Economy articles
What is the current inflation rate in the US?
About 3%, as of September 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.
What is the unemployment rate in the US right now?
About 4.4% in September 2025. That's a 0.3 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.
How active has the 2025 hurricane season been?
Seven tropical storms and five hurricanes so far in 2025. 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 (2015 to 2024) 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 has inflation affected your dollar?
Inflation, simply put, is the rise in prices over time. As a result, each dollar buys less than it did before. Use this inflation calculator below to track the value of the dollar. See how a dollar has changed in worth during your lifetime, or even as far back as 1913, when the data begins. Or reverse the numbers and track what the cost of an item today was worth in the past.
How much are doctors paid?
How much do you think the average doctor earns per year? We asked our newsletter readers, and the plurality guessed $200,050.In reality, the average doctor earned $350,000 in individual total income in 2017 —about 1.75 times what most people guessed. (All figures in this article come from IRS data analyzed by five economists.) In fact, the top 1% of physicians in the United States earned an average of $4 million per year, with much of that income coming from business ownership and capital gains.What states pay doctors the most?The average income of a doctor may be surprising; so might be the map of doctor earnings. Before we get to the full map of doctor incomes nationwide, let’s take a brief detour on wealth in the United States.Wealth in America tends to cluster on the coasts. Some of the richest states in median household income are Massachusetts, New Jersey, Washington state, and California. And for many professions, average incomes by state look a lot like average wealth of the state. Take lawyers. In 2017, the best-paid lawyers tended to live in New York, Connecticut, and California — some of the highest-income states in the US. The lowest-paid lawyers tended to live in West Virginia, Kentucky, and New Mexico — some of the poorest states in America (by median household income).
What is the Consumer Price Index, and what does it mean for the economy?
Rising inflation can have a direct impact on the lives of Americans. It means increases in prices at grocery stores, gas stations, and retail shops, making it harder to afford their daily necessities, particularly if wage increases don’t keep up.Inflation is a phenomenon that can be reported using various measures, the most common of which is the rate of change in a measure called the Consumer Price Index (CPI).What does the CPI measure?The CPI, produced by the Bureau of Labor Statistics (BLS), measures changes in the prices paid by urban consumers (who are over 90% of the population) for a particular group of goods and services. The CPI looks specifically at the prices of apparel, education and communications, food and beverages, housing, medical care, recreation, transportation and other items in over 200 categories.What is the difference between CPI and inflation?The CPI is reported monthly alongside the “inflation rate,” which, though reported monthly, is a measure of percentage change in the CPI in the last year.
What is a recession?
People feel anxious about the economy for a range of reasons, including times when their wages aren’t rising or their costs are increasing. And then there’s the r-word: recession. Some people use informal measures to say the economy is in a recession: when gross domestic product (GDP), or the economy’s output, declines for two fiscal quarters in a row. But while these things tend to go hand in hand, that’s not an official designation.What is a recession?There is only one official way to call a recession. That’s up to a committee at the National Bureau of Economic Research (NBER), a private, nonprofit research organization. The committee considers a wide range of economy-wide, monthly data points, but the NBER views GDP as “the single best measure.” The committee calls a recession once there is a significant decline across these measures for more than a few months. The NBER’s official designation of a recession, then, doesn’t happen until there is several months of data, allowing it to be sure both that a recession happened and when exactly it started. In other words, the NBER looks backward, not at the present moment.What have recessions looked like in the past?The US has gone through 34 recessions since 1855. Thirteen of them happened after World War II.
How much revenue does the federal government collect from tariffs?
$77.0 billion in FY 2024. 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 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 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 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 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 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 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 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 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 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 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 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.
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 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 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 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 is the federal poverty level?
The federal poverty guidelines — also known as the federal poverty level (FPL) — are used by federal agencies to determine eligibility for programs like Medicaid and the Children’s Health Insurance Program (CHIP). These guidelines are issued annually by the Department of Health and Human Services (HHS) and are based on the official poverty thresholds calculated by the Census Bureau. They set the income limits for many need-based programs, helping determine who qualifies for assistance. While the thresholds are more detailed and used for statistical measurement of poverty, the FPL is a simplified version designed for administrative purposes. The guidelines are adjusted for inflation each year and vary by household size.
How long do people wait for subsidized housing in the United States?
Two years and three months, on average, in 2024. That’s an 8% increase since 2023, when recipients spent two years and one month on waiting lists before moving in to subsidized housing.
How many households in the United States spend too much on housing?
About 42.5 million 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.
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.
What is the average wage in the US?
About $1.25K per week in August 2025, 0.5% 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.
What is the value of US trade overall?
$3.23 trillion in exports and $4.14 trillion in imports in 2024. 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 do teachers get paid in the US?
About $63,100 per year in 2024. 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 $46,900 or less, while the highest-paid 10% earned $102,300 or more.
