One of the factors was higher education, including a decline in the share of new science and engineering graduates in the workforce. GNI (current US$) from The World Bank: Data. does not offer paid leave for new mothers. Series from Gross Domestic Product. IMF Blog, These will be the most powerful economies in the world by 2050. Real gross domestic product (GDP) decreased at an annual rate of 31.4 percent in the second quarter of 2020, according to the “third” estimate released by the Bureau of Economic Analysis. Federal Reserve Bank of St. Louis;

Percent Change from Preceding Period, Annual, Not Seasonally Adjusted, Percent Change from Preceding Period, Quarterly, Seasonally Adjusted Annual Rate. The size of the U.S. economy was at $20.58 trillion in 2018 in nominal terms and is expected to reach $22.32 trillion in 2020. In 2019 the real gross domestic product (GDP) of the United States increased by 2.3 percent compared to 2018. It came first in the world for gender parity in educational attainment, but was dragged down by lower scores for equality in health and political empowerment. The International Monetary Fund, for example, has predicted that the resulting higher fiscal deficit will weigh on growth from 2022 onward, offsetting some of the gains. The top 10% of families own 75% of household wealth, and the top 0.1% own as much as the bottom 90%. World Economic Forum articles may be republished in accordance with the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, and in accordance with our Terms of Use. The strong labour market, with gains across the board but particularly in retail, health care and construction, adds to the bigger picture of a roaring economy. Releases from U.S. Bureau of Economic Analysis, More The US has announced tariffs on Chinese products from steel to electronics, and China has hit back with tariffs on American products from cars to seafood. President Trump argues that the tariffs are a necessary response to unfair Chinese trade practices, including the theft of intellectual property from American firms. That means it is at its lowest since the days of the dot-com boom in early 2000. Gross Domestic Product, Units: 

The study links inequality to declining mental health, rising drug overdose death rates, and suicide.

But despite American women's achievements in business, innovation and global leadership, full parity remains elusive. In the bond market, there have been some concerns over a flattening yield curve, which in the past has signalled economic problems ahead. A scarcity of opportunities for a wide segment of the population not only fosters crime, it also narrows the all-important talent pool that is crucial for a country’s competitiveness. retrieved from FRED, Rates are set by fiscal year, effective October 1 each year. Before, Americans were becoming more equal over time: Income disparity creates a number of problems. https://fred.stlouisfed.org/series/GNP, Overall, the global economy is worth an estimated $79.98 trillion, meaning the US accounts for more than one-quarter of the world total. Closing the gender gap could add $4.3 trillion to the US economy in 2025, according to a report by McKinsey Global Institute. It is larger than the combined economies of numbers four to 10 on the list above. The yield curve shows the difference between interest on short- and long-term U.S. government bonds. But some observers are concerned that it may also be a sign that the economy is overheating, fanning fears of inflation. Here are 11 economic snapshots for Independence Day, from stock market highs to global trade disputes, from innovation to rising inequality: Soaring stocks, but bond market may signal wobbles. We use cookies to improve your experience on our website. Measurement is in Trillions of Dollars (seasonally adjusted annual rate). October 30, 2020. The above chart plots quarterly United States Gross National Product (GNP). Per Diem Rates Look-Up. A new study has shown that the poorest Americans are suffering from an increasing sense of distress. The sheer scale of the United States’ economy puts others into perspective. Federal Reserve Bank of St. Louis, Categories > National Accounts > National Income & Product Accounts > GDP/GNP. One explanation is that employers are able to keep wages artificially low because of the decline of labour unions, which has weakened the bargaining power of workers. This chart shows that the trend of dramatic wealth concentration at the top began in the mid-1980s. Alcohol Use Disorder (AUD) in the United States: Adults (ages 18+): According to the 2018 NSDUH, 14.4 million adults ages 18 and older 2 (5.8 percent of this age group 3) had AUD. However, the US slipped to 11th place in the Bloomberg Innovation Index. Please review the copyright information in the series notes before sharing. The views expressed in this article are those of the author alone and not the World Economic Forum. Find current rates in the continental United States ("CONUS Rates") by searching below with city and state (or ZIP code), or by clicking on the map, or use the new Per Diem tool to calculate trip allowances. Women are underrepresented in U.S. politics: they account for only about 20% of political office holders. The country ranked only 49th in the World Economic Forum’s Gender Gap Index, behind Rwanda and Nicaragua. In the first quarter of 2020, real GDP decreased 5.0 percent. Some observers caution that the boost from the tax cuts will be temporary. Quarterly, BEA Account Code: A001RCA Guide to the National Income and Product Accounts of the United States (NIPA) - (http://www.bea.gov/national/pdf/nipaguid.pdf).

Image: Bloomberg / Federal Reserve Bank of Atlanta, Image: World Economic Forum Global Gender Gap Report 2017, A weekly update of what’s on the Global Agenda. China and India have overtaken the US in terms of the number of STEM graduates, underlining the important link between education and future innovation (though the numbers also reflect those countries' larger populations). It also matches the lowest rate in half a century. U.S. Bureau of Economic Analysis, China denies the accusations. The last time this happened was in 2007, before the global recession. Wage growth has been sluggish despite a strong labour market. China and the US are spiralling into an every-worsening conflict over trade, as each side threatens to slap retaliatory tarrifs on hundreds of billions of dollars worth of goods. What is the state of the U.S. economy today? Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, Centre for the Fourth Industrial Revolution, Schwab Foundation for Social Entrepreneurship.

Closing the gender gap for long-term growth. It came second in the World Economic Forum's most recent Global Competitiveness Index, after Switzerland, partly thanks to its high score for innovation. One Federal Reserve Bank Plaza, A full-blown trade war would damage both economies and could spill over to other countries, including American allies such as South Korea, Japan and Taiwan that supply components and raw material for Chinese products. U.S. Bureau of Economic Analysis, Release: Compared to Iceland, which ranked first, the latter point is particularly striking. The World Economic Forum COVID Action Platform, The Dow Jones Industrial Average is hovering around record highs. Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International Public License, Centre for the Fourth Industrial Revolution, Schwab Foundation for Social Entrepreneurship. Data in this graph are copyrighted. Indeed, inflation has hit a 6-year high of 2.8%. Job growth is strong, but wage growth is sluggish. St. Louis, MO 63102, http://www.bea.gov/national/pdf/nipaguid.pdf, More Another worry is tepid wage growth, which not only lags behind the strong growth in jobs, but is essentially wiped out by inflation. Venture capital funding hit a decade high in 2017, fuelling innovative businesses especially in Silicon Valley. “Interestingly, and worryingly, the global yield curve has now already inverted”, meaning that short-term bond yields are higher than long-term ones, according to the Financial Times. U.S. job growth is strong, with the unemployment rate falling to an 18-year low of 3.8% in May. The U.S. stock market continues to hover around record highs, driven by President Trump’s tax cuts and low interest rates, though fears of a US-China trade war have triggered repeated sell-offs. Gross National Product [GNP], Click the links below for the forecast and other pages related to this economic indicator. Female empowerment could be the key to America's long-term competitiveness. The US has the highest income inequality in the Western world, and the gap between rich and poor Americans has been widening.

The Federal Reserve has been raising short term rates, but long-term yields have been slow to rise, suggesting traders are unsure about long-term growth.

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