly half of this city’s working-age population may be unemployed.^[81]

In 1955, 55% of Americans worked in services, between 30% and 35% in industry, and between 10% and 15% in agriculture. By 1980, over 65% were employed in services, between 25% and 30% in industry, and less than 5% in agriculture.^[82]

Entrepreneurship

Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, 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. The most obvious form of entrepreneurship is that of starting new businesses (referred as Startup Company); 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.^[83]

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." ^[84] And in recent years 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.

New American businesses often raise investments from angel investors. 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%).^[85]^[86]

Venture capital, as an industry, originated in the United States and it is still dominated by the U.S.^[87] 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 US GDP.^[88]

Americans are “venturesome consumers” who are unusually willing to try new products of all sorts, and to pester manufacturers to improve their products.^[89]

Income and wealth

According to the United States Census Bureau, the pretax median household income in 2007 was $50,233. The median ranged from $68,080 in Maryland to $36,338 in Mississippi.^[90]

In 2007, the median real annual household income rose 1.3% to $50,233, according to the Census Bureau.^[91] The real median earnings of men who worked full time, year-round climbed between 2006 and 2007, from $43,460 to $45,113. For women, the corresponding increase was from $33,437 to $35,102. The median income per household member (including all working and non-working members above the age of 14) was $26,036 in 2006.^[92] The average home in the United States has more than 700 square feet per person, which is 50%-100% more than the average in other high-income countries. Even in the lowest income percentiles people enjoy more space - average 400 square feet per person - than middle classes in Europe. Likewise ownership rates of gadgets and amenities are exceptionally high compared to other countries.^[93]^[94]

The recently released US Income Mobility Study showed economic growth resulted in rising incomes for most taxpayers over the period from 1996 to 2005. Median incomes of all taxpayers increased by 24 percent after adjusting for inflation. The real incomes of two-thirds of all taxpayers increased over this period. Income mobility of individuals was considerable in the U.S. economy during the 1996 through 2004 period with roughly half of taxpayers who began in the bottom quintile moving up to a higher income group within 10 years. In addition, the median incomes of those initially in the lower income groups increased more than the median incomes of those initially in the higher income groups.^[95]

Between June 2007 and November 2008 the global recession led to falling asset prices around the world. Assets owned by Americans lost about a quarter of their value.^[96] Since peaking in the second quarter of 2007, household wealth is down $14 trillion.^[97] The Fed also said that at the end of 2008, the debt owed by nonfinancial sectors was $33.5 trillion, including household debt valued at $13.8 trillion.^[98] About 30% of the entire world's millionaire population reside in the United States (in 2009).^[99] The Economist Intelligence Unit estimated in 2008 that there were 16,600,000 millionaires in the USA.^[100] Furthermore, 34% of the world's billionaires are American (in 2011).^[53]^[101]

Financial position

Components of total US debt as a fraction of GDP 1945–2009

The overall financial position of the United States as of 2009 includes $50.7 trillion of debt owed by US households, businesses, and governments, representing more than 3.5 times the annual gross domestic product of the United States.^[18] As of the first quarter of 2010, domestic financial assets^A totaled $131 trillion and domestic financial liabilities $106 trillion.^[21] Tangible assets in 2008 (such as real estate and equipment) for selected sectors^B totaled an additional $56.3 trillion.^[102]

Composition

Most of the U.S. economy is services.

The United States is the world's largest manufacturer, with a 2009 industrial output of US$2.33 trillion. Its manufacturing output is greater than of Germany, France, India, and Brazil combined.^[103] Main industries include petroleum, steel, automobiles, construction machinery, aerospace, agricultural machinery, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining. The US leads the world in airplane manufacturing,^[104] which represents a large portion of US industrial output. American companies such as Boeing, Cessna (see: Textron), Lockheed Martin (see: Skunk Works), and General Dynamics produce a vast majority of the world's civilian and military aircraft in factories stretching across the United States.

The manufacturing sector of the U.S. economy has experienced substantial job losses over the past several years.^[105] In January 2004, the number of such jobs stood at 14.3 million, down by 3.0 million jobs, or 17.5 percent, since July 2000 and about 5.2 million since the historical peak in 1979. Employment in manufacturing was its lowest since July 1950.^[106] The number of steel workers fell from 500,000 in 1980 to 224,000 in 2000.^[107]

The U.S. produces approximately 18% of the world's manufacturing output, a number that has declined as other nations developed competitive manufacturing industries.^[103] The job loss during this continual volume growth is the result of multiple factors including increased productivity, trade, and secular economic trends.^[108] 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 U.S. jobs being more highly skilled and better paying.^{[citation needed]} There has been much debate within the United States on the decline in manufacturing jobs are related to American Unions and lower foreign wages.^[109]^[110]

Agriculture is a major industry in the United States and the country is a net exporter of food. With vast tracts of temperate arable land, technologically advanced agribusiness, and agricultural subsidies, the United States controls almost half of world grain exports.^[111] Products include wheat, corn, other grains, fruits, vegetables, cotton; beef, pork, poultry, dairy products; forest products; fish.

Notable companies and markets

As of 2011, the largest U.S.-based companies by revenue included Walmart, ExxonMobil, Chevron, ConocoPhillips, Fannie Mae, General Electric, Berkshire Hathaway, General Motors, Ford Motor Company and Hewlett-Packard, AT&T, Cargill, McKesson Corporation, Bank of America, Federal Home Loan Mortgage Corporation, Apple Inc., and Verizon, JPMorgan Chase, and Cardinal Health.

As of 2011, the largest U.S.-based companies by market capitalization included Exxon Mobil, Apple Inc., Chevron Corporation, and Microsoft.

According to Fortune Global 500 2011, the largest U.S.-based companies by employees included Walmart, U.S. Postal Service, IBM, UPS, McDonald's, Target Corporation, Kroger, Home Depot, and General Electric.

Apple, Google, IBM, McDonald's, and Microsoft are the world's five most valuable brands in an index published by Millward Brown.^[112]

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.^[113] Amazon.com is the world's largest online retailer.

Half of the world's 20 largest semiconductor manufacturers by sales were American-origin in 2011.^[114]

Most of the world's largest charitable foundations were founded by Americans.