How much does the federal government spend on SNAP every year?
About $100.3 billion during fiscal year (FY) 2024. That’s 1.5% of all federal spending. The Supplemental Nutrition Assistance Program (SNAP), once known as the Food Stamp program, is administered by the Department of Agriculture providing food assistance to low-income people.
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 2025. This means that men with full-time jobs typically make 22% 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 US government debt is owned by other countries?
About 25.2%, as of June 2025, or $9.13 trillion. 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.
How has online shopping changed the retail industry?
At the turn of the century, only $0.90 of every $100 spent Americans spent on retail items was spent online. In 2024, that average was $16.10.Now, nearly a quarter of the way into the 21st century, the internet has transformed industries in all sectors of the economy, and retail is no exception.What percentage of shopping happens online?In 2024, Americans spent $1.2 trillion on online retail, or a record 16.1% of the $7.2 trillion spent on retail overall. This is nearly two percentage-points higher than 2022, when 14.4% of retail sales happened online.
What is the labor force participation rate in the US?
It was 62.4% in September 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.
Are Americans spending more during the holidays than ever before?
If you can’t tell it’s the winter holiday season from the festive commercials, lights, and music, you can probably tell by your dwindling bank account balance. Americans spent an estimated $600.53 billion in the retail sector in December 2024, according to the Census Bureau’s Monthly Retail Trade Report — the first time monthly consumer spending topped $600 billion.That’s about $1,766 per person, and a jump from the estimated $541.87 billion spent in November 2024. December 2024’s spending was the highest monthly total spending amount and second highest monthly per-person spending on record, ever.Prior to 2024, total retail and food sales peaked in December 2021: around $598.36 billion, 0.4% less than in 2024 (after accounting for inflation). People have spent more in December than any other month since at least 1992. November is typically the second-spendiest month each year, except for 2008 and 2009.
How 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.
What is the homeownership rate in the US?
About 65.6% in 2024. That means about 2 in 3 households owned their home while the remainder rented.
How much debt does the US have?
About $37.6 trillion as of September 2025. 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 foreign aid does the US provide overall?
About $99.8 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.
What is the federal government's budget deficit?
$1.83 trillion deficit in fiscal year (FY) 2024. 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 much federal money goes toward all state and local governments?
About $1.1 trillion in fiscal year (FY) 2024. This total includes money transferred to states, tribal governments, and local governments, such as cities and counties. Federal funding helps state and local governments pay for things like infrastructure, education, and health care for low-income people. In FY 2024, these transfers made up 16.2% of all federal spending.
How 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.
How 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.
What are the biggest drivers of inflation in the past year?
From September 2024 to September 2025, mostly housing and medical care. During that time frame, housing and medical care price increases accounted for two-thirds 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 September 2025, overall prices increased 3.0% 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.
How many people are laid off in the United States each month?
About 1.7 million in August 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.
How many job openings are there in the United States?
About 7.2 million, as of August 2025. The number of job openings decreased by 422,000 from August 2024. 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.
What is the gross domestic product (GDP) in the US?
About $23.7 trillion in Q2 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 $23.7 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.
Are wages keeping up with inflation?
Yes. From July 2024 to July 2025, wages grew 1.5 percentage points faster than inflation. Nominal wages — the literal dollars earned regardless of cost of living — increased by 4.2% while inflation stood at 2.7%. When wage growth outpaces inflation, it indicates that workers are experiencing an increase in purchasing power from the previous year.
What is the income of a US household?
About $81,600 in median income in 2024. Household income is the total money received in a year — wages, pensions, investments, public assistance, and more — by everyone in a household over 15.
How many civilian jobs are in the US federal government?
About 2.93 million, as of July 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 159.5 million nonfarm jobs in the US, 1.8% 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.
What is the US poverty rate?
About 10.6% of the 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 much debt does the average person in the US owe?
Around $63,000 as of the second quarter of 2025. Compared to the previous quarter (January through March 2025), the average adult owed $20 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.
What share of Medicaid costs do states pay?
From 17.9% in New Mexico to 40.3% in Wyoming in fiscal year (FY) 2023. On average, states paid 31.1% of the overall spending on the health insurance program, with the rest coming from the federal government.
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.
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.
Is there a shortage of air traffic controllers?
The Federal Aviation Administration (FAA) controls air traffic at 290 terminals. And as of September 2024, over 40% of them were understaffed.In 2023, the FAA established a 85.0% staffing goal for terminal air control facilities. One-hundred and eighteen of them fell short of that target in 2024. Meanwhile, 172 facilities met or exceeded the staffing goal. Eighty-five 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-six had staffing ranges between 75.0% and 84.9%. The remaining 32 were staffed to 74.9% capacity or less.In 2024, the FAA employed 14,264 air traffic controllers.
How many people work for the federal government?
