The economy of the United States is the world's largest national economy and the world's second largest overall economy, the GDP of the EU being approximately $2 trillion larger. Its nominal GDP was estimated to be over $15 trillion in 2011, approximately a quarter of nominal global GDP. Its GDP at purchasing power parity is the largest in the world, approximately a fifth of global GDP at purchasing power parity. The U.S. is one of the world's wealthiest nations, with abundant natural resources, a well-developed infrastructure, and high productivity. It has the world's sixth-highest per capita GDP (PPP). The U.S. is the world's third-largest producer of oil and second-largest producer of natural gas. It is the largest trading nation in the world. Its four largest export trading partners are as of 2011: Canada, China, Mexico and Japan.
The economy of the United States is a mixed economy 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. As of 2012, the country remains the world's largest manufacturer, representing a fifth of the global manufacturing output. Of the world's 500 largest companies, 133 are headquartered in the United States. This is twice the total of any other country. 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 U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report, and others. The United States is ranked first globally in the IT industry competitiveness index.
About 60% of the global currency reserves have been invested in the United States dollar, while 24% have been invested in the euro. The country is one of the world's largest and most influential financial markets. The New York Stock Exchange (formally known as NYSE Euronext) is the world's largest stock exchange by market capitalization. Foreign investments made in the United States total almost $2.4 trillion, which is more than twice that of any other country. American investments in foreign countries total over $3.3 trillion, which is almost twice that of any other country. Total public and private debt was $50.2 trillion at the end of the first quarter of 2010, or 3.5 times GDP. In October 2012, the proportion of public debt was about 1.0043 times the GDP. Domestic financial assets totaled $131 trillion and domestic financial liabilities totaled $106 trillion. 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 US economy is orderly reviewed with comprehensive economic data analysis by the Beige Book of the Federal Reserve System, the Bureau of Economic Analysis of the Department of Commerce, the Bureau of Labor Statistics of the United States Department of Labor and economic indicators of the United States Census.
Read more about Economy Of The United States: History, Overview, Employment, Research, Development, and Entrepreneurship, Income and Wealth, Financial Position, Composition, Notable Companies and Markets, Energy, Transportation, and Telecommunications, Finance, International Trade, Currency and Central Bank, Law and Government
Famous quotes containing the words united states, economy of, economy, united and/or states:
“Falling in love with a United States Senator is a splendid ordeal. One is nestled snugly into the bosom of power but also placed squarely in the hazardous path of exposure.”
—Barbara Howar (b. 1934)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“It was evident that, both on account of the feudal system and the aristocratic government, a private man was not worth so much in Canada as in the United States; and, if your wealth in any measure consists in manliness, in originality and independence, you had better stay here. How could a peaceable, freethinking man live neighbor to the Forty-ninth Regiment? A New-Englander would naturally be a bad citizen, probably a rebel, there,—certainly if he were already a rebel at home.”
—Henry David Thoreau (1817–1862)
“[Urging the national government] to eradicate local prejudices and mistaken rivalships to consolidate the affairs of the states into one harmonious interest.”
—James Madison (1751–1836)