Economy articles
These reports cover the financial forces that affect daily American life. Discover how exports and imports impact US taxes, debt, and more.
How much debt does the average person in the US have?
Around $62,500 as of the first quarter of 2025. Compared to the previous quarter (October through December 2024), the average adult owed $1,200 more 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.
Updates quarterlyHow 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.
Jul 1, 2025US trading partners, imports and exports, and how tariffs factor in
In 2024, the US imported $4.1 trillion and exported $3.2 trillion in goods and services. Higher tariffs can raise prices and the impact on US jobs is a complex issue. Join Steve as he talks through US trade, tariffs and their impact, US trade partners, trade agreements, and more.
US Federal Taxes: How the US Federal Government is Funded
The federal government collected $4.9 trillion in revenue in 2024, 99% of which came from taxes. How much does the average American pay? And who pays the most?
What is the poverty rate in the US?
About 11.1% of the population as of 2023. The poverty rate is the percentage of people whose household income falls below the poverty threshold set by the government. It measures the percentage of people in households that don’t earn enough to pay for basic needs like food, housing, and healthcare. In 2023, 36.8 million people lived in poverty.
Updates annuallyHow many people live in subsidized housing in the United States?
About 9.05 million people in 2023, or about 2.0 people per unit. Subsidized housing options vary by location, ranging from high-rise or garden-style apartments to single-family dwellings, duplexes, and more. On average, residents in 2023 had lived in their units for ten years and two months.
Who pays the most income tax?
The federal government generated $4.9 trillion in revenue in fiscal year 2024, nearly half of which came from taxing people on their incomes. Individual income taxes in FY 2024 totaled $2.4 trillion, or $7,166 per person.
Jun 25, 2025Federal farm subsidies: What the data says
In 2024, the government provided $9.3 billion in subsidy payments to farmers for commodity crops. Subsidies made up 5.9% of total farm earnings that year, with the most funding going to corn, soybeans, and cotton. What are farm subsidies?Farm subsidies, also known as agricultural subsidies, are financial support from the federal government to farmers and agricultural businesses. Subsidies help farms deal with disaster relief, risk management, the development of specific farming practices, conservation efforts, and more. The federal government has been providing farm subsidies since 1933, when the first Farm Bill was passed as part of the New Deal to support struggling farms during the Great Depression, the Dust Bowl, and falling crop prices after World War I. This bill created a system that issued payments to farmers in exchange for producing certain commodity crops; at the time, these included wheat, cotton, field corn, swine, rice, tobacco, and milk. The Farm Bill is standing legislation that Congress re-visits approximately every five years as farming, farming needs, and what’s considered a commodity, shift. The most recent Farm Bill was passed in 2018. Today’s commodity crops include corn, soybeans, wheat, cotton, sorghum (a type of grain), rice, peanuts, oats, barley, milk, swine, and calves (specifically, cows).How much farm income comes from subsidies? Farm subsidies have added an average of $17.6 billion to farm income each year from 1933 to 2024, adjusted for inflation. The lowest total was in 1949, at $2.4 billion: subsidies dropped post-World War II in part because agriculture shifted from shortage to surplus, reducing the need for government aid. The highest was in 2020, at $55.3 billion, primarily due to pandemic-related aid.
Jun 23, 2025What does it cost the IRS to collect taxes?
The Internal Revenue Service (IRS) spent $16.1 billion to collect $4.7 trillion in taxes in 2023. In other words, it cost the agency 34 cents to collect $100. Collecting trillions of dollars from a population of 336 million people and around 35 million businesses is no small project. The IRS’s staff of 82,990 people collects and evaluates returns, issues refunds, offers taxpayer assistance, oversees tax-exempt organizations, and enforces tax law.
Jun 13, 2025What does the US produce?
In 2024, the US produced $29.2 trillion in goods and services. This is the total of what each industry and government sector contribute to the economy, and it’s called value added. Value added is calculated by subtracting production costs (materials, services, work pay, taxes) from the value of the goods and services created. It makes up the gross domestic product (GDP), the standard measure of a country’s economy. What goods and services does the US produce?Over four-fifths (83.3%) of value added to the US economy in 2024 was via services, for a total of $24.3 trillion. Services include housing and utilities, transportation, financial services and insurance, healthcare, recreation, food services and accommodations, and others.
