Economy articles
What is the gross domestic product (GDP) in the US?
The gross domestic product (GDP) was $24.6 trillion in Q3 2026. GDP measures the value of goods and services a country or state produces — it’s the sum of consumer spending, business investment, government spending, and net exports. It is often used to quantify the size of its economy. The $24.6 trillion is the “real GDP,” which is adjusted to account for inflation to make it easier to compare the size of an economy over time.
What is the US poverty rate?
The poverty rate was about 10.2% of the US population in 2025, the lowest level since the official poverty measure was created in the 1960s. The poverty rate is the percentage of people whose household income falls below the poverty threshold set by the government. It measures the percentage of people in households that don’t earn enough to pay for basic needs like food, housing, and healthcare. In 2025, 34.5 million people lived in poverty.
Are wages keeping up with inflation?
No. From September 2025 to September 2026, wages grew 0.11 percentage points slower than inflation. Nominal wages — the literal dollars earned regardless of cost of living — increased by 3.6% while inflation stood at 3.7%. When wage growth trails inflation, it indicates that workers are experiencing a decrease in purchasing power from the previous year.
What is the federal government's budget deficit?
The federal government’s fiscal year (FY) 2026 budget deficit is about $1.99 trillion as of September. 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.
What is the gender pay gap in the US?
Women made about 84 cents for every dollar men made as of the third quarter of 2026. This means that men with full-time jobs typically make 20% more than women in full-time jobs. This ratio compares the median weekly pay of full-time workers—people who usually work 35 hours or more each week.
Just the Facts about the US economy
How does the government measure the economy? By tracking GDP, unemployment numbers, and the prices people pay for goods and services.
Just the Facts on federal taxes
The federal government collected $4.9 trillion in revenue in 2024, 99% of which came from taxes. How much does the average American pay? And who pays the most?
Just the Facts on US trading partners, imports and exports, and tariffs
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.
Just the Facts on the Federal Reserve
The Federal Reserve may be the most important bank you never use. But why is it called a “bank”, how is it governed, and how does it influence daily life in the US? In this episode of Just the Facts, Steve Ballmer tells you everything you need to know about the Federal Reserve Bank of the United States.
Just the Facts on oil prices
Why do geopolitical tensions with Iran have such a large impact on how much everyday Americans pay for gas at the pump? And why are we seeing oil prices rise when the US is such a large producer of oil? Oil is a global market, so if supply is threatened anywhere, prices can rise everywhere — including at your local gas station.
Just the Facts on donor and recipient states
Every year, the federal government collects trillions of dollars in taxes from individuals and businesses across all 50 states. But does your state get that money back? Or does it send more than it receives?
What is the average student loan debt?
As of June 2026, the average federal student loan borrower owed $40,800. That is 13.8% lower than the high of $47,300 in June 2020, when accounting for inflation.
How much debt does the US have?
The US has $40.2 trillion in debt as of September 2026. 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.
How many civilian jobs are in the US federal government?
There are about 2.68 million civilian jobs in the federal government as of September 2026. 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 million nonfarm jobs in the US, 1.7% are in the federal government, the nation’s largest employer. Another way to look at it: The federal government is responsible for 1 in 60 jobs.
What is the unemployment rate in the US right now?
Unemployment was at 4.2% in September 2026. That's a 0.1 percentage point increase from the prior month. The unemployment rate is the percentage of people in the labor force who are actively looking for work but not currently employed. It's a common way to measure the health of the job market and economy.
How much revenue does the federal government collect from tariffs?
The federal government collected $194.9 billion in revenues from tariffs in FY 2025. This figure reflects revenue from tariffs and other import-related fees, also known as customs duties. Customs duties are taxes and fees paid by US importers and collected by US Customs and Border Protection on goods imported into the country, which generate revenue for the federal government.
The new $8 billion farm aid package, explained
President Trump announced a new farm aid package that will provide $8 billion in one-time payments through the USDA to help farmers offset rising fuel costs.
How much money does the US federal government collect?
The federal government collected $5.26 trillion in fiscal year 2025. This is about $15,400 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.
How much does the US federal government spend?
The federal government spent $7.04 trillion in fiscal year (FY) 2025. This averages about $20,600 per person in the US. The amount the government can spend depends on the amount of revenue it collects (e.g., through taxes, customs duties, and other sources). If it has to spend more revenue than it brings in, it borrows the funds, creating debt.
What is the average US tariff rate overall?
About 6.9% in August 2026. The average effective tariff rate shows how much the US collects in customs duties as a percentage of the total value of imported goods. However, imports may have different tariff rates (or none at all) depending on factors like country of origin, product type, trade agreements, and much more.