Economy articles
These reports cover the financial forces that affect daily American life. Discover how exports and imports impact US taxes, debt, and more.
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.
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?
What is the poverty rate in the US?
About 11.1% of the population as of 2023. 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 2023, 36.8 million people lived in poverty.
Updates annuallyHow many people live in subsidized housing in the United States?
About 9.05 million people in 2023, or about 2.0 people per unit. Subsidized housing options vary by location, ranging from high-rise or garden-style apartments to single-family dwellings, duplexes, and more. On average, residents in 2023 had lived in their units for ten years and two months.
Who pays the most income tax?
The federal government generated $4.9 trillion in revenue in fiscal year 2024, nearly half of which came from taxing people on their incomes. Individual income taxes in FY 2024 totaled $2.4 trillion, or $7,166 per person.
Jun 25, 2025Federal farm subsidies: What the data says
In 2024, the government provided $9.3 billion in subsidy payments to farmers for commodity crops. Subsidies made up 5.9% of total farm earnings that year, with the most funding going to corn, soybeans, and cotton. What are farm subsidies?Farm subsidies, also known as agricultural subsidies, are financial support from the federal government to farmers and agricultural businesses. Subsidies help farms deal with disaster relief, risk management, the development of specific farming practices, conservation efforts, and more. The federal government has been providing farm subsidies since 1933, when the first Farm Bill was passed as part of the New Deal to support struggling farms during the Great Depression, the Dust Bowl, and falling crop prices after World War I. This bill created a system that issued payments to farmers in exchange for producing certain commodity crops; at the time, these included wheat, cotton, field corn, swine, rice, tobacco, and milk. The Farm Bill is standing legislation that Congress re-visits approximately every five years as farming, farming needs, and what’s considered a commodity, shift. The most recent Farm Bill was passed in 2018. Today’s commodity crops include corn, soybeans, wheat, cotton, sorghum (a type of grain), rice, peanuts, oats, barley, milk, swine, and calves (specifically, cows).How much farm income comes from subsidies? Farm subsidies have added an average of $17.6 billion to farm income each year from 1933 to 2024, adjusted for inflation. The lowest total was in 1949, at $2.4 billion: subsidies dropped post-World War II in part because agriculture shifted from shortage to surplus, reducing the need for government aid. The highest was in 2020, at $55.3 billion, primarily due to pandemic-related aid.
Jun 23, 2025What does it cost the IRS to collect taxes?
The Internal Revenue Service (IRS) spent $16.1 billion to collect $4.7 trillion in taxes in 2023. In other words, it cost the agency 34 cents to collect $100. Collecting trillions of dollars from a population of 336 million people and around 35 million businesses is no small project. The IRS’s staff of 82,990 people collects and evaluates returns, issues refunds, offers taxpayer assistance, oversees tax-exempt organizations, and enforces tax law.
Jun 13, 2025What does the US produce?
In 2024, the US produced $29.2 trillion in goods and services. This is the total of what each industry and government sector contribute to the economy, and it’s called value added. Value added is calculated by subtracting production costs (materials, services, work pay, taxes) from the value of the goods and services created. It makes up the gross domestic product (GDP), the standard measure of a country’s economy. What goods and services does the US produce?Over four-fifths (83.3%) of value added to the US economy in 2024 was via services, for a total of $24.3 trillion. Services include housing and utilities, transportation, financial services and insurance, healthcare, recreation, food services and accommodations, and others.
Jun 11, 2025Minimum wage in America: How many people are earning $7.25 an hour?
Although the federal minimum wage is $7.25 an hour, the minimum an employer must pay depends on the state in which the employee resides. Many states have mandated minimum wages that are different from the federal minimum
Jun 3, 2025Americans aren't saving as much as they used to
Americans saved an average of 4.6% of their disposable income in 2024. So far in 2025, that average is lower: 4.4%.In fact, the average personal saving rate today is lower than it was in the 2010s — and even the 1960s.What is the personal saving rate?The Bureau of Economic Analysis (BEA) defines the personal saving rate as how much money American households put away — in a checking or savings account, an individual retirement account, or an employer-sponsored 401(k), to name a few — after paying expenses and taxes. The personal savings rate only measures cash saved and doesn’t include capital gains like an increase in value of a house. The BEA, a division of the Department of Commerce, measures and tracks this rate monthly. How has the personal saving rate changed over time?The personal saving rate in the 1960s and 1970s averaged 11.7%, peaking at 17.3% in May 1975. It’s gradually declined since then, reaching an all-time low of 1.4% in July 2005.