American producers create nearly all of the world's highest-grossing films. Much of the world's best-selling music artists are based in the United States. U.S. tourism sector welcomes approximately 60 million international visitors every year.

Energy, transportation, and telecommunications

The United States is the 2nd largest energy consumer in terms of total use.^[115] The U.S. ranks seventh in energy consumption per-capita after Canada and a number of other countries.^[116]^[117] The majority of this energy is derived from fossil fuels: in 2005, it was estimated that 40% of the nation's energy came from petroleum, 23% 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.^[118] American dependence on oil imports grew from 24% in 1970 to 65% by the end of 2005. At that rate of unchecked import growth, the US would have been 70% to 75% reliant on foreign oil by about 2015.^[119] Transportation has the highest consumption rates, accounting for approximately 68.9% of the oil used in the United States in 2006,^[120] and 55% of oil use worldwide as documented in the Hirsch report.

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.^[121] In fact, petroleum was the major export from the country in 2011.^[122]

Internet was developed in the U.S. and the country hosts many of the world's largest hubs.

Finance

Measured by value of its listed companies' securities, the New York Stock Exchange is more than three times larger than any other stock exchange in the world.^[123] As of October 2008, the combined capitalization of all domestic NYSE listed companies was US$10.1 trillion.^[124]

NASDAQ is another American stock exchange and the world's 3rd largest exchange after the New York Stock Exchange and Japan's Tokyo Stock Exchange. However NASDAQ's trade value is larger than Japan's TSE.^[123] NASDAQ is the largest electronic screen-based equity securities trading market in the USA. With approximately 3,800 companies and corporations, it has more trading volume per hour than any other stock exchange.^[125]

International trade

The United States is the world's largest trading nation. There is a high amount of U.S. dollars in circulation all around the planet. The dollar is also used as the standard unit of currency in international markets for commodities such as gold and petroleum.

In 2010, U.S. exports amounted to $1.3 trillion and imports amounted to $1.9 trillion. Trade deficit was $634.9 billion.^[126] The deficit on petroleum products was $270 billion. The trade deficit with China was $273 billion, a new record and up from $304 million in 1983.^[127] The United States had a $168 billion surplus on trade in services, and $803 billion deficit on trade in goods in 2010.^[128]^[129] China has expanded its foreign exchange reserves, which included $1.6 trillion of U.S. securities as of 2009.^[130]

U.S. workers send a third of all remittances in the world.^[131]

Currency and central bank

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.^[132] Several countries use it as their official currency, and in many others it is the de facto currency.^[133]

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 private central bank, known as the Federal Reserve, was formed in 1913 to provide a stable currency and monetary policy. Despite significant loss of value due to inflation [1], 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.

The U.S. dollar has maintained its position as the world's primary reserve currency, although it is gradually being challenged in that role.^[134] Almost two-thirds of currency reserves held around the world are held in US dollars, compared to around 25% for the next most popular currency, the Euro.^[135] Rising US national debt [2] and the related rise of China have led to some, especially the Chinese, to call for replacing the dollar as the world's reserved currency, but thus far this has been only speculation.^[136]

The dollar used gold standard and/or silver standard from 1785 until 1971, when it became a floating fiat currency because of problems experienced with attempting to fix prices of commodities.

Law and government

The United States is among the best-ranking economies in indices such as the Ease of Doing Business Index, Economic Freedom of the World, Index of Economic Freedom, and Global Enabling Trade Report.

Regulations

The 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 monopolies such as electric utilities from 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.^[137]

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.^[137]

Bank regulation in the United States is highly fragmented compared to other 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 safety and 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.^{[citation needed]}

File:Revenue and Expense to GDP Chart 1993 - 2008.png

Revenue and Expense as % GDP.

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.^[137]

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.^[137]

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.^[137]

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.^[137]

Between 2000 and 2008, economic regulation in the United States saw the most rapid expansion since the early 1970s.^[138] 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.^[138] Economically significant regulations, defined as regulations which cost more than $100 million a year, increased by 70%.^[138] Spending on regulation increased by 62% from $26.4 billion to $42.7 billion.^[138]

Taxation

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, by the state governments, and often by local governments, which may include counties, municipalities, township, school districts, and other special-purpose districts, which include fire, utility, and transit districts.

Forms of taxation include taxes on income, property, sales, imports, payroll, estates and gifts, as well as various fees. When taxation by all government levels taken into consideration, the total taxation as percentage of GDP was approximately a quarter of GDP in 2011.^[139] Share of black market in the U.S. economy is very low compared to other countries.^[140]

Expenditure

The United States public sector spending amounts to about a third of the GDP.

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.^{[citation needed]}

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.^{[citation needed]}

The welfare system in the United States began in the 1930s, during the Great Depression. After the Great Society legislation of the 1960s, for the first time a person who was not elderly or disabled could receive a living from the American government.^[141]

Overall, federal, state, and local spending accounted for almost 28% of gross domestic product in 1998.^[142]

As of January 20, 2009, the total U.S. federal debt was $10.627 trillion.^[143] The borrowing cap debt ceiling as of 2005 stood at $8.18 trillion.^[144] In March 2006, Congress raised that ceiling an additional $0.79 trillion to $8.97 trillion, which is approximately 68% of GDP.^[145] Congress has used this method to deal with an encroaching debt ceiling in previous years, as the federal borrowing limit was raised in 2002 and 2003.^[146] As of October 4, 2008, the "Emergency Economic Stabilization Act of 2008" raised the current debt ceiling to US$ 11.3 trillion.^[147]

The federal government's debt rose by almost $1.4 trillion in 2009, and now stands at $12.1 trillion.^[148] While the U.S. public debt is the world's largest in absolute size, another measure is its size relative to the nation's GDP. As of 2009 the debt was 83 percent of GDP. This debt, as a percent of GDP, is still less than the debt of Japan (192%) (the overwhelming number of owners of JGBs are Japanese)^[149] and roughly equivalent to those of a few western European nations.^[150]

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^ ^a ^b ^c ^d ^e ^f ^g Office of Advocacy – Frequently Asked Questions – How important are small businesses to the U.S. economy? | SBA.gov
^ Where the millionaires are now – MSN Money
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^ U.S. Department of state:How the U.S. Economy Works Retrieved December 1, 2008
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External links