As of August 2025, the federal government employed just under 3 million people. Federal government employees work at departments or agencies in one of the three branches of government — executive, legislative, or judicial — under the executive branch. It’s the 14th-largest workforce in all industries nationwide. When data tracking began in 1939, the federal workforce was less than one million. Federal employment numbers peaked at 3.4 million in May 1990 and the most recent low was in March 2014, with 2.7 million.How has the federal workforce changed over time? Between 1929 and 1945, the United States was grappling with the Great Depression and World War II. President Franklin D. Roosevelt introduced the New Deal in 1933, and over the next five years established numerous new federal agencies to give people aid, and work, and get the country out of the Great Depression. And these agencies required thousands to staff them. Some agencies created during this period are still around, such as the Social Security Administration (SSA) and the Federal Deposit Insurance Corporation (FDIC).The federal government increased civilian hiring during WWII to support the war effort. By February 1943, more than 3 million people worked for the federal government — tripling the civilian workforce in three years.
Which industries employ the most immigrant workers?
In 2024, close to 20% of the US workforce was foreign-born; of 161.1 million employees, about 30.8 million were immigrants. In 2010, immigrants were 15.6% of the workforce. Immigrants are employed across industries, with concentrations in education, health, and professional services. Which industries employ the most immigrants?Educational and health services organizations employed the most immigrants — 5.6 million in 2024, 18.1% of all foreign-born employees. This was followed by professional and business services with 4.7 million (15.4%) and construction with 3.5 million (11.4%).
Which states contribute the most and least to federal revenue?
In FY 2024, the federal government collected around $5.07 trillion from states and their residents through taxes on individuals and businesses and redistributed about $4.87 trillion back to states and residents through programs like Social Security, Medicaid, Medicare, food stamps, and education grants. The balance varies by state: Californians paid about $275.6 billion more to the federal government than they received, while Virginians received about $89.0 billion more than they paid.
How much wealth does the American middle class have?
Around $13.2 trillion, or around 8% of all household wealth in the US in Q2 2025. 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 $490,000 in wealth.
What are the fastest-growing professions in America?
Renewable energy production will drive much American job growth over the next decade: According to the Bureau of Labor Statistics (BLS), wind turbine service technicians, solar photovoltaic installers, and nurse practitioner roles are expected to have the highest rate of growth by 2034. Wind energy is an ever-larger component of US renewable energy production, and the number of wind turbine service technician jobs is projected to increase more than any other occupation, 50% by 2034. Turbine techs earned a median salary of $62,580 in 2024.
How many energy jobs are there in the US?
In 2024, 8.5 million people had energy-related jobs, roughly 5.4% of all jobs worked that year. For scale, that’s nearly the populations of Houston, Phoenix, Philadelphia, San Antonio and San Diego combined. Energy jobs include a spectrum of roles such as engineers and drill operators to architects and auto mechanics. They work across many industries including electric power generation, transmission, distribution, storage, fuels, energy efficiency, and motor vehicles. The sector lost nearly 10% of total jobs in 2020’s pandemic-driven economic downturn. As of 2024, the energy sector has surpassed the pre-pandemic peak (in 2019) by nearly 200,000 jobs. Which states have the most energy jobs?Texas leads the nation in energy jobs, employing over 990,000 individuals in the energy sector. That’s roughly eight out of every 100 workers statewide. Oil and natural gas production alone employed more than 289,000 people.
What happens during a government shutdown furlough?
When Congress doesn’t pass a law to fund the government, many federal operations pause until new funding is approved. During these periods, known as government shutdowns, some federal employees are placed on temporary unpaid leave, called furloughs, while others continue working in essential roles.
What types of work visas and green cards does the US issue?
In FY 2024, 95.2% of work-related arrivals came on temporary visas, while 4.8% received green cards for work. People immigrating to the US for work have two visa options: temporary visas or employer-sponsored green cards that offer permanent residence. The government admits immigrants for multiple reasons: to reunite families, provide safety for refugees, and expand labor pools for seasonal work, among others.In FY 2024, most authorized immigrants — 40% — were admitted on work-related visas. Qualifying for either a temporary work visa or a green card depends on a range of factors, including offers of employment and measures of personal and professional achievement.
Where does America’s coffee come from?
The United States drinks more coffee than any single country in the world. But very little of that coffee comes from beans grown in the US — aside from a small fraction grown in Hawaii, all of America’s coffee comes imported from countries including Brazil, Colombia, and Switzerland. How much coffee do Americans drink?Americans consume more than one cup of coffee per person daily. That’s equivalent to about 169.1 billion six-ounce cups of coffee, or 463 million per day.
How are Americans doing financially?