May 30, 2025What are free trade agreements and how do they affect trade?
Free trade agreements are strategic partnerships between countries that trade with each other by reducing barriers to entry to the international market for producers, standardizing labor practices, and ensuring affordability and safety for consumers, and more.Compared to a trade war, free trade agreements are like peace treaties — they’re meant to bring countries into alignment and promote a fair and harmonious relationship that promotes trade and is mutually beneficial for all countries involved.What do free trade agreements do?Free trade agreements aim to keep international markets open and flexible for consumers and domestic industries by:Reducing trade barriers like tariffs. This lowers the cost of imports, keeping prices lower and giving consumers more purchase optionsProtecting intellectual property rights of domestic producers. Limiting competitive opportunities on proprietary products preserves access to international markets for domestic industries.Developing product and labor practice standards across markets. This protects consumers by ensuring that imported products are safe and meet the same kinds of standards as their domestic alternativesProtecting against exclusionary rules around investing or participating in financial markets
May 30, 2025How much do teachers get paid in the US?
About $63,000 per year in 2024. That’s the median annual wage for pre-K-12 teachers across the United States, based on estimates from the Bureau of Labor Statistics. The median marks the middle point—half of teachers earn more and half earn less. The lowest-paid 10% earned $46,800 or less, while the highest-paid 10% earned $102,000 or more.
What are the biggest drivers of inflation in the past year?
From May 2024 to May 2025, mostly housing. During that time frame, housing price increases accounted for three-fourths of the overall inflation rate. 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. As of May 2025, overall prices increased 2.4% over the previous year. 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 larger 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.
Updates monthlyHow many US businesses are owned by immigrants?
The Census Bureau categorizes businesses as either nonemployer (where the owner is the only employee) or employer (which have one or more employees beside the owner). Immigrants own nearly a fifth of all employer companies and almost a quarter of nonemployer businesses — higher than their percentages of the US population or the workforce generally.
May 9, 2025What is the gross domestic product (GDP) in the US?
About $23.5 trillion in Q1 2025. Gross domestic product (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 $23.5 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.
Updates quarterlyWhat is the unemployment rate in the US right now?
About 4.2% in May 2025. That's a 0.2 percentage point increase from a year before. 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.
Updates monthlyHow many cars are built in the US?
Automakers produced 12.86 million vehicles in the US in 2022, according to the Department of Energy, which tracks car manufacturing numbers by year and type of car. That number reflects a pandemic-related dip in production trends. From 2015 - 2019, car manufacturers produced 16–17 million vehicles per year.What types of vehicles are built in the US?Of the vehicles produced in 2022, SUVs made up the biggest portion at 6.97 million (54% of the total for that year). Cars accounted for 3.41 million (27%). Pickup trucks were at 2.11 million (16%), followed by vans at around 374,000 (3%).
May 2, 2025Who is the American farmer?
According to the Department of Agriculture (USDA), there are 3.4 million agricultural “producers,” or the farmers and workers involved in making decisions from planting to harvesting to marketing on these farms. Among them, 63.7% of are male, 63.2% are ages 55 or older, 95.4% are white and 84.7% work on family-held farms. More than 1.9 million farms dot the nation, covering 880.1 million acres. That's more than twice the size of Alaska.What is the difference between a farmer and a farmworker?The latest USDA agricultural census defines the 3.4 million “producers” as the farmers and workers involved in making decisions from planting to harvesting to marketing on these farms. This category could refer to the farm’s owner, a member of the owner’s family, a manager, a tenant, a renter, or a sharecropper. The USDA also makes a distinction between producers and employees known as farmworkers. Farmworkers are hired labor and have a variety of occupations ranging from field crop workers to sales agents and truck drivers. Data in this article focuses on producers.