Research!America – Economic Impact of Medical Research in the U.S.
CIA – The World Factbook – United States
Outline of the U.S. Economy
Bureau of Economic Analysis: Selected NIPA tables (Lots of U.S. economic data)
U.S. Economic Calendar
U.S. Census Bureau
U.S. Dept of Labor – Bureau of Labor Statistics
U.S. Dept of Commerce – Bureau of Economic Analysis
FRB: Z.1 Release-- Flow of Funds Accounts of the United States, Release Dates
OECD's United States country Web site and OECD Economic Survey of the United States
U.S. Energy Information Administration
National Bureau of Economic Research (USA) Economics material from the organization that declares Recessions and Recoveries.
Bureau of Labor Statistics–from the American Labor Department
US Department of Commerce Economics Statistics
The Heritage Foundation: Understanding Poverty in America
GDP growth viz Savings rate since 1985 Comparing GDP growth rate with the Savings rate since 1985
Gross Domestic Product Growth – USA
Unemployment Rate – USA
Consumer Price Index – USA
A U.S.-Colombia Free Trade Agreement: Strengthening Democracy and Progress in Latin America
"Why There Won’t Be a Revolution" by Jerry Adler, Newsweek, February 16, 2009

Template:Link FA

[bea-1] Gross Domestic Product. 2011 Advance Estimate (PDF), Bureau of Economic Analysis, retrieved Feb. 6, 2012 {{citation}}: Check date values in: |accessdate= (help)

[IMF_GDP-2] "United States". International Monetary Fund. Retrieved October 9, 2011.

[3] Consumer Price Index Summary, Bureau of Labor Statistics, retrieved Updated monthly {{citation}}: Check date values in: |accessdate= (help)

[iphicus2010-4] "Income, Poverty, and Health Insurance Coverage in the United States: 2010" (PDF).

[labor-5] "Economic News Release: Employment Situation Summary Table A. Household data, seasonally adjusted". BLS.gov. Nov. 4, 2011. Retrieved Nov. 8, 2011. {{cite web}}: Check date values in: |accessdate= and |date= (help)

[6] Biggest donors by GDP, BBC News, retrieved November 17, 2008

[7] "Sovereigns rating list". Standard & Poor's. Retrieved August 20, 2011.

[guardian-8] Rogers, Simon; Sedghi, Ami (April 15, 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. London. Retrieved May 28, 2011.

[9] Riley, Charles (August 2, 2011). "Moody's affirms AAA rating, lowers outlook". CNN.

[IMF_GDP-10] Cite error: The named reference IMF GDP was invoked but never defined (see the help page).

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[12] U.S. Economy and Business - Conditions and Resources U.S. Department of State. Accessed: 24 October 2011.

[13] Digital History

[economicsww2-14] Harrison, Mark (2000). The economics of World War II : six great powers in international comparison (1st pbk. ed.). Cambridge [u.a.]: Cambridge University Press. ISBN 0521785030.

[Global_500_2010:_Countries-15] "Global 500 2010: Countries". CNN.

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[17] CIA – The World Factbook

[1946-2009-debtlevels-18] 31, 2010 Components of US debt, retrieved July 3, 2010 {{citation}}: |first= missing |last= (help); Check |first= value (help); Check |url= value (help)

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[2010-flow-of-funds-total-domestic-balance-21] Flow of Funds report (PDF), p. L.5, L.125, retrieved July 3, 2010 {{citation}}: |first= missing |last= (help); Check |first= value (help)

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[24] W. J. Rorabaugh, Donald T. Critchlow, Paula C. Baker (2004). "America's promise: a concise history of the United States". Rowman & Littlefield. p.210. ISBN 0742511898

[25] Moore, Geoffrey H.; Zarnowitz (1986), "Appendix A The Development and Role of the National Bureau of Economic Research's Business Cycle Chronologies", http://www.nber.org/chapters/c10035 {{citation}}: Missing or empty |title= (help); Unknown parameter |unused_data= ignored (help) in Gordon 1986, pp. 743–745^{[clarification needed]}

[26] Knoop, Todd A. (July 30, 2004), Recessions and Depressions: Understanding Business Cycles, Praeger Publishers, pp. 166–71, ISBN 0275981622

[27] "The Depression of 1893", David O. Whitten, Auburn University.

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[30] "Current Population Reports: Income of nonfarm families and individuals (1946)" (PDF). U.S. Department of Commerce.

[31] Income, Poverty, and Health Insurance Coverage the United States (2008) (PDF), Census Bureau, retrieved November 17, 2008

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[cnn1-33] Worries grow of deeper U.S. recession, CNN, archived from the original on June 11, 2008, retrieved November 17, 2008

[34] Zuckerman, Mortimer B. (December 15–22, 2008), Editorial: Heading Off a Depression, US News and World Report

[Bivens-35] Bivens, L. Josh (December 14, 2004). Debt and the dollar Economic Policy Institute. Retrieved on July 8, 2007.

[Goodman-36] "Millions of Unemployed Face Years Without Jobs" article by Peter S. Goodman in The New York Times February 20, 2010

[37] Associated Press (January 30, 2006).US savings rate hits lowest level since 1933MSNBC. Retrieved on May 6, 2007.

[38] Cauchon, Dennis and John Waggoner (October 3, 2004). The Looming National Benefit Crisis. USA Today

[39] dollar hits record low against euro, oil prices rally

[BBC-40] US recession 'began last year', BBC News, December 1, 2008, retrieved December 1, 2008

[ita2009-41] Department of Commerce: Top U.S. Trade Partners

[42] BEA: Personal income and its disposition, 2000–09

[43] FY 2010 Budget Historical Tables Pages 127–128

[44] "US spends its way to 28 Eiffel towers: made out of pure gold". The Times. March 17, 2006.

[45] "Senate backs increase in debt limit to $14.3 trillion". Reuters. January 28, 2010.

[46] 2010 Budget-Summary Tables S-13 and S-14

[47] "Debt has become America's life blood". Abc.net.au. December 15, 2009.

[48] "Wave of Debt Payments Facing US Government". The New York Times. November 22, 2009.

[49] "Analytical Perspectives of the FY 2008 Budget".