Jun 11, 2025Minimum wage in America: How many people are earning $7.25 an hour?
Although the federal minimum wage is $7.25 an hour, the minimum an employer must pay depends on the state in which the employee resides. Many states have mandated minimum wages that are different from the federal minimum
Jun 3, 2025Americans aren't saving as much as they used to
Americans saved an average of 4.6% of their disposable income in 2024. So far in 2025, that average is lower: 4.4%.In fact, the average personal saving rate today is lower than it was in the 2010s — and even the 1960s.What is the personal saving rate?The Bureau of Economic Analysis (BEA) defines the personal saving rate as how much money American households put away — in a checking or savings account, an individual retirement account, or an employer-sponsored 401(k), to name a few — after paying expenses and taxes. The personal savings rate only measures cash saved and doesn’t include capital gains like an increase in value of a house. The BEA, a division of the Department of Commerce, measures and tracks this rate monthly. How has the personal saving rate changed over time?The personal saving rate in the 1960s and 1970s averaged 11.7%, peaking at 17.3% in May 1975. It’s gradually declined since then, reaching an all-time low of 1.4% in July 2005.
May 30, 2025What are free trade agreements and how do they affect trade?
Free trade agreements are strategic partnerships between countries that trade with each other by reducing barriers to entry to the international market for producers, standardizing labor practices, and ensuring affordability and safety for consumers, and more.Compared to a trade war, free trade agreements are like peace treaties — they’re meant to bring countries into alignment and promote a fair and harmonious relationship that promotes trade and is mutually beneficial for all countries involved.What do free trade agreements do?Free trade agreements aim to keep international markets open and flexible for consumers and domestic industries by:Reducing trade barriers like tariffs. This lowers the cost of imports, keeping prices lower and giving consumers more purchase optionsProtecting intellectual property rights of domestic producers. Limiting competitive opportunities on proprietary products preserves access to international markets for domestic industries.Developing product and labor practice standards across markets. This protects consumers by ensuring that imported products are safe and meet the same kinds of standards as their domestic alternativesProtecting against exclusionary rules around investing or participating in financial markets
May 30, 2025How much do teachers get paid in the US?
About $63,000 per year in 2024. That’s the median annual wage for pre-K-12 teachers across the United States, based on estimates from the Bureau of Labor Statistics. The median marks the middle point—half of teachers earn more and half earn less. The lowest-paid 10% earned $46,800 or less, while the highest-paid 10% earned $102,000 or more.
What are the biggest drivers of inflation in the past year?
From May 2024 to May 2025, mostly housing. During that time frame, housing price increases accounted for three-fourths of the overall inflation rate. The inflation rate is calculated using the Consumer Price Index (CPI), which tracks the price changes of a consistent basket of goods and services over time. As of May 2025, overall prices increased 2.4% over the previous year. Each item in this basket is given a weight that reflects how much the average urban household spends on it. Items with higher weights, like shelter, tend to have a larger impact on the overall inflation rate than other categories. By examining the price changes across different categories, we can better understand the factors contributing to the current inflation rate.
Updates monthlyHow many US businesses are owned by immigrants?
The Census Bureau categorizes businesses as either nonemployer (where the owner is the only employee) or employer (which have one or more employees beside the owner). Immigrants own nearly a fifth of all employer companies and almost a quarter of nonemployer businesses — higher than their percentages of the US population or the workforce generally.
May 9, 2025What is the gross domestic product (GDP) in the US?
About $23.5 trillion in Q1 2025. Gross domestic product (GDP) measures the value of goods and services a country or state produces — it’s the sum of consumer spending, business investment, government spending, and net exports. It is often used to quantify the size of its economy. The $23.5 trillion is the “real GDP,” which is adjusted to account for inflation to make it easier to compare the size of an economy over time.
Updates quarterlyWhat is the unemployment rate in the US right now?
