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GDP is a measure of both the economic production and income. The Economist reported in August 2014 that real (inflation-adjusted) GDP growth averaged about 1.8 percentage points faster under Democrats, from Truman through Obama's first term, which ended in January 2013. [2]
The economic history of the United States spans the colonial era through the 21st century. The initial settlements depended on agriculture and hunting/trapping, later adding international trade, manufacturing, and finally, services, to the point where agriculture represented less than 2% of GDP.
What growth occurred was unevenly distributed; roughly half of GDP growth from 2009 to 2015 went to the top 1% of households. [16] Unlike every previous post-war expansion, GDP growth remained under 3% for every calendar year. [17] Global growth would peak in 2017, resulting in a major synchronized slowdown that started in 2018.
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] [2] 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.
US economic growth last quarter is revised down from 1.6% rate to 1.3%, but consumers kept spending. PAUL WISEMAN. May 30, 2024 at 9:51 AM. WASHINGTON (AP) — The U.S. economy grew at a sluggish ...
The United States has a highly developed mixed economy. [44] [45] [46] It is the world's largest economy by nominal GDP and second largest by purchasing power parity (PPP). [47]As of 2024, it has the world's sixth highest nominal GDP per capita and eighth highest GDP per capita by PPP). [10]
The second-quarter growth marked a sharp acceleration from a sluggish 1.4% growth rate in the first three months of 2024. Consumer spending, which accounts for about 70% of U.S. economic activity ...
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 ...