[50] "Washington learns to treat China with care". CNNMoney.com. July 29, 2009.

[51] Index of Economic Freedom – United States, Heritage.org, retrieved November 17, 2008

[52] Anderson, Jack (May 22, 2006), "Tax Misery & Reform Index", Forbes, retrieved November 17, 2008

[forbes.com-53] "Forbes". Forbes. March 14, 2011.

[sba.gov-54] ^ ^a ^b ^c ^d ^e ^f ^g Office of Advocacy – Frequently Asked Questions – How important are small businesses to the U.S. economy? | SBA.gov

[55] Where the millionaires are now – MSN Money

[56] Encyclopædia Britannica's Great Inventions", Encyclopædia Britannica

[57] U.S. Department of state:How the U.S. Economy Works Retrieved December 1, 2008

[58] "Trends in International Migration 2002: Continuous Reporting System on Migration". Organisation for Economic Co-Operation and Development (2003). OECD Publishing. p.280. ISBN 9264199497

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[CPS06052009-74] Current Population Survey, Bureau of Labor Statistics, US Government, June 5, 2009, retrieved June 19, 20099 {{citation}}: Check date values in: |accessdate= (help)

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[86] Sohl, Jeffrey (March 31, 2010). "Full Year 2009 Angel Market Trends" (PDF). University of New Hampshire Center for Venture Research. Retrieved September 27, 2011. {{cite web}}: External link in |publisher= (help)

[87] Mandelson, Peter. "There is no Google, or Amazon, or Microsoft or Apple in the UK, Mandelson tells BVCA." BriskFox Financial News, March 11, 2009.

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[89] The United States of Entrepreneurs, The Economist, March 12, 2009

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[US_Census_Bureau_news_release_in_regards_to_median_income.-91] US Census Bureau news release in regards to median income, retrieved August 28, 2007 ^{[dead link]}

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[WorldWealthReport2010-99] "World Wealth Report 2010."

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[101] Carlos Slim Tops Forbes List of Billionaires for Second Year

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[greyhill-103] "Manufacturing Output by Country". Greyhill Advisors. Retrieved October 5, 2011.

[104] ttp://www.nasa.gov/worldbook/aviation_worldbook.html^{[full citation needed]}

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[Pope_2012-109] Carl Pope (January 18–20, 2012). "America's Dirty War Against Manufacturing". Bloomberg. {{cite news}}: |access-date= requires |url= (help) Part 1. Part 2. Part 3.

[btb_22.01.2012-110] Dean Baker (January 22, 2012). "Hasn't Anyone at the NYT Heard of Exchange Rates?". Beat the Press. Center for Economic and Policy Research. Retrieved January 22, 2012.

