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Bookmark or Share- 2024 Current State of the Union: US Economy - USAFactsHow is the US economy doing? US gross domestic product (GDP) increased 1.9% in 2022 and another 2.5% in 2023. Year-over-year inflation — the rate at which consumer prices increase — was 3.1% in January 2023. The Federal Reserve raised interest rates seven times in 2022 and four times in 2023.
- What role do small businesses play in the economy? - USAFactsWhile small businesses’ share of GDP fell during this time, small businesses still accounted for 43.5% of economic activity in the US in 2014. “Entrepreneurship plays an important role in allocating resources more efficiently throughout the economy, thereby making it more productive,” according to the Congressional Budget Office.
- The Federal Reserve Explained - USAFactsThe Federal Reserve, the central bank of the US, increased its total assets from $4.17 trillion in January 2020 to $8.33 trillion as of August 2021, in an effort to stabilize the economy since the COVID-19 pandemic. This is the second time in history that the Federal Reserve took extraordinary steps to stabilize the financial markets and stave ...
- How did the economy perform in 2021? - USAFactsAs 2021 ends, the US economy is still feeling the effects of the COVID-19 pandemic. In some ways, the economy looks closer to 2019. The unemployment rate continued to drop. Fewer people reported not having enough food to eat. But people also quit their jobs at historically high rates. And inflation rose faster than it has in decades, making ...
- The 2019 economy in review: GDP, employment, income, and trade - USAFactsAs of the third quarter of 2019, real GDP reached $19.1 trillion, or $58,000 per person. The largest industries contributing to GDP were real estate (13.4% of GDP), professional and business services (12.8%), government (12.3%), and manufacturing (11.0%). However, some industries have recovered from the recession more slowly than others.
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