May 1, 2025How 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 monthlyWhich states contribute the most and least to federal revenue?
In 2023, the federal government collected around $4.67 trillion from states and their residents through taxes on individuals and businesses and redistributed about $4.56 trillion back to states and residents through programs like Social Security, Medicaid, Medicare, food stamps, and education grants.The balance varies by state: New Yorkers paid about $89 billion more to the federal government than they received, while Virginians received about $79 billion more than they paid.
Apr 22, 2025How do marijuana laws differ between states?
While marijuana remains illegal at the federal level per the 1970 Controlled Substances Act (CSA), the US has become a patchwork of state-determined laws pertaining to the drug. Some states have legalized recreational marijuana, others allow medicinal use and/or CBD oil. A few states have decriminalized the plant, and a handful follow the federal guidelines. What does marijuana legalization mean?In the United States, marijuana legalization refers to the process of making marijuana use, possession, and sales legal under certain conditions. Adults in states that legalize the drug can use it for both medical and recreational purposes, following state laws. Legalization allows for regulated sales of products that contain cannabidiol (CBD) and delta-9-tetrahydrocannabinol (THC). Medical cannabis laws also fall under this category, permitting patients with conditions such as chronic pain, multiple sclerosis, insomnia, and depression to use the substances for treatment. Since marijuana remains federally classified as an illegal drug, state legalization has many implications on federal income taxes filed by dispensaries, as well as the cross-border sale and transportation of cannabis products.
Apr 18, 2025What is the income of a US household?
About $77,700 in median income in 2023. Household income is the total money received in a year — wages, pensions, investments, public assistance, and more — by everyone in a household over 15.
Updates annuallyWhat is the labor force participation rate in the US?
It was 62.4% in February 2025. The labor force participation rate measures the percent of people ages 16 and older engaged in the labor market, including those who are working or who are unemployed but actively looking for a job.
Is there a shortage of air traffic controllers?
The Federal Aviation Administration (FAA) controls 290 air control facilities. And as of September 2023, nearly half of them were understaffed. In 2023, the FAA established a 85.0% staffing goal for terminal air control facilities. One-hundred and twenty eight of them fell short of that target. Meanwhile, 162 facilities met or exceeded the staffing goal. Fifty-two had staffing levels of more than 100%; this was partially due to intentional overstaffing of new hires to account for expected attrition over the next two or three years. How understaffed were the facilities that fell short of the goal? Eighty-four had staffing ranges between 75.0% and 84.9%. The remaining 44 were staffed to 74.9% capacity or less.In 2024, the FAA employed more than 14,000 air traffic controllers.
Mar 31, 2025What is the federal government’s budget deficit?
About $1.7 trillion deficit in fiscal year (FY) 2023.. 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 does the US federal government spend?
About $6.8 trillion in fiscal year (FY) 2024. This averages about $19,900 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.
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 monthlyAre wages keeping up with inflation?
Yes. From April 2024 to April 2025, wages grew 1.8 percentage points faster than inflation. Nominal wages — the literal dollars earned regardless of cost of living — increased by 4.1% while inflation stood at 2.3%. When wage growth outpaces inflation, it indicates that workers are experiencing an increase in purchasing power from the previous year.
Updates monthlyWhich states have the highest and lowest income tax?
The average American paid $1,613 in state income taxes in 2022. Depending on which state you live in, you might be paying more, less, or nothing at all. What is state income tax? States collected state income taxes from residents annually. These are separate from federal income taxes, which are paid to the federal government. States commonly use income tax revenue to fund services and programs for: Education: supporting K–12 (teacher and administrator salaries) and higher education (state community colleges and universities) Healthcare: operating state-specific initiatives and state-administered programs like Medicaid Corrections: building, maintaining, and operating state prison systems Transportation and infrastructure: building and maintaining roadways, bridges, airports, and public transit systems Public assistance: providing cash or benefits to individuals or families, including childcare services, transitional housing, and job training The amount of state income tax someone owes depends on their income level and their state’s tax rate. Some states have a flat tax rate, so everyone pays the same percentage of their income in taxes no matter how much they earn. Other states have a progressive tax rate, meaning that people who earn more pay a higher percentage of their income in taxes. And other some states have no income tax at all.
