The United States of America has the world’s largest economy by nominal GDP and the second-largest by purchasing power parity (PPP) behind China . The country has a highly developed/advanced mixed economy with a diversified North American economy . The economy is driven by the service sector, which accounts for 80.2% of the GDP . The industrial sector contributes 18.9% to the GDP, while agriculture contributes 0.9% . The country’s major industries include petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, information technology, consumer goods, and lumber mining .
The United States dollar (USD) is the country’s currency and is widely used in international trade . The country is a member of several trade organizations, including the World Trade Organization (WTO), G-20, G7, OECD, USMCA, and APEC . The United States is also home to the world’s principal financial center, New York City .
The country’s nominal GDP was estimated to be $26.950 trillion in 2023, while its PPP was estimated to be $26.950 trillion in the same year . The country’s GDP per capita was $80,412 (nominal) and $80,412 (PPP) in 2023 . The country’s GDP growth rate was 2.1% in 2022 and is expected to be 2.1% in 2023 and 1.5% in 2024 .
The country’s labor force was estimated to be 161,200,000 in 2023, with an employment rate of 62.4% . The country’s unemployment rate was 3.4% in January 2023, with 10.4% youth unemployment (December 2022; 16 to 19-year-olds) . The average gross salary was $5,407 / 5,052 monthly in 2022, while the average net salary was $4,066 / 3,799 monthly in the same year .
The United States economy has been growing steadily over the years, with the country adding more jobs than expected in December 2023 . The country’s unemployment rate has remained below 4% for 23 consecutive months, the longest such run since the 1960s . The country’s inflation rate was 3% in 2023 .
In conclusion, the United States of America has a highly developed/advanced mixed economy with a diversified North American economy. The country’s economy is driven by the service sector, which accounts for 80.2% of the GDP. The country’s major industries include petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, information technology, consumer goods, and lumber mining. The country’s nominal GDP was estimated to be $26.950 trillion in 2023, while its PPP was estimated to be $26.950 trillion in the same year. The country’s GDP per capita was $80,412 (nominal) and $80,412 (PPP) in 2023. The country’s labor force was estimated to be 161,200,000 in 2023, with an employment rate of 62.4%. The country’s unemployment rate was 3.4% in January 2023, with 10.4% youth unemployment (December 2022; 16 to 19-year-olds
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