Economy articles
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.
Are wages keeping up with inflation?
Yes. From June 2025 to June 2026, wages grew 0.29 percentage points faster than inflation. Nominal wages — the literal dollars earned regardless of cost of living — increased by 3.8% while inflation stood at 3.5%. When wage growth outpaces inflation, it indicates that workers are experiencing an increase in purchasing power from the previous year.
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.
US Federal Taxes: How the US Federal Government is Funded
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?
US 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.
The history and impact of 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.
How many jobs were added in the US last month?
In June 2026, about 57,000 jobs were gained. That's below the monthly average of 219,400 new jobs of the previous five years. This data comes from the Bureau of Labor Statistics' monthly Employment Situation Report, aka the “jobs report,” a closely watched economic indicators. These figures are often revised in later months as more complete data rolls in.
What is the unemployment rate in the US right now?
Unemployment was at 4.2% in June 2026. That's a 0.1 percentage point decrease 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.
What is the gender pay gap in the US?
Women made about 82 cents for every dollar men made as of the second quarter of 2026. This means that men with full-time jobs typically make 21% 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.
How much does Medicaid cost in the US?
A combined $949.2 billion in state and federal spending in fiscal year (FY) 2024, the most recent data available. That’s about $2,800 for every person living in the US. As a health insurance program for low-income individuals, Medicaid is jointly funded by both levels of government, with the federal government covering the larger share.
What is the current inflation rate in the US?
The inflation rate was 3.5%, as of June 2026.
What is the value of US trade overall?
The US imported $4.36 trillion and exported $3.43 trillion in goods and services in 2025. Benefits of trade can include higher wages and job growth, a wider variety of products available at lower prices, increased productivity, and more efficient resource allocation
How much debt does the average person in the US owe?
Americans owe $63,500 in debt on average, as of the first quarter of 2026. Compared to the previous quarter (October through December 2025), the average adult owed $870 less after adjusting for inflation, reflecting slight shifts in household borrowing patterns. This debt, often referred to as “household debt,” represents the total amount owed by individuals for obligations such as mortgages, student loans, credit cards, and auto loans.
How much debt does the US have?
The US has $39.5 trillion in debt as of June 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 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.
What share of Medicaid costs do states pay?
The state share of Medicaid ranged from 21.9% in New Mexico to 43.8% in Massachusetts in fiscal year (FY) 2024. On average, states paid 35.2% of the overall spending on the health insurance program, with the rest coming from the federal government.
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.
How much money does the US federal government collect?
About $5.26 trillion in fiscal year (FY) 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.
What are the biggest drivers of inflation in the past year?
Housing was the main driver of inflation from June 2025 to June 2026. As of June 2026, overall prices increased 3.5% over the previous year. Of this, 1.5 percentage points came from price increases in housing, or about two-fifths of it.The inflation rate is calculated using the Consumer Price Index (CPI), which tracks the price changes of a consistent basket of goods and services over time. Each item in this basket is given a weight that reflects how much the average urban household spends on it. Items with higher weights, like shelter, tend to have a greater impact on the overall inflation rate than other categories. By examining the price changes across different categories, we can better understand the factors contributing to the current inflation rate.
How many civilian jobs are in the US federal government?
There are about 2.69 million civilian jobs in the federal government as of June 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 every 60 jobs.