Mar 28, 2025What is the average wage in the US?
About $1.23K per week in March 2025, 0.8% higher than a year before. The average weekly wage, the typical earnings that employees bring home for one week of work, is a valuable indicator to assess economic conditions, labor market health, and wage trends.
Updates monthlyWhat is the current inflation rate in the US?
About 2.4%, as of May 2025. Inflation refers to the rise in prices of goods and services over time, which reduces the purchasing power of the dollar. The inflation rate is the percentage that describes how quickly these prices are rising. While several government datasets track price changes, the Consumer Price Index (CPI) represents about 90% of the US population. The CPI measures inflation by tracking the price fluctuations of a “basket of goods and services” over time, providing a clear picture of how inflation affects everyday living expenses.
Updates monthlyWhat is the value of US trade?
$3.23 trillion in exports and $4.14 trillion in imports in 2024. According to the Office of the US Trade Representative, trade fuels economic growth, supports domestic jobs, raises living standards, and makes goods and services more affordable.
Updates monthlyWhich states have the highest and lowest rates of homelessness?
About 771,000 Americans experienced homelessness in January 2024 according to Department of Housing and Urban Development (HUD) point-in-time data, which measures homelessness across the US on a single night each winter. That’s an 18% increase from 2023. Nationally, approximately 22.7 people out of every 10,000 experienced homelessness during the 2024 count. Mississippi had the lowest rate of homelessness, at 3.5 people per 10,000, while in Hawaii, the rate was more than 20 times that — 80.5 per 10,000. In the District of Columbia, comprised entirely of the city of Washington, 80.0 people experienced homelessness for every 10,000.
Feb 28, 2025How many homeless people are in the US? What does the data miss?
Around 23 out of every 10,000 Americans — 771,480 people — experienced homelessness in January 2024 according to the Department of Housing and Urban Development (HUD) annual point-in-time report, which measures homelessness across the US on a single night each winter. That’s an 18% increase from the same report in 2023.
Feb 28, 2025How many households in the US spend too much on housing?
About 41.8 million in 2023. That’s 32.8% of all households. These households spent at least 30% of their total income on rent or mortgage payments and utilities. The Department of Housing and Urban Development considers households that spend more than 30% of their income on housing to be cost-burdened. Cost-burdened households may have less money for other necessities such as food, healthcare, or savings.
What is the homeownership rate in the United States?
About 65.9% in 2023. Nearly 2 out of every 3 households owned their home while the remainder rented.
How much wealth does the American middle class have?
Around $12.8 trillion, or around 8% of all household wealth in the US in Q3 2024. Wealth, also referred to as net worth, is the total value of what people own minus debt like credit card balances and mortgages. If this wealth was divided equally among all middle-class households, each would have roughly $480,000 in wealth.
What countries receive the most foreign aid from the US?
In fiscal year (FY) 2023 — the most recent fully-reported year — Ukraine received $16.6 billion, the most of any country. This amount reflects disbursements, a measure of foreign aid that captures when money is actually transferred out of US government accounts. Foreign aid is reported by more than 20 agencies within the federal government that fund foreign assistance activities.
How much foreign aid does the US provide?
About $79.5 billion in aid was promised for fiscal year (FY) 2023, the most recent fully-reported year. The United States gives foreign assistance to provide humanitarian aid and support peace, security, and economic development around the world. Investing in global security and stability serves US national security interests by creating strategic and economic connections with other countries.
Updates monthlyHow many people are laid off in the United States each month?
About 1.8 million in April 2025. This includes all terminations of employment by an employer — called layoffs and discharges — such as permanent layoffs, temporary layoffs, and terminations because of mergers, downsizing, closings, or employee performance.
Updates monthly