Economy articles
What is the average US tariff rate overall?
About 6.8% in June 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.
What is the unemployment rate in the US right now?
Unemployment was at 4.1% in July 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 average price of beef in the US?
As of July 2026, the average price of ground beef nationwide was $6.89 per pound. This figure comes from the Bureau of Labor Statistics' (BLS) Average Price data, which tracks the cost of specific items commonly purchased by US households. BLS also tracks broader categories containing many products through the Consumer Price Index (CPI). The CPI category "beef and veal," which includes ground beef along with steaks, roasts, and other cuts, rose 9.4% over the past 12 months.
How much US government debt is owned by other countries?
As of June 2026, about 23.6% of US government debt, or $9.3T, is owned by other countries. When the federal government spends more money than it collects in revenue, it sells US Treasury securities to bring in cash and pay for the difference. People, governments, corporations, and investment funds like retirement accounts — both US and international — can purchase these.
Who does the US trade with?
Mexico, Canada, and China were the US’ top trading partners in 2025, when combining total imports and exports. The US has trade relations with over 200 countries, territories, and regional associations.
What is the federal government's budget deficit?
The federal government’s fiscal year (FY) 2026 budget deficit is about $1.8 trillion as of July. 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 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
US-Canada trade history in six charts
Tariff increases by the US and Canada in 2026 have intensified trade tensions between two of North America's largest trading partners.
What is the labor force participation rate in the US?
The US labor force participation rate was 61.4% in July 2026. 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.
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?
How many civilian jobs are in the US federal government?
There are about 2.68 million civilian jobs in the federal government as of July 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 158.9 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 one in every 60 jobs.
How many jobs were lost in the US last month?
In July 2026, about 23,000 jobs were lost. That's below the monthly average of 201,600 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 indicator. These figures are often revised in later months as more complete data rolls in.
Are wages keeping up with inflation?
Yes. From July 2025 to July 2026, wages grew 0.09 percentage points faster than inflation. Nominal wages — the literal dollars earned regardless of cost of living — increased by 3.5% while inflation stood at 3.4%. When wage growth outpaces inflation, it indicates that workers are experiencing an increase in purchasing power from the previous year.
How much debt does the average person in the US owe?
Americans owe $63,500 in debt on average, as of the second quarter of 2026. Compared to the previous quarter (January through March 2026), the average adult owed $1,400 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 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.
How much debt does the US have?
The US has $39.8 trillion in debt as of July 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.
What is this year’s Social Security cost of living increase?
In December 2025, the average monthly Social Security benefit was $1,923, which increased by 2.8% in 2026 after the cost-of-living adjustment.
How active has the 2026 hurricane season been?
As of August 17, there have been three tropical storms and zero hurricanes in 2026. 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 (2016 to 2025) was 18. That’s the highest 10-year average on record, based on National Oceanic and Atmospheric Administration (NOAA) data dating back to 1851.
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 are the biggest drivers of inflation in the past year?
Housing was the main driver of inflation from July 2025 to July 2026. As of July 2026, overall prices increased 3.4% over the previous year. Of this, 1.4 percentage points came from price increases in housing, or about three-fourths 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 larger impact on the overall inflation rate than items with lower weights. By examining the price changes across different categories, we can better understand the factors contributing to the current inflation rate.
What is the average wage in the US?
The average wage was $1,290 per week in July 2026, 0.1% 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.
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.
What is the current inflation rate in the US?
The inflation rate was 3.4%, as of July 2026. 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.
How many job openings are there in the US?
There were about 7.36 million job openings as of June 2026. The number of job openings increased by 155,000 from June 2025. A “job opening” is defined as a position open on the last business day of the month. To be considered “open,” a job must meet three conditions: (1) There’s work available for the position; (2) The job could start within 30 days; and (3) The employer is actively recruiting.
Are AI data centers driving up your electric bill? A USAFacts deep dive.
Grab your favorite beverage and comfiest chair, because we’re going to learn some things.
What does the Department of the Treasury (TREAS) do?
The Department of the Treasury (Department of Treasury, TREAS) is a cabinet-level executive branch agency responsible for overseeing economic conditions and ensuring the financial security of the United States. The department's functions include advising the president on economic matters, managing federal finances, collecting taxes through the Internal Revenue Service, producing currency, and supervising national banks. It was established in 1789 and is the second-oldest department in the federal government.
What does the Equal Employment Opportunity Commission (EEOC) 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.
What does the Office of Personnel Management (OPM) 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.
What does the Department of Labor (DOL) do?
The Department of Labor (DOL) is an executive branch agency responsible for overseeing the American labor force and working conditions. Its functions include enforcing wage and hour standards and union law, regulating workplace safety, administering unemployment benefits and workers’ compensation, collecting labor market data, and promoting workforce development. It was established in 1913.
What does the Department of Commerce (DOC) do?
The Department of Commerce (DOC) is an executive branch agency responsible for supporting economic growth within the US. Its functions include promoting job creation, sustainable business development, and ensuring economic competitiveness. It was established in 1903.
What does the Department of Housing and Urban Development (HUD) do?
The Department of Housing and Urban Development (HUD) is an executive branch agency responsible for national housing policy and community development. Its functions include providing affordable housing assistance, enforcing fair housing laws, supporting homeownership programs, and administering grants for urban development and disaster recovery. It was established in 1965.
What does the Department of Transportation (DOT) 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.
What does the Department of Energy (DOE) do?
The Department of Energy (DOE) is an executive branch agency responsible for overseeing national energy policy and managing the country’s nuclear infrastructure. Its functions include advancing energy research and innovation, promoting energy efficiency and renewable energy, regulating the production and distribution of electricity and fossil fuels, and ensuring the security of the US nuclear weapons stockpile. It was established in 1977.
What does the Consumer Financial Protection Bureau (CFPB) do?
The Consumer Financial Protection Bureau (CFPB) is an independent agency responsible for consumer protection in the financial sector. The bureau's primary mission is to ensure that markets for consumer financial products and services work for Americans. The CFPB enforces federal consumer financial laws, supervises financial institutions, and educates consumers to make informed financial decisions. It was established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
What does the National Labor Relations Board (NLRB) 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.