More than a quarter of US adults say they’re struggling financially: 73% of Americans reported “living comfortably” or “doing okay,” according to October 2024 survey data from the Federal Reserve. Another 27% said they were either “just getting by” (19%) or “finding it difficult to get by” (8%). The share of people who say they’re doing okay or better is two percentage points lower than pre-pandemic levels, and the lowest since 2016.
What is the Producer Price Index (PPI)?
Government agencies have several indicators for tracking inflation, including the Consumer Price Index (CPI) and its lesser-known counterpart the Producer Price Index (PPI). But PPI is more than an inflation indicator — it’s a measure of overall economic health from the viewpoint of producers and wholesalers.Producer price index definition The PPI is a combination of indexes from the Bureau of Labor Statistics (BLS) that measure the average change over time in the selling prices for goods or services produced domestically. In other words, PPI tracks inflation as manufacturers or suppliers experience it rather than from the consumer’s perspective.What does the PPI measure?The PPI aims to track prices of all output from US producers. This includes goods and services that are purchased by other producers, sold directly to American consumers, and exported to international buyers.In addition to the overall PPI, about 10,000 individual PPIs are released monthly, covering goods in the production sectors such as mining, manufacturing, agriculture, forestry, natural gas, electricity, and construction. It also includes services provided in industries within trade, transportation, warehousing, finance, healthcare, and other service-based sectors.
The Federal Reserve explained
The Federal Reserve, also known as "the Fed," is the central bank of the United States. It was established in 1913 to manage the nation’s monetary policy and respond to stresses in the banking system. What does the Fed do?The Federal Reserve uses its monetary policy tools to influence the national economy. In practice, this means the Fed manages interest rates and the money supply to support job growth and keep prices steady. Supporting maximum employment and stable prices is known as the Fed’s “dual mandate.”The Fed makes short-term changes in interest rates to influence long-term economic growth and stability. The Fed aims to maintain a 2% inflation rate (although it’s been known to set a higher short-term inflation target to manage economic stability). The Fed closely monitors the core Personal Consumption Expenditures index, or core PCE, when making decisions about interest rates and mediating inflation.
How much of the American workforce is unionized?
According to the Bureau of Labor Statistics, 9.9% of US workers — 14.3 million people — were union members in 2024. This was the lowest point of a slow but steady decline. In 1983, 20.1% of the workforce was unionized, or 17.7 million people. Union membership has decreased every year since except for three.
What goes into the monthly jobs report?
The latest edition of the Bureau of Labor Statistics's (BLS) monthly jobs report, released August 1, 2025, reported “little change” in jobs numbers since April. Citing the report, President Trump directed his team to fire the Commissioner of Labor Statistics, Erika McEntarfer.What does the jobs report show?The August update showed 73,000 jobs added in July.The report also customarily revises recent months' data as the agency receives more information from businesses. In August, the BLS revised May jobs numbers from 144,000 to 19,000 and June from 147,000 to 14,000.
Who doesn’t pay federal income taxes?
In 2022, 31.4% of tax filers paid no federal individual income tax. If deductions and credits reduce a filer’s taxable income to $0, they don’t have to pay federal income tax.
How much food does the US export?
In 2024, the US exported nearly $176 billion in agricultural products — that’s 10.2% of all the goods exported that year. The Department of Agriculture (USDA) defines “agricultural products” to include commodity crops like corn and wheat; livestock, poultry, and byproducts like eggs and dairy; and a range of other goods: fruits, vegetables, coffee, seafood, oilseeds, and alcoholic beverages. It also includes processed foods like baked goods, fruit and vegetable products, condiments, and sauces. On average, the US exports about 20% of its US agricultural production every year.
How common are labor strikes in the US?
Thirty-one major work stoppages occurred in 2024, resulting in 3.4 million days of idleness involving 271,500 workers. The Bureau of Labor Statistics defines a major work stoppage as: a strike or a lockout that involves at least 1,000 workers and lasts one full shift at the establishment where the stoppage initiated. How common are work stoppages?There have been an average of 18.3 major work stoppages per year in the last decade, down from an annual average of 289 in the 1970s.
How has TCJA impacted individual income taxes?
The Tax Cuts and Jobs Act (TCJA), which took effect in 2018, changed individual income taxes: lowering tax rates, adjusting tax brackets, nearly doubling the standard deduction, and capping the state and local tax (SALT) deduction. It also made changes to federal corporate taxes. It was one of the biggest tax reform laws in recent years. But the individual tax changes were provisional, and most expire at the end of 2025 unless Congress extends them.TCJA lowered effective tax rates across income groups When TCJA was passed in 2017, the average effective federal individual income tax rate — the percentage of their income most taxpayers pay in taxes — was 14.4%. In 2018, it dropped to 13.0%. By 2022, the average effective federal income tax rate had risen to 14.1%: a 1.1 percentage point increase from 2018, but still below the pre-TCJA rate of 14.4%. This uptick was probably a result of broad economic factors like income growth, employment shifts, and taxpayers moving into higher income brackets, rather than a result of TCJA.