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@@ Line 68: / Line 68: @@
 The labor market in the United States 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. The United States is one of the top-performing economies in studies such as the [[Ease of Doing Business Index]], the [[Global Competitiveness Report]]<ref>{{Citation| url=http://gcr.weforum.org/gcr/|title = Rankings: Global Competitiveness Report 2008-2009| publisher=World Economic Forum|accessdate=October 12, 2008}} {{Dead link|date=September 2010|bot=H3llBot}} Click the link "Rankings" to access the entire list.</ref>, and others.
-===History===
+==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 went from marginally successful colonial economies to a small, independent farming economy, which in 1776 became the United States of America. In 180 years the United States grew to a huge, integrated, industrialized economy that still makes up over a quarter of the [[world economy]]{{Citation needed|date=April 2011}}. 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), a cultural landscape that valued entrepreneurship, a commitment to investing in material and human capital, and at times a willingness to exploit labor.  In addition, the U.S. was able to utilize these resources due to a unique set of institutions designed to encourage utilization and extraction.{{Citation needed|date=March 2009}}  As a result, the U.S.'s GDP per capita converged on and eventually surpassed that of the U.K., as well as other nations that it previously trailed economically. The economy has maintained high wages, attracting immigrants by the millions from all over the world.<ref>"[http://www.dhs.gov/files/statistics/publications/LPR06.shtm Persons Obtaining Legal Permanent Resident Status in the United States of America]", US Department of Homeland Security.</ref>
@@ Line 79: / Line 79: @@
 For many years following the [[Great Depression]] of the 1930s, when danger of [[recession]] appeared most serious, the 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. Ideas about the best tools for 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 policy makers relied principally on [[fiscal policy]] to influence the economy. 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 the [[Congress of the United States|Congress]]. The economy and living standards grew strongly during this era, but 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>
 {{Citation |last=Buchanan|first=James M. |title=Democracy in Deficit: The Political Legacy of Lord Keynes |year=1977 |publisher=Academic Press |location=New York |isbn=0-86597-227-3 |pages=1–55 |url=http://www.econlib.org/library/Buchanan/buchCv8Contents.html |coauthors=Wagner, Richard E. |accessdate=January 19, 2011 |chapter=especially chapters 1 – 4}}</ref>
-Following a series of periodic credit tightening measures designed to combat inflation, a combination of loose [[monetary policy]] and record budget deficits, both financed with [[foreign direct investment]] and [[public debt]], became routine economic policy after 1981.{{Citation needed|date=January 2011}}
 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 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> The economy since 1973, however, has been characterized by both slower growth (averaging 2.7%), and nearly stagnant living standards, with household incomes increasing by 10%, or only 0.3% annually.<ref>{{Citation|url=http://www.census.gov/prod/2009pubs/p60-236.pdf |title=Income, Poverty, and Health Insurance Coverage the United States (2008)|publisher=Census Bureau |accessdate=November 17, 2008}}</ref> The worst recession in recent decades, in terms of lost output, 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 1957–58, when GDP fell 3.7%, following the [[1973 oil crisis]], with a 3.1% fall from late 1973 to early 1975, and in the 1981–82 recession, when GDP dropped by 2.9%.<ref name=gcn>{{Citation|url=http://www.globalcrisisnews.com/usa/us-out-of-recession-as-economy-grows-by-3-5-percent/id=1238/ |title=Global Crisis News |publisher=GCN  |accessdate=June 17, 2009}}</ref><ref name="cnn1">{{Citation|url=http://edition.cnn.com/2008/BUSINESS/03/21/us.recession.ap/index.html |title=Worries grow of deeper U.S. recession |publisher=CNN  |accessdate=November 17, 2008 |archiveurl = http://web.archive.org/web/20080611130336/http://edition.cnn.com/2008/BUSINESS/03/21/us.recession.ap/index.html |archivedate = June 11, 2008}}</ref> Recent, mild recessions have included the 1990–91 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 in 2000, at 43% (3.8% a year), and from late 1982 to mid 1990, at 37% (4% a year).<ref name=gcn/>
@@ Line 92: / Line 91: @@
 US share of world GDP (nominal) peaked in 1985 with 32.74% of global GDP (nominal). The second highest share was 32.24% in 2001.<br/>
-US share of world GDP (PPP) peaked in 1999 with 23.78% of global GDP (PPP). The share has been declining each year since .]
+US share of world GDP (PPP) peaked in 1999 with 23.78% of global GDP (PPP). The share has been declining each year since .
 == Overview ==
@@ Line 114: / Line 113: @@
 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 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.
-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, as the government uses a capitalist system. 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. On June 26, 2009, Jeff Immelt, the CEO of General Electric, called for the United States to increase its manufacturing base employment to 20% of the workforce, commenting that the U.S. has outsourced too much in some areas and can no longer rely on the financial sector and consumer spending to drive demand.<ref name=Immelt>Bailey, David and Soyoung Kim (June 26, 2009).[http://www.guardian.co.uk/business/feedarticle/8578904 GE's Immelt says U.S. economy needs industrial renewal].''UK Guardian.''. Retrieved on June 28, 2009.</ref>
+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, as the government uses a capitalist system. 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.{{Citation needed}} On June 26, 2009, Jeff Immelt, the CEO of General Electric, called for the United States to increase its manufacturing base employment to 20% of the workforce, commenting that the U.S. has outsourced too much in some areas and can no longer rely on the financial sector and consumer spending to drive demand.<ref name=Immelt>Bailey, David and Soyoung Kim (June 26, 2009).[http://www.guardian.co.uk/business/feedarticle/8578904 GE's Immelt says U.S. economy needs industrial renewal].''UK Guardian.''. Retrieved on June 28, 2009.</ref>
 ==Employment==
@@ Line 151: / Line 150: @@
 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 US GDP.<ref>{{cite book | url = http://www.nvca.org/index.php?option=com_content&view=article&id=255&Itemid=103 | publisher = IHS Global Insight | title = Venture Impact | edition = 5 | page = 2 | isbn = 0978501578 | year = 2009 }}</ref>
-Americans are “venturesome consumers”, who are unusually willing to try new products of all sorts, and to pester manufacturers to improve their products.<ref>{{Citation|url=http://www.economist.com/node/13216037|publisher=The Economist|title=The United States of Entrepreneurs|date=March 12, 2009}}</ref>
+Americans are “venturesome consumers” who are unusually willing to try new products of all sorts, and to pester manufacturers to improve their products.<ref>{{Citation|url=http://www.economist.com/node/13216037|publisher=The Economist|title=The United States of Entrepreneurs|date=March 12, 2009}}</ref>
 ==Income and wealth==
@@ Line 179: / Line 178: @@
   | accessdate = July 3, 2010}}</ref>
-==Sectors==
+==Composition==
+[[File:787-flight-deck.jpg|thumb|130px|[[Boeing 787 Dreamliner|787 Dreamliner]]]]
+[[File:Embryonated chicken egg-10759 lores.jpg|thumb|130px|U.S. economy features a high level of [[research and development]].]]
 {{Main|Economy of the United States by sector}}
+{{See also|Technological and industrial history of the United States|Agriculture in the United States}}
-[[Image:Sectors of US economy - firms with payrolls - sales vs employees in 2002.gif|thumb|350px|right|Sales and employees by sectors of the United States economy in 2002.]]
+Most of the U.S. economy is services.
-===Retailing===
-[[File:US Retail Sales.png|thumb|US Retail Sales 1992–2010]]
-Retailing is a major sector of the economy of the United States; indeed, it is often credited with "leading" the economy.  The United States retail sector features the largest number of large retailers in the world.  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>
+The United States is the world's largest manufacturer, with a 2009 industrial output of US$2.33&nbsp;trillion. Its manufacturing output is greater than of Germany, France, India, and Brazil combined.<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|accessdate=5 October 2011}}</ref>
-In 2011 it was reported that rising commodity and fuel prices and labor costs in China were exerting upward pressure on prices creating a dilemma for retailers who lost sales during the [[Great Recession]] and continue to face a weak market.<ref name=NYT>{{cite news|last=Clifford|first=Stephanie|title=Camouflaging Price Creep|url=http://www.nytimes.com/2011/04/23/business/23prices.html|accessdate=April 23, 2011|newspaper=The New York Times|date=April 22, 2011}}</ref>
