Economy articles
These reports cover the financial forces that affect daily American life. Discover how exports and imports impact US taxes, debt, and more.
How active has the 2025 hurricane season been?
Five tropical storms and one hurricane so far in 2025. In the Atlantic Ocean, tropical storms and hurricanes are the most dangerous designations of storms that are collectively known as tropical cyclones. The average number of such storms per year for the prior decade (2015 to 2024) was 18. That’s the highest 10-year average on record, based on National Oceanic and Atmospheric Administration (NOAA) data dating back to 1851.
Updates weeklyUS trading partners, imports and exports, and how tariffs factor in
In 2024, the US imported $4.1 trillion and exported $3.2 trillion in goods and services. Higher tariffs can raise prices and the impact on US jobs is a complex issue. Join Steve as he talks through US trade, tariffs and their impact, US trade partners, trade agreements, and more.
What is the Producer Price Index (PPI)?
Government agencies have several indicators for tracking inflation, including the Consumer Price Index (CPI) and its lesser-known counterpart the Producer Price Index (PPI). But PPI is more than an inflation indicator — it’s a measure of overall economic health from the viewpoint of producers and wholesalers.Producer price index definition The PPI is a combination of indexes from the Bureau of Labor Statistics (BLS) that measure the average change over time in the selling prices for goods or services produced domestically. In other words, PPI tracks inflation as manufacturers or suppliers experience it rather than from the consumer’s perspective.What does the PPI measure?The PPI aims to track prices of all output from US producers. This includes goods and services that are purchased by other producers, sold directly to American consumers, and exported to international buyers.In addition to the overall PPI, about 10,000 individual PPIs are released monthly, covering goods in the production sectors such as mining, manufacturing, agriculture, forestry, natural gas, electricity, and construction. It also includes services provided in industries within trade, transportation, warehousing, finance, healthcare, and other service-based sectors.
Aug 14, 2025The Federal Reserve explained
The Federal Reserve, also known as "the Fed," is the central bank of the United States. It was established in 1913 to manage the nation’s monetary policy and respond to stresses in the banking system. What does the Fed do?The Federal Reserve uses its monetary policy tools to influence the national economy. In practice, this means the Fed manages interest rates and the money supply to support job growth and keep prices steady. Supporting maximum employment and stable prices is known as the Fed’s “dual mandate.”The Fed makes short-term changes in interest rates to influence long-term economic growth and stability. The Fed aims to maintain a 2% inflation rate (although it’s been known to set a higher short-term inflation target to manage economic stability). The Fed closely monitors the core Personal Consumption Expenditures index, or core PCE, when making decisions about interest rates and mediating inflation. To manage the economy, the Fed uses a strategy called quantitative easing. Quantitative easing allows the Fed to buy assets from other banks in times of crisis, improving those banks’ liquidity and giving them the ability to loan more money. It did this at the onset of the COVID-19 pandemic, increasing the money supply to support lending to businesses and individuals, as well as during the Great Recession.
Aug 12, 2025How much federal money goes toward all state and local governments?
About $1.1 trillion in fiscal year (FY) 2024. This total includes money transferred to states, tribal governments, and local governments, such as cities and counties. Federal funding helps state and local governments pay for things like infrastructure, education, and health care for low-income people. In FY 2024, these transfers made up 16.2% of all federal spending.
How many civilian jobs are in the US federal government?
About 2.96 million, as of May 2025. Federal jobs include all jobs ranging from janitors to air traffic controllers to nurses to postal workers and more. (Enlisted service people are considered government employees but aren’t included in this figure because they’re not civilians.) Out of the 159.6 million nonfarm jobs in the US, 1.9% are in the federal government, the nation’s largest employer. Another way to look at it: The federal government is responsible for one in every 50 jobs.
Updates monthlyHow much money does the US federal government collect?
About $4.9 trillion in fiscal year (FY) 2024. This is about $14,600 per person in the US, however individual contributions vary based on income, spending, and other factors. Government revenue is the total amount of money received from individual and corporate taxes, and other sources that are used to pay for government spending.
Updates monthlyWhat is the federal government’s budget deficit?
About $1.8 trillion deficit in fiscal year (FY) 2024.. A budget deficit occurs when the federal government spends more money than it brings in through taxes, customs duties, the sale of assets, and other revenues. When the government has a deficit, it borrows money by selling bonds and other securities in order to pay for it, adding to the national debt. A budget surplus, on the other hand, occurs when the government brings in more money than it spends.
Updates monthlyHow much debt does the US have?
