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As of 2015, 44 percent of children in the United States live with low-income families. [270] In 2016, 12.7% of the U.S. population lived in poverty, down from 13.5% in 2015. The poverty rate rose from 12.5% in 2007 before the Great Recession to a 15.1% peak in 2010, before falling back to just above the 2007 level.
The 1860s were a period of growing protectionism in the United States, while the European free trade phase lasted from 1860 to 1892. The tariff average rate on imports of manufactured goods in 1875 was from 40% to 50% in the United States, against 9% to 12% in continental Europe at the height of free trade. [44]
The following list includes the annual nominal gross domestic product for each of the 50 U.S. states and the national capital of Washington, D.C. and the GDP change and GDP per capita as of 2024. [1] [3] The total for the United States in this table excludes U.S. territories. The raw GDP data below is measured in millions of U.S. Dollars.
Historically, the United States was consistently year after year the world's largest economy since the early twentieth century. However, the report from 2014 showed that for the very first time China overtook the United States as the largest economy in the world taking into account purchasing power parity (PPP). Indeed, the margin of power ...
India's share of global GDP declined to less than 2% of global GDP by the time of its independence in 1947, and only rose gradually after the liberalization of its economy beginning in the 1990s. The Republic of India currently contributes 3.6% of world GDP (nominal) and 7.5% of global GDP (PPP) in 2023.
For the year, the US economy grew at an annualized rate of 2.5%, up from 1.9% in 2022. The GDP release highlights the resilience of the US consumer despite ongoing concerns of a slowdown.
In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP had fallen 5.1% by the second quarter of 2009) and the unemployment rate reached 24.9% (the highest since was the 10.8% rate reached during the 1981–1982 recession).
The Bureau of Economic Analysis's advance estimate of first quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 1.6% during the period, missing the 2.5% growth ...