+Main industries include petroleum, steel, automobiles, construction machinery, aerospace, agricultural machinery, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining.
+The US leads the world in [[List of aircraft manufacturers|airplane manufacturing]],<ref>http://www.nasa.gov/worldbook/aviation_worldbook.html{{citation broken|date=August 2010}}</ref> which represents a large portion of US industrial output.  American companies such as [[Boeing]], [[Cessna]] (see: [[Textron]]), [[Lockheed Martin]] (see: [[Skunk Works]]), and [[General Dynamics]] produce a vast majority of the world's civilian and military aircraft in factories stretching across the United States.
+The manufacturing sector of the U.S. economy has experienced substantial job losses over the past several years.<ref>"[http://www.usatoday.com/money/economy/2007-04-20-4155011268_x.htm Factory jobs: 3 million lost since 2000]". USATODAY.com. April 20, 2007.</ref> In January 2004, the number of such jobs stood at 14.3&nbsp;million, down by 3.0&nbsp;million jobs, or 17.5 percent, since July 2000 and about 5.2&nbsp;million since the historical peak in 1979. Employment in manufacturing was its lowest since July 1950.<ref>"[http://www.cbo.gov/doc.cfm?index=5078&type=0 What Accounts for the Decline in Manufacturing Employment?], Congressional Budget Office February 18, 2004.</ref> The number of steel workers fell from 500,000 in 1980 to 224,000 in 2000.<ref>"''[http://books.google.com/books?id=iOgfSDKecCcC&pg=PA4557&dq&hl=en#v=onepage&q=&f=false Congressional Record V. 148, Pt. 4, April 11, 2002 to April 24, 2002]''". [[United States Government Printing Office]].</ref>
+The U.S. produces approximately 18% of the world's manufacturing output, a number that has declined as other nations developed competitive manufacturing industries.<ref name="greyhill" />  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|accessdate=5 October 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 U.S. jobs being more highly skilled and better paying.{{Citation needed|date=June 2011}} There has been much debate within the United States on the decline in manufacturing jobs are related to American Unions and lower foreign wages.<ref name="Pope_2012">{{cite news |title=America's Dirty War Against Manufacturing |author=Carl Pope |authorlink=Carl Pope |date=18–20 January 2012 |newspaper=Bloomberg |accessdate=22 January 2012}} [http://www.bloomberg.com/news/2012-01-18/america-s-dirty-war-against-manufacturing-part-1-carl-pope.html Part 1]. [http://www.bloomberg.com/news/2012-01-19/america-s-dirty-war-against-manufacturing-part-2-carl-pope.html Part 2]. [http://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 |authorlink=Dean Baker |date=22 January 2012 |work=Beat the Press |publisher=Center for Economic and Policy Research |accessdate=22 January 2012}}</ref>
+Agriculture is a major industry in the United States and the country is a net exporter of food. With vast tracts of [[Temperateness|temperate]] arable land, technologically advanced [[agribusiness]], and [[Agricultural subsidy#United States|agricultural subsidies]], the United States controls almost half of world [[Grain trade|grain exports]].<ref>"[http://www.i-sis.org.uk/TFBE.php The Food Bubble Economy]". ''The Institute of Science in Society.''</ref>
+Products include wheat, corn, other [[Food grain|grain]]s, fruits, vegetables, cotton; beef, pork, poultry, dairy products; [[forest products]]; fish.
+==Notable companies and markets==
+{{See also|Forbes 500|Fortune 500}}
+As of 2011, the [[List of companies by revenue|largest U.S.-based companies by revenue]] included [[Walmart]], [[ExxonMobil]], [[Chevron]], [[ConocoPhillips]], [[Fannie Mae]], [[General Electric]], [[Berkshire Hathaway]], [[General Motors]], [[Ford Motor Company]] and [[Hewlett-Packard]], [[AT&T]], [[Cargill]], [[McKesson Corporation]], [[Bank of America]], [[Federal Home Loan Mortgage Corporation]], [[Apple Inc.]], and [[Verizon]], [[JPMorgan Chase]], and [[Cardinal Health]].
+As of 2011, the [[List of corporations by market capitalization|largest U.S.-based companies by market capitalization]] included [[Exxon Mobil]], [[Apple Inc.]], [[Chevron Corporation]], and [[Microsoft]].
+According to [[Fortune Global 500]] 2011, the [[List of largest employers|largest U.S.-based companies by employees]] included [[Walmart]], [[U.S. Postal Service]], [[IBM]], [[UPS]], [[McDonald's]], [[Target Corporation]], [[Kroger]], [[Home Depot]], and [[General Electric]].
+[[File:Bean Bags at GDD.jpg|thumb|American Internet company [[Google]] has one of the world's most valuable brands.]]
+[[Apple Inc.|Apple]], [[Google]], [[IBM]], [[McDonald's]], and [[Microsoft]] are the world's five most valuable brands in an index published by Millward Brown.<ref>[http://www.reuters.com/article/2011/05/09/us-apple-brand-idUSTRE74800D20110509 Apple usurps Google as world's most valuable brand]. Reuters.</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>
+[[Amazon.com]] is the world's largest online retailer.
+Half of the world's 20 [[Semiconductor sales leaders by year|largest semiconductor manufacturers by sales]] were American-origin in 2011.<ref>[http://www.isuppli.com/PublishingImages/Press%20Releases/2011-12-01_Market_Share_Table1.jpg IHS iSuppli Semiconductor preliminary rankings for 2011]</ref>
+Most of the [[List of wealthiest charitable foundations|world's largest charitable foundations]] were founded by Americans.
+American producers create nearly all of [[List of highest-grossing films|the world's highest-grossing films]]. Much of [[List of best-selling music artists|the world's best-selling music artists]] are based in the United States. [[Tourism in the United States|U.S. tourism sector]] welcomes approximately 60 million international visitors every year.
-Major retail firms in the United States include [[Walmart]], [[Sears]], [[Amazon.com]], [[Target Corporation|Target]], [[Macy's]], [[McDonalds]], [[Burger King]], [[Safeway Inc.|Safeway]], [[The Great Atlantic & Pacific Tea Company|A & P]], and [[The Home Depot]].{{citation needed|need to justify the presence of these over other retailers. Are these the top one from some [[WP:RELY]] list?|date=April 2011}} Some, such as Walmart and [[KFC]] serve a global market.{{citation needed|These more than others?|date=April 2011}} Outside of the agricultural sector, the [[History of the cooperative movement|cooperative movement]] is anemic in the United States.{{citation needed|Seems more like an observation and [[WP:OR]] without a footnote|date=April 2011}}
+==Energy, transportation, and telecommunications==
-===Energy===
-{{Main|Energy in the United States}}
+{{Main|Energy in the United States|Transportation in the United States|Internet in the United States}}
 [[File:US Oil Production and Imports 1920 to 2005.png|right|thumb|200px|US oil production and imports, 1920–2005]]
 The United States is the 2nd largest [[energy development|energy]] consumer in terms of total use.<ref>[http://www.msnbc.msn.com/id/43327793/ns/business-oil_and_energy/t/china-surpasses-us-top-energy-consumer/ China surpasses US as top energy consumer – Business – Oil & energy – msnbc.com<!-- Bot generated title -->]</ref>  The U.S. ranks seventh in energy consumption per-capita after Canada and a number of other countries.<ref>[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 "[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% 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>
@@ Line 208: / Line 236: @@
 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>[http://online.wsj.com/article/SB10001424052970203441704577068670488306242.html Wall Street Journal]</ref> In fact, petroleum was the major export from the country in 2011.<ref>{{Cite news | first=Chris | last=Kahn | title=In a firs, gas and other fuels top U.S. exports | url=http://www.floridatoday.com/usatoday/article/52298812?odyssey=mod_sectionstories| work= | newspaper=[[Florida Today]] | location=Melbourne, Florida | pages= 4A | date=December 31, 2011 | id= | accessdate=}}</ref>
+[[Internet]] was developed in the U.S. and the country hosts many of the world's largest hubs.
-===Agriculture===
-{{Main|Agriculture in the United States}}
-{{See also|Fishing industry in the United States|Beekeeping in the United States|United States Department of Agriculture}}
-Agriculture is a major industry in the United States and the country is a net exporter of food. With vast tracts of [[Temperateness|temperate]] arable land, technologically advanced [[agribusiness]], and [[Agricultural subsidy#United States|agricultural subsidies]], the United States controls almost half of world [[Grain trade|grain exports]].<ref>"[http://www.i-sis.org.uk/TFBE.php The Food Bubble Economy]". ''The Institute of Science in Society.''</ref>
+==Finance==
-Products include wheat, corn, other [[Food grain|grain]]s, fruits, vegetables, cotton; beef, pork, poultry, dairy products; [[forest products]]; fish.
+{{Main|Banking in the United States|Insurance in the United States}}
-===Manufacturing===
-The United States is the world's largest manufacturer, with a 2009 industrial output of US$2.33&nbsp;trillion. Its manufacturing output is greater than of Germany, France, India, and Brazil combined.<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|accessdate=5 October 2011}}</ref>
-Main industries include petroleum, steel, automobiles, construction machinery, aerospace, agricultural machinery, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining.