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.
Federal 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).
What 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.How much money does the IRS collect? The IRS is responsible for collecting internal revenue — mostly in the form of taxes — from individuals and businesses across the US. In fiscal year 2023, the agency collected nearly $4.7 trillion, a 26% increase over the previous 10 years. That total included: $4.1 trillion from individual income taxes and other individual payroll contributions $457 billion from corporate income taxes $74 billion from excise taxes $35 billion from estate and gift taxes
What 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.
Minimum 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
Americans 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.
What 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
How 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.
How 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%).
Who 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.
AAPI Demographics: Data on Asian American ethnicities, geography, income, and education
There are 25.8 million Asian Americans living in the US, making up 7.7% of the population. Among them, 3.6 million identify as Asian in combination with another race.Asian Americans are sometimes grouped with Pacific Islanders under the “AAPI” umbrella, and the joint Asian American and Pacific Islander heritage month is celebrated annually in May. The AAPI population is the fastest growing racial group in the US, with a population that nearly doubled from 2000 to 2023.The demographics of Asian Americans vary drastically across ethnic groups. Taiwanese and Indian Americans have the highest educational and income outcomes, while Southeast Asian Americans have lower incomes and educational attainment.
How 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.
Which 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
Which 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.
How 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.
Why does daylight saving time exist?
The ritual of changing the clocks twice a year to get more daylight has been in place for more than 50 years. But debates in state legislatures and Congress show that there’s some interest in stopping the process. At least 45 states have considered or passed legislation to shift to permanent daylight saving time or permanent standard time. The Sunshine Protection Act, which would move the US to permanent daylight saving time, has been introduced to Congress several times, beginning in 2018. It was introduced again in 2021 where it passed in the Senate but died in the House, and was introduced most recently in 2025. When does daylight saving time start and end? In 2025, daylight saving time starts on Sunday, March 9, and will end on Sunday, November 2. It will begin again on Sunday, March 8, 2026, and run through Sunday, November 1, 2026.
How do national parks affect the economy?
In 2023, the 325 million visitors to national parks spent an estimated $26.4 billion dollars. Visitors spent this money in what the National Park Service (NPS) calls a “local gateway region,” or local economies near a national park. A local gateway region includes nearby towns and counties where park visitors usually stop to shop or stay overnight. For most parks, it’s defined as all counties within 60 miles of the park’s boundary. Adjusted for inflation, 2023 visitor spending was the highest in a decade. The second-highest was 2019 at $25.03 billion. But right after that came 2020. The biggest single-year spending drop was from 2019 to 2020 — when the COVID-19 pandemic restricted visits to national parks and related spending had its biggest single year drop, down 31.8% to $17.07 billion.
How do men and women use time differently?
People’s priorities and obligations are driven by factors like age, family situation, employment, and other demographics. Gender is another key factor: 2023 government data shows that the average man tends to spend more time on paid work, while women spend more time on unpaid labor like housework and caregiving than men do. What activities do men and women spend time on? In 2023, employed men ages 15 and over spent 7.47 hours each weekday on paid work and work-related activities, while women spent about an hour less — 6.52 hours a day. Combining paid work with typically unpaid labor like cooking, cleaning, and caring for family members gives us a more comprehensive measure of total labor performed and brings men and women closer in terms of hours or labor: 8.78 hours for men, and 8.86 for women. While employed men and women perform around the same amount of all types of work, men spent more time on paid labor.
What are tariffs and how do they work?
What is a tariff?Tariffs, sometimes called duties or customs duties, are taxes on goods that are traded between nations. When goods cross the US border, Customs and Border Protection (CBP) collects tariffs based on the type of goods, their quantity, and which country they’re coming from.Why do countries use tariffs? Tariffs are a way for countries to control international trade. By artificially raising the cost of importing goods, tariffs can incentivize would-be importers to instead purchase goods from domestic sellers, potentially strengthening the local economy. Politics can also play a role: governments can adjust tariffs to exert economic leverage over political rivals or retaliate against other tariffs or economic sanctions. Tariffs also generate revenue for importing countries, though in developed countries and in today’s global economy, they tend to be used more to achieve foreign policy goals than financial ones.
Why might prices feel high if inflation is slowing?
Inflation has eased since a 2022 peak, but an estimated three-quarters of American adults are still concerned about coming price increases. While the inflation rate has dropped to 2.9% as of December 2024, Americans are feeling the lasting impact of a historic spike. How is inflation trending? After rising to a 40-year high of 9.1% in June 2022, the inflation rate trended down for much of 2023 and 2024, falling to a low of 2.4% in September 2024 before ticking up over the next few months. The declining inflation rate means prices have been rising at a more gradual pace, and this can in turn mean less stress on consumers.
Is bird flu impacting egg prices?
