Salient Features of US Economy
Following are some salient features of US economy:
- Currency is United States dollar
- Fiscal year lasts from 1st October in a year to 30th September in the next year
- Major trade organizations include North American Free Trade Agreement, Organization for Economic Co-operation and Development and World Trade Organization
- Rate of inflation from June 2007 to June 2008 was 5.6%
- As per estimated statistics of 2006, 5% of US population is living below the poverty line
GDP of US Economy
Estimated GDP of 2007 was $13.84 trillion and estimated growth in GDP was 2.4% in 2007. Estimated per capita GDP in 2007 was $46,000. Maximum contribution to GDP was by services, which contributed 78.5%. Second was industrial sector with 20.6% and third was agricultural sector with 0.9%.
Labor Force of US Economy
As per statistics of May 2008 total labor force in the USA is 154.5 million, including the unemployed. Around 35.5% of US labor force is employed in managerial and professional services and 24.8% is employed in technical, administrative, and sales support jobs. Nearly 16.5% of US labor force is employed in services sector.
About 24% of US labor force is employed in manufacturing, transportation, mining, and crafts services and only 0.6% of US labor force is employed in farming, fishing, and forestry sector. This is a breakup from 2007. As per data of July 2008 only 5.7% of US population is unemployed.Main Industries of US Economy
Following are main industries of the USA:
- Food processing
- Motor vehicles
- Consumer goods
Export Statistics of US Economy
As per estimated statistics of July 2008, the USA has exported goods and services worth $1.314 trillion. As per data of 2003, 9% of US exports are made up of agricultural products like soybeans, corn, and fruits and industrial supplies like organic chemicals account for 27% of total exports of the US. A major contributor to US exports is capital goods with a contribution of 49%. Capital goods normally exported by the USA are transistors, computers, aircraft, telecommunications equipments, and motor vehicle parts. Consumer goods like automobiles, furniture, clothing, toys, and medicines take up 32% of total US exports.