-The US leads the world in [[List of aircraft manufacturers|airplane manufacturing]],<ref>http://www.nasa.gov/worldbook/aviation_worldbook.html{{citation broken|date=August 2010}}</ref> which represents a large portion of US industrial output.  American companies such as [[Boeing]], [[Cessna]] (see: [[Textron]]), [[Lockheed Martin]] (see: [[Skunk Works]]), and [[General Dynamics]] produce a vast majority of the world's civilian and military aircraft in factories stretching across the United States.
-The manufacturing sector of the U.S. economy has experienced substantial job losses over the past several years.<ref>"[http://www.usatoday.com/money/economy/2007-04-20-4155011268_x.htm Factory jobs: 3 million lost since 2000]". USATODAY.com. April 20, 2007.</ref> In January 2004, the number of such jobs stood at 14.3&nbsp;million, down by 3.0&nbsp;million jobs, or 17.5 percent, since July 2000 and about 5.2&nbsp;million since the historical peak in 1979. Employment in manufacturing was its lowest since July 1950.<ref>"[http://www.cbo.gov/doc.cfm?index=5078&type=0 What Accounts for the Decline in Manufacturing Employment?], Congressional Budget Office February 18, 2004.</ref> The number of steel workers fell from 500,000 in 1980 to 224,000 in 2000.<ref>"''[http://books.google.com/books?id=iOgfSDKecCcC&pg=PA4557&dq&hl=en#v=onepage&q=&f=false Congressional Record V. 148, Pt. 4, April 11, 2002 to April 24, 2002]''". [[United States Government Printing Office]].</ref>
-The U.S. produces approximately 18% of the world's manufacturing output, a number that has declined as other nations developed competitive manufacturing industries.<ref name="greyhill" />  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|accessdate=5 October 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 U.S. jobs being more highly skilled and better paying.{{Citation needed|date=June 2011}} There has been much debate within the United States on the decline in manufacturing jobs are related to American Unions and lower foreign wages.<ref name="Pope_2012">{{cite news |title=America's Dirty War Against Manufacturing |author=Carl Pope |authorlink=Carl Pope |date=18–20 January 2012 |newspaper=Bloomberg |accessdate=22 January 2012}} [http://www.bloomberg.com/news/2012-01-18/america-s-dirty-war-against-manufacturing-part-1-carl-pope.html Part 1]. [http://www.bloomberg.com/news/2012-01-19/america-s-dirty-war-against-manufacturing-part-2-carl-pope.html Part 2]. [http://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 |authorlink=Dean Baker |date=22 January 2012 |work=Beat the Press |publisher=Center for Economic and Policy Research |accessdate=22 January 2012}}</ref>
-===Finance===
-{{Main|Finance in the United States|Banking in the United States|Insurance in the United States}}
 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">[http://www.world-exchanges.org/statistics/ytd-monthly WFE – YTD Monthly<!-- Bot generated title -->]</ref> As of October 2008, the combined [[Market capitalization|capitalization]] of all domestic NYSE listed companies was US$10.1&nbsp;trillion.<ref>[http://www.nyxdata.com/nysedata/default.aspx?tabid=115 NYXdata > Data Products > NYSE > Facts & Figures<!-- Bot generated title -->]</ref>
@@ Line 235: / Line 247: @@
 [[File:US Trade Balance 1980 2010.svg|thumb|United States [[balance of trade]] (1980–2010), with negative numbers denoting a trade deficit]]
 {{Main|Foreign trade of the United States|Trade policy of the United States}}
-The United States is the world's largest trading nation. Since it is the world's leading importer, there are many U.S. dollars in circulation all around the planet. The dollar is also used as the standard unit of currency in international markets for commodities such as gold and petroleum.
+The United States is the world's largest trading nation. There is a high amount of U.S. dollars in circulation all around the planet. The dollar is also used as the standard unit of currency in international markets for commodities such as gold and petroleum.
-Large foreign economies like China, Japan and the member states of the [[EU|European Union]] own huge dollar reserves (especially as the US is more in debt) so there is a fear that they will move away from the dollar.<ref>"[http://english.people.com.cn/200512/26/eng20051226_230852.html China, US should adjust approach to economic growth]"</ref> China's reserves are more than $3&nbsp;trillion, the world's largest.<ref>[http://www.businessweek.com/news/2011-04-14/china-s-world-record-currency-reserves-exceed-3-trillion.html China’s World-Record Currency Reserves Exceed $3&nbsp;Trillion – Businessweek<!-- Bot generated title -->]</ref> China owns an estimated $1.6&nbsp;trillion of U.S. [[Security (finance)|securities]].<ref>"[http://www.reuters.com/article/bondsNews/idUSPEK16627420090820 China must keep buying US Treasuries for now-paper]". Reuters. August 19, 2009.</ref>
-In 2010, the total [[U.S. trade deficit]] was $634.9&nbsp;billion, which is $1.3&nbsp;trillion in exports minus $1.9&nbsp;trillion in imports.<ref>{{cite web|title=Trade Statistics|url=http://greyhill.com/trade-statistics|publisher=Greyhill Advisors|accessdate=7 October 2011}}</ref> The deficit on petroleum products was $270&nbsp;billion. The trade deficit with China was $273&nbsp;billion, a new record and up from $304&nbsp;million in 1983.<ref>{{cite web|title=Manufacturing and Trade|url=http://greyhill.com/blog/2011/10/6/manufacturing-and-trade.html|publisher=Greyhill Advisors|accessdate=7 October 2011}}</ref>  The United States had a $168&nbsp;billion surplus on trade in services, and $803&nbsp;billion deficit on trade in goods in 2010.<ref>"[http://onlinejournal.com/artman/publish/article_4354.shtml US trade deficit is a significant cause of recession]" By Peter Morici, former Chief Economist at the U.S. International Trade Commission. February 12, 2009.</ref><ref>{{cite web|title=Record Trade in Services|url=http://www.esa.doc.gov/news/2011/05/11/new-commerce-department-report-shows-record-services-trade-surplus-continues-grow|publisher=Economics and Statistics Administration|accessdate=7 October 2011}}</ref>
+In 2010, U.S. exports amounted to $1.3&nbsp;trillion and imports amounted to $1.9&nbsp;trillion. Trade deficit was $634.9&nbsp;billion.<ref>{{cite web|title=Trade Statistics|url=http://greyhill.com/trade-statistics|publisher=Greyhill Advisors|accessdate=7 October 2011}}</ref> The deficit on petroleum products was $270&nbsp;billion. The trade deficit with China was $273&nbsp;billion, a new record and up from $304&nbsp;million in 1983.<ref>{{cite web|title=Manufacturing and Trade|url=http://greyhill.com/blog/2011/10/6/manufacturing-and-trade.html|publisher=Greyhill Advisors|accessdate=7 October 2011}}</ref>  The United States had a $168&nbsp;billion surplus on trade in services, and $803&nbsp;billion deficit on trade in goods in 2010.<ref>"[http://onlinejournal.com/artman/publish/article_4354.shtml US trade deficit is a significant cause of recession]" By Peter Morici, former Chief Economist at the U.S. International Trade Commission. February 12, 2009.</ref><ref>{{cite web|title=Record Trade in Services|url=http://www.esa.doc.gov/news/2011/05/11/new-commerce-department-report-shows-record-services-trade-surplus-continues-grow|publisher=Economics and Statistics Administration|accessdate=7 October 2011}}</ref>
-To fund the [[national debt]] (also known as public debt), the United States relies on selling U.S. [[treasury bond]]s to people both inside and outside the country, and in recent times a growing percent of buyers are international.
+China has expanded its foreign exchange reserves, which included $1.6&nbsp;trillion of U.S. [[Security (finance)|securities]] as of 2009.<ref>"[http://www.reuters.com/article/bondsNews/idUSPEK16627420090820 China must keep buying US Treasuries for now-paper]". Reuters. August 19, 2009.</ref>
+U.S. workers send a third of all [[remittances]] in the world.<ref>[http://www.finfacts.com/irelandbusinessnews/publish/article_10001284.shtml IMF: US accounts for one-third of annual remittances to Developing Countries of $100bn]</ref>
-==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.{{Citation needed|date=July 2009}}
 ==Currency and central bank==
@@ Line 285: / Line 293: @@
 [[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-purpose district]]s, which include fire, utility, and transit districts.
-Forms of taxation include taxes on income, property, 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 24% of GDP in 2011.<ref>{{Citation| url=http://www.heritage.org/index/country/unitedstates | title=Index of Economic Freedom: United States | publisher=Index of Economic Freedom }}</ref> [[Underground economy]] in the United States is among the smallest in the world.<ref name="Trans-Atlantic Comparisons 3-2">{{cite news| url=http://www.spiegel.de/international/europe/0,1518,628389-2,00.html | publisher=Spiegel Online | title=Is the US Really a Nation of God-Fearing Darwin-Haters? | date=June 6, 2009}}</ref>
+Forms of taxation include taxes on income, property, 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>{{Citation| url=http://www.heritage.org/index/country/unitedstates | title=Index of Economic Freedom: United States | publisher=Index of Economic Freedom }}</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 | publisher=Spiegel Online | title=Is the US Really a Nation of God-Fearing Darwin-Haters? | date=June 6, 2009}}</ref>
 ===Expenditure===