Avian flu cases have emerged in flocks of both commercial and wild birds since 2022, contributing to spikes in egg prices, which crossed $4 a dozen in late 2024.What is the avian flu?Highly Pathogenic Avian Influenza (HPAI), commonly called the bird flu, is the general term for a group of viruses that usually spread between birds but can also infect mammals, including humans. The symptoms include those usually associated with the flu: fever, cough, sore throat, aches, and fatigue. With bird flu in particular, conjunctivitis is also common.The health risk for humans is low — 67 people contracted bird flu in 2024, resulting in one death, and there hasn’t been any person-to-person spread — but the H5 strain of bird flu has been impacting America’s commercial poultry flocks on a large scale, and is now spreading among herds of cows.
Which states have the highest police officer salaries?
Police officers in California had higher salaries than officers in any other state in 2023, earning a median of $113,460, according to the Bureau of Labor Statistics (BLS). The other highest-paying states were Washington ($99,510), Illinois ($98,430), New Jersey ($91,850), and Alaska ($90,060). Salaries weren’t this high across the board, though — the national average was $72,280. After accounting for cost-of-living variance among states, California remains the highest-paying state. Illinois and Washington swap the second and third spots, and Pennsylvania rises from ninth to fifth.
Which Americans are struggling to make ends meet?
More than one-third of American adults are struggling to make ends meet, and some demographics groups are having more trouble than others: in a 2024 Census survey, nearly half the multiracial population reported having a hard time, along with 46.0% of Hispanics and 40.0% of cisgender women. Just under 20% of adults said they found it somewhat difficult to afford their usual household expenses in the previous week, and 17.3% found it very difficult. The rest found it either a little (28.9%) or not at all (34.0%) difficult. Which age groups are struggling the most? Adults younger than 55 are having more trouble paying the bills than older adults. Over 40% of adults ages 18 to 54 reported at least some difficulty, compared to 36.4% of 55- to 64-year-olds and 23.2% of those 65 and older.
How much land do wildfires burn in the US?
Wildfires burn over 7 million acres of land in the US annually, with fire suppression costing an average of $3.0 billion according to data from the National Interagency Fire Center. How many wildfires happen in the US? Since 1983, federal fire agencies have tracked 2.9 million wildfires across 216 million combined acres. That’s more than twice the area of California. From 2014 to 2023, an annual average of 62,277 wildfires have burned an average of 7.02 million acres. Total annual acres eclipsed 10 million three times in that period: in 2015, 2017, and 2020.
How long do Americans stay at their jobs?
The average American worker has been at their job for just under four years, according to January 2024 data from the Bureau of Labor Statistics (BLS). Are Americans leaving their jobs earlier? Average job tenure, as measured by the median, dropped 15% between 2014 and 2024, falling from 4.6 years to 3.9. The last time it was as low as 3.9 was in 2002. From 1983 to 2002, the median job tenure was shorter than it is today. The BLS attributes the rise in the mid-2000s in part to an aging workforce — older workers tend to remain in their positions longer, bringing the median job tenure up. This underscores the drop since 2014, as the workforce has continued to age.
How much will Thanksgiving dinner cost in 2024?
If you’re hosting Thanksgiving dinner this year, your grocery bill may be similar to last year’s. It might even be cheaper.According to the Bureau of Labor Statistics’ (BLS) Consumer Price Index, grocery prices have increased 1.1% from October 2023 to October 2024, while overall prices have increased 2.6% over the same time period.But the prices of Thanksgiving staples, however, have decreased in that same time: Turkey and potatoes cost less than a year ago. Sauces and gravies, and pies, cost about the same. Biscuits, rolls, and muffins, meanwhile, cost 2.3% more than.
The diminishing role of manufacturing in the American economy
The phrase “Made in America” carries significance across the county, but the role manufacturing plays in the American economy has decreased in the past few decades. Manufacturing's smaller role is apparent in all but a few states and subsectors of the industry.In 2019, 13.6 million people were employed full- or part-time in American manufacturing, according to data from the Bureau of Economic Analysis. That's 6.7% of all jobs. The manufacturing industry accounted for $2.3 trillion in American gross domestic product (GDP), or 11% of the whole.While the 2019 GDP and employment numbers are up from the 2009 Great Recession, manufacturing's share of the economy is down. In 2009, 12.5 million people worked in manufacturing, or 7% of all employment, with the industry adding $2.0 trillion (accounting for inflation) to the GDP or 12% of the total.The decline of the manufacturing sector in the US economy is greater looking back further in time. In 1998, there were 18.1 million manufacturing jobs, 11% of total jobs and 5.6 million more than in 2018. In addition, while total GDP increased 47% from 1998 to 2018, the manufacturing sector increased just 5%.How has the manufacturing industry changed at the state level?At the regional level, manufacturing continues to play a more significant role in the Midwest and South than elsewhere. But even in states known for industrial production, the role of manufacturing has shrunk.
