Economy articles
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 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 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 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 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 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.
What does the Small Business Administration (SBA) 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.
What does the Office of the US Trade Representative (USTR) 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.
What does the Bureau of Labor Statistics (BLS) do?
The Bureau of Labor Statistics (BLS) is a subdivision of the US Department of Labor responsible for measuring labor market activity, working conditions, and price changes in the economy. The agency collects, analyzes, and disseminates essential economic information to support public and private decision-making. It also conducts research and provides data on employment, unemployment, inflation, productivity, and other economic indicators. It was established in 1884.
What does the International Trade Administration (ITA) 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.
What does the Federal Transit Administration (FTA) 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.
What does the Bureau of Economic Analysis (BEA) do?
The Bureau of Economic Analysis (BEA) is a subdivision of the US Department of Commerce responsible for providing important economic statistics including the gross domestic product (GDP) of the United States. The agency collects and analyzes data on economic performance, trade, and industry, which helps inform public policy and business decisions. It was established in 1972.
What does the Federal Aviation Administration (FAA) do?
The Federal Aviation Administration (FAA) is a subdivision of the US Department of Transportation responsible for regulating and overseeing all aspects of civil aviation in the United States. The agency's primary mission is to ensure the safety and efficiency of the national airspace system. It sets and enforces regulations for aircraft manufacturing and operation, certifies airmen and airports, and manages air traffic control. The FAA also conducts research to improve aviation safety and efficiency, and collaborates with international aviation authorities. It was established in 1958, originally called the Federal Aviation Agency.
What does the United States Mint (USMINT) 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.
What does the Federal Highway Administration (FHWA) 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.
What does the Occupational Safety and Health Administration (OSHA) 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.
Are Americans moving on from dairy?
Milk production in the US has doubled since 1975, but people drink nearly half as much milk as back then. Today, people eat more than seven times the amount of yogurt than they did in 1975.
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.
How much does Medicare cost the federal government?
The federal government spent about $1.21 trillion on Medicare in 2025. Spending on Medicare, a federally run health insurance program primarily for people 65 and older, came out to $18,900 per beneficiary or $3,500 for every person in the US.
What is the gross domestic product (GDP) in the US?
The gross domestic product (GDP) was $24.3 trillion in Q2 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 $24.3 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 labor force participation rate in the US?
The US labor force participation rate was 61.5% in June 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.
What is the current inflation rate in the US?
The inflation rate was 3.5%, as of June 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.
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 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.
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 average wage in the US?
The average wage was $1,291 per week in June 2026, 0.3% 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.
How much land do wildfires burn in the US?
US wildfires burned 5.1 million acres in 2025, down 43% from 2024. Since 1983, fires have burned more than 230 million acres—over 2x California's size.
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.
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.
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 is the federal government's budget deficit?
The federal government’s fiscal year (FY) 2026 budget deficit is about $1.37 trillion as of June. 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.
How many people have multiple jobs?
In June 2026, about 8.6 million or 5.3% of all people with jobs had multiple jobs. That’s up from the pandemic-era low in June 2020, when 5.5 million workers, about 4% of all employed, had multiple jobs.
Which states have the highest and lowest rates of homelessness?
New York and Oregon have the highest US homelessness rates. Over five years, rates rose in all but four states and Washington, DC.
Why does daylight saving time exist?
Daylight saving, which began as a wartime energy‑saving measure, starts on Sunday, March 8, and ends on Sunday, November 7, 2026.
How much do teachers get paid in the US?
Teachers made about $65,100 per year in 2025. That’s the annual median 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 $48,200 or less, while the highest-paid 10% earned $104,300 or more.
How many homeless people are in the US? What does the data miss?
Of the 745,652 people experiencing homelessness in January 2025, white adults ages 35 to 44 represented the largest demographic group.
What is the average price of beef in the US?
As of May 2026, the average price of ground beef nationwide was $6.75 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 12.9% over the past 12 months.
How many job openings are there in the US?
There were about 7.59 million job openings as of May 2026. The number of job openings increased by 284,000 from May 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.
How many people are laid off in the US each month?
There were about 1.71 million layoffs and discharges in May 2026. 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.
How long do people wait for subsidized housing in the US?
People waited two years and one month, on average, for subsidized housing in 2025. That’s a 7.4% decrease since 2024, when recipients spent 2 years and 3 months on waiting lists before moving in to subsidized housing.
How many people live in subsidized housing in the US?
In 2025, about 8.86 million people lived in subsidized housing. This was equivalent to 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 2025 have lived in their units for 10 years and 3 months.
Is the US a bigger oil importer or exporter?
The US has been exporting more oil and petroleum products than it imports since August 2021.
What is the US poverty rate?
The poverty rate was about 10.6% of the US population as of 2024. 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 2024, 35.9 million people lived in poverty.
How many households in the US spend too much on housing?
About 42.5 million households were cost-burdened in 2024. That's 33% 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.