v t e Asia-Pacific Economic Cooperation (APEC)
Nations	Australia Brunei Canada Chile China Hong Kong¹ Indonesia Japan South Korea Malaysia Mexico New Zealand Papua New Guinea Peru Philippines Russia Singapore Taiwan Thailand United States Vietnam
Summits	1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Other	APEC Business Travel Card APEC blue APEC Climate Center APEC Sculpture Garden APEC Youth Science Festival
1. A special administrative region of China, participates as "Hong Kong, China"

v t e Organisation for Economic Co-operation and Development (OECD)
History	Convention on the Organisation for Economic Co-operation and Development OECD Anti-Bribery Convention Programme for International Student Assessment Programme for the International Assessment of Adult Competencies
Guidelines	Multinational Enterprises Testing of Chemicals

v t e Economy of North America
Sovereign states	Antigua and Barbuda Bahamas Barbados Belize Canada Costa Rica Cuba Dominica Dominican Republic El Salvador Grenada Guatemala Haiti Honduras Jamaica Mexico Nicaragua Panama Saint Kitts and Nevis Saint Lucia Saint Vincent and the Grenadines Trinidad and Tobago United States
Dependencies and other territories	Anguilla Aruba Bermuda Bonaire British Virgin Islands Cayman Islands Curaçao Greenland Guadeloupe Martinique Montserrat Puerto Rico Saint Barthélemy Saint Martin Saint Pierre and Miquelon Saba Sint Eustatius Sint Maarten Turks and Caicos Islands United States Virgin Islands