What are bank runs and bank failures—and how common are they?
The US banking industry has experienced a recent wave of bank failures, raising concerns about its stability. The collapse and sale of the Silicon Valley and First Republic banks represent the second and third-largest bank failures in US history.Despite these failures, President Joe Biden has reassured Americans that the banking system is secure. Additionally, the Federal Deposit Insurance Corporation (FDIC) has taken measures to cover the losses of both insured and uninsured deposits. However, many policymakers emphasize the importance of remaining vigilant and providing flexible financial oversight to prevent further bank failures.What is a bank run?A bank run is the sudden withdrawal of a significant amount of money, leading to the depletion of a bank’s cash reserves.Banks are only required to keep a fraction of their total deposits on hand, so, when many depositors withdraw funds at the same time, banks may not be able to give everyone back all their money. This can result in the bank becoming insolvent, meaning it cannot meet its financial obligations to its customers, leading to a bank failure.How many bank failures has the US had?The US has had over 3,500 bank failures, most of which took place over three distinct periods.
Food prices are up as millions of Americans are unemployed
At a time of record unemployment, Americans are paying more for food at the grocery store. In April, national prices for household food items rose 2.6% over March, according to the Bureau of Labor Statistics (BLS).This 2.6% change in food is a seasonally adjusted average for a category called the BLS Consumer Price Index (CPI) calls “Food at Home.” It’s an overall measure for price fluctuations for items like milk and bread. This increase is in the midst of when people must cook at home and can’t as easily opt for restaurants due to state-mandated closures due to COVID-19.The average price of goods overall declined 0.8%, but clearly not all categories experienced that decline.
How many people work in the trades?
In May 2022, 34.7 million people worked in the trades in the US. The Department of Labor categorizes skilled trade professions into five groups: farming, fishing, and forestry; construction and extraction; installation, maintenance and repair; production; and transportation and material moving.The installation, maintenance and repair occupation group includes people who work in electrical, electronic equipment, and vehicle mechanics, installers, and repairers. Production workers include engine assemblers, butchers, food processing workers, laundry workers, and jewelers.What are the most common trade jobs?In 2022, material-moving workers comprised 22.8% of skilled trade workers, amounting to 7.9 million people, making it the most common trade job. Material-moving workers perform jobs such as conveyor, crane, and tractor operation; order filling; and refuse and recyclable collecting.The next most common trade jobs were in construction, which includes plumbers, carpenters, and electricians, motor vehicle operators, such as truck drivers, driver/sales workers (food or laundry delivery services), ambulance, bus, and taxi drivers, and other installation, maintenance, and repair workers.In 2022, 13.6 million American adults — 39% of skilled trade employees — worked in transportation and material moving occupations. Production followed (25%), then construction and extraction (18%), installation, maintenance, and repair (17%), and farming, fishing, and forestry (1%).
What do the CARES Act and the Paycheck Protection Program (PPP) mean for small businesses?
Of the $2 trillion distributed in the Coronavirus Aid, Relief, and Economic Security (CARES Act), $350 billion is dedicated to providing relief to small businesses, defined as having under 500 employees.The $350 billion will be deployed through the Paycheck Protection Program, which allows small businesses to borrow up to 250% of their average monthly payroll expenses, up to a maximum loan amount of $10 million. The loans are intended to cover eight weeks of payroll expenses and additional payments toward debt, and will only cover employee compensation up to $100,000 per employee. Money from that loan paid toward payroll and existing interest payments on mortgages, rent payments, leases, and utility service agreements will be forgiven—i.e., will not need to be paid back (more information on the Paycheck Protection Program here). Small businesses can apply through most banks to receive a loan. The Senate is currently debating an additional $250 billion in support for the Paycheck Protection Program.
'Sin taxes' by state: Where do people pay the most and least in alcohol and tobacco taxes?
Drinking and smoking are two more ways that Americans pay taxes.Every state and Washington, DC, has selective sales taxes on alcohol and tobacco. And like sales tax, alcohol and tobacco taxes are paid by people who buy those items.USAFacts looked at data from the Census Bureau and the Bureau of Economic Analysis to determine where people pay the most in tobacco and alcohol taxes, as a percentage of their per capita personal income in that state. (You can read our full report on Americans’ tax burdens here.)It's important to note that the numbers below are based not just on the excise or sales tax rates in that state, but also on the population size and how much is purchased per person. So, for example, tobacco excise taxes range from 17 cents per pack in Missouri, to $4.35 per pack in Connecticut and New York, according to 2022 CDC data. And alcohol taxes can be either excise taxes (based on volume of alcohol sold at the wholesale level) or sales taxes (on the retail price of alcohol).Where do people pay the most and least in alcohol tax?