About $36.2 trillion as of June 2025. The federal government borrows money when its spending and investments cannot be funded by federal revenue alone; this debt enables the government to pay for programs and services when funds aren’t immediately available.
Updates monthlyWhat does the United States Mint do?
The United States Mint (US Mint) is a subdivision of the Department of the Treasury responsible for producing coinage for the United States to conduct its trade and commerce. The agency designs and manufactures domestic, bullion, and foreign coins, as well as Congressional Gold Medals and silver, gold, and platinum bullion coins. It also maintains physical custody and protection of the nation's gold and silver assets. It was established in 1792.
Updates annuallyWhat does the Small Business Administration do?
The Small Business Administration (SBA) is an independent executive agency responsible for supporting small business owners and entrepreneurs in their business ventures. Its functions include providing small businesses access to capital, offering free or low-cost counseling and training, working with other government agencies to contract small businesses, and advocating on behalf of the small business sector in front of Congress. It was established in 1953.
Updates annuallyWhat does the Office of the US Trade Representative do?
The Office of The United States Trade Representative (USTR) is a subdivision of the Executive Office of the President responsible for developing and coordinating US international trade, commodity, and direct investment policy, and overseeing negotiations with other countries. The agency works to create trade opportunities for American businesses and workers, enforce US trade laws, and ensure that trade agreements are fair and beneficial to the US economy. It was established in 1963.
Updates annuallyWhat does the Office of Personnel Management do?
The Office of Personnel Management (OPM) is an independent executive branch agency responsible for managing the civil service of the federal government. Its functions include coordinating the recruitment of new government employees, managing health insurance and retirement benefits programs, and providing resources for job seekers. Established in 1979, it serves as the chief human resources agency and personnel policy manager for the federal government.
Updates annuallyWhat does the Occupational Safety and Health Administration do?
The Occupational Safety and Health Administration (OSHA) is a subdivision of the US Department of Labor responsible for ensuring safe and healthy working conditions for workers by setting and enforcing standards and by providing training, outreach, education, and assistance. OSHA's mission is to prevent work-related injuries, illnesses, and deaths by issuing and enforcing rules (called standards) for workplace safety and health. It was established in 1970.
Updates annuallyWhat does the National Labor Relations Board do?
The National Labor Relations Board (NLRB) is an independent executive branch agency responsible for safeguarding employees’ rights to unionize and preventing unfair labor practices. Its functions include conducting union elections, investigating charges of unfair practices, deciding cases, and enforcing punishment. It was established in 1935.
Updates annuallyWhat does the International Trade Administration do?
The International Trade Administration (ITA) is a subdivision of the US Department of Commerce responsible for promoting international trade, strengthening the competitiveness of US industry, and ensuring fair trade through rigorous enforcement of trade laws and agreements. The ITA provides data, tools, and resources to help American businesses navigate the complexities of international markets, advocates for US commercial interests abroad, and works to remove trade barriers. It was established in 1980.
Updates annuallyWhat does the Federal Transit Administration do?
The Federal Transit Administration (FTA) is a subdivision of the Department of Transportation responsible for providing financial and technical assistance to local public transit systems. The agency oversees safety measures, helps develop new transit technologies, and ensures that transit systems are accessible to all individuals, including those with disabilities. It was established in 1964.
Updates annuallyWhat does the Federal Highway Administration do?
The Federal Highway Administration (FHWA) is a subdivision of the Department of Transportation responsible for overseeing the construction, maintenance, and preservation of the nation's highways, bridges, and tunnels. The agency provides financial and technical assistance to state and local governments to ensure the safety and efficiency of the national highway system. It also develops policies and guidelines to promote innovation and sustainability in transportation infrastructure. It was established in 1966.
Updates annuallyWhat does the Equal Employment Opportunity Commission do?
The Equal Employment Opportunity Commission (EEOC) is an independent executive branch agency tasked with enforcing workplace discrimination laws. Its functions include investigating charges of discrimination against employers, providing guidance and oversight on equal employment practices, and conducting outreach and education programs. Most companies with 15 or more employees are under EEOC jurisdiction. The agency was established by the Civil Rights Act of 1964.
Updates annuallyWhat does the Department of Transportation do?
The Department of Transportation (USDOT, DOT) is a cabinet-level executive branch agency responsible for overseeing national transportation systems and infrastructure. Its functions include developing and implementing federal transportation policies; ensuring the safety and efficiency of highways, railroads, air travel, and maritime transport; and administering funding for transportation projects including local transit systems. It was established in 1966.
Updates annually