Which generation has the most wealth?
Baby boomers have the highest household net worth of any US generation.Defined by the Federal Reserve as being born between 1946 and 1964 (currently in the ages between 59 and 77), baby boomers are in often in the sunset of their career or early into retirement.Their higher net worth is expected: with most baby boomers financially planning for at least a few more decades, they benefit from wealth earned from long careers and have more robust retirement accounts than the silent generation, who have dipped further into retirement savings.The silent generation (born before 1946) has the second-highest net worth (or assets minus liabilities) at around $1.29 million per household, followed by Generation X (born between 1965 and 1980) at $1.11 million per household. Millennials (born after 1980) are the generation with the least wealth. (The Federal Reserve does not have data on Generation Z yet.)
What does it mean for the US to have a half a trillion dollar trade deficit?
Fifty years ago, the US trade balance went into a deficit. Since 1971, the US trade deficit has grown to more than half a trillion dollars. The trade deficit decreased from $73.2 billion to $70.1 billion from June to July of this year as the value of exports increased and imports decreased. The US trade deficit was $676 billion in 2020 according to the Bureau of Economic Analysis.While half a trillion dollars can be startling to read, whether the US has an overall trade deficit or surplus says more about trade patterns than the health of the US economy.Although the US is currently at a trade deficit, it remains the largest importer and exporter of goods and services, according to the Office of the US Trade Representative. This means that the value of imports, as well as exports, is larger than any other country’s.
What is the definition of poverty in the US?
Poverty remains a persistent issue in the United States, with millions of Americans unable to make ends meet each year. According to data from the Census Bureau, nearly 38 million Americans lived in poverty in 2021.How does the federal government define poverty?The federal government defines poverty based on family size and income. If a family’s total income is less than the poverty threshold set by the federal government, then that family is considered impoverished. The official poverty measure is adjusted annually to account for inflation.Let’s use 2021 poverty data from the Department of Health and Human Services (HHS) as an example. Using the official poverty measure, a family of four would be considered in poverty if their annual household income was $26,500 or less before taxes. (For 2020-2021, the median household income for a family of such size was $90,657.)Since the measure is set at the federal level, it does not take into account the varying costs of living in different parts of the country, which can lead to errors in counting.
Is the US a bigger oil importer or exporter?
In 2023, the US exported more crude oil and petroleum products than it imported.Petroleum and petroleum product exports totaled about 10.15 million barrels per day (b/d), while imports were about 8.53 million b/d resulting in a -1.7 million b/d difference.Crude oil is a fossil fuel. Petroleum products are made from refined crude oil and include things like jet fuel and gasoline.Prior to October 2019, the US consistently imported more petroleum and crude oil than it exported. October 2019 was the first month the exports exceeded imports. It’s been a net exporter in all but seven months since then.
What is the US national debt and how has it grown over time?
The national debt is the total amount of outstanding borrowed money the federal government has accumulated over time.Every year the US spends more money than it earns results in an annual budget deficit.These deficits add up over time, creating a shortfall that the US covers, in part, by borrowing money from investors; otherwise, the government would need to cut services, increase revenues, or some combination. These loans — plus the interest owed — are the national debt.The national debt grows every year there’s a deficit, as the country borrows an increasing amount of money. The US has run a budget deficit every year for the last 20 years, during which time national debt has grown fivefold.
How much does the average American family pay in taxes?
One of the simplest ways to think about the US standard of living is to consider how much people earn in income, pay in taxes, and receive in government transfers. A government transfer can be cash, or non-cash in the form of services like Medicaid and Medicare.In 2021, the average American family in the middle 20% of income earners paid $17,902 in taxes to federal, state, and local governments. This includes direct taxes, such as income taxes, as well as indirect taxes, like payroll taxes. Of all the taxes the middle 20% paid in 2021, $10,391 went to federal income tax.
How did the Inflation Reduction Act of 2022 change corporate taxes?
The Inflation Reduction Act, signed by President Joe Biden on Aug. 16, 2022, changed the way large corporations are taxed. The law imposed a minimum 15% tax on corporations that made $1 billion in average annual earnings over the past three years.Corporations report income in two different ways: book income and taxable income. The 15% minimum tax applies to book income with some adjustments.The minimum book tax's objective is to ensure that businesses pay taxes when making a profit. The tax took effect in 2023. The Joint Committee on Taxation estimated that about 150 corporations would be subject to the minimum tax each year, and that it will result in a gain of $222 billion over 10 years.A Congressional Research Service report estimated that about half the tax revenue would be collected from manufacturing companies (with about 16% from chemical manufacturing) and about 11% each from information and holding companies.
725,000 people left California in 2020. Which states did they move to?
Texas had the most California transplants from 2020 to 2021: 105,000. Arizona (with 63,000 California transplants) and Nevada (55,000) were next highest.