About 4.2% in May 2025. That's a 0.2 percentage point increase from a year before. The unemployment rate is the percentage of people in the labor force who are actively looking for work but not currently employed. It's a common way to measure the health of the job market and economy.
Updates monthlyHow many cars are built in the US?
Automakers produced 12.86 million vehicles in the US in 2022, according to the Department of Energy, which tracks car manufacturing numbers by year and type of car. That number reflects a pandemic-related dip in production trends. From 2015 - 2019, car manufacturers produced 16–17 million vehicles per year.What types of vehicles are built in the US?Of the vehicles produced in 2022, SUVs made up the biggest portion at 6.97 million (54% of the total for that year). Cars accounted for 3.41 million (27%). Pickup trucks were at 2.11 million (16%), followed by vans at around 374,000 (3%).
May 2, 2025Who is the American farmer?
According to the Department of Agriculture (USDA), there are 3.4 million agricultural “producers,” or the farmers and workers involved in making decisions from planting to harvesting to marketing on these farms. Among them, 63.7% of are male, 63.2% are ages 55 or older, 95.4% are white and 84.7% work on family-held farms. More than 1.9 million farms dot the nation, covering 880.1 million acres. That's more than twice the size of Alaska.What is the difference between a farmer and a farmworker?The latest USDA agricultural census defines the 3.4 million “producers” as the farmers and workers involved in making decisions from planting to harvesting to marketing on these farms. This category could refer to the farm’s owner, a member of the owner’s family, a manager, a tenant, a renter, or a sharecropper. The USDA also makes a distinction between producers and employees known as farmworkers. Farmworkers are hired labor and have a variety of occupations ranging from field crop workers to sales agents and truck drivers. Data in this article focuses on producers.
May 1, 2025How many civilian jobs are in the US federal government?
About 2.96 million, as of May 2025. Federal jobs include all jobs ranging from janitors to air traffic controllers to nurses to postal workers and more. (Enlisted service people are considered government employees but aren’t included in this figure because they’re not civilians.) Out of the 159.6 million nonfarm jobs in the US, 1.9% are in the federal government, the nation’s largest employer. Another way to look at it: The federal government is responsible for one in every 50 jobs.
Updates monthlyWhich states contribute the most and least to federal revenue?
In 2023, the federal government collected around $4.67 trillion from states and their residents through taxes on individuals and businesses and redistributed about $4.56 trillion back to states and residents through programs like Social Security, Medicaid, Medicare, food stamps, and education grants.The balance varies by state: New Yorkers paid about $89 billion more to the federal government than they received, while Virginians received about $79 billion more than they paid.
Apr 22, 2025How do marijuana laws differ between states?
While marijuana remains illegal at the federal level per the 1970 Controlled Substances Act (CSA), the US has become a patchwork of state-determined laws pertaining to the drug. Some states have legalized recreational marijuana, others allow medicinal use and/or CBD oil. A few states have decriminalized the plant, and a handful follow the federal guidelines. What does marijuana legalization mean?In the United States, marijuana legalization refers to the process of making marijuana use, possession, and sales legal under certain conditions. Adults in states that legalize the drug can use it for both medical and recreational purposes, following state laws. Legalization allows for regulated sales of products that contain cannabidiol (CBD) and delta-9-tetrahydrocannabinol (THC). Medical cannabis laws also fall under this category, permitting patients with conditions such as chronic pain, multiple sclerosis, insomnia, and depression to use the substances for treatment. Since marijuana remains federally classified as an illegal drug, state legalization has many implications on federal income taxes filed by dispensaries, as well as the cross-border sale and transportation of cannabis products.
Apr 18, 2025What is the income of a US household?
About $77,700 in median income in 2023. Household income is the total money received in a year — wages, pensions, investments, public assistance, and more — by everyone in a household over 15.
Updates annuallyWhat is the labor force participation rate in the US?
It was 62.4% in February 2025. The labor force participation rate measures the percent of people ages 16 and older engaged in the labor market, including those who are working or who are unemployed but actively looking for a job.
Is there a shortage of air traffic controllers?
The Federal Aviation Administration (FAA) controls 290 air control facilities. And as of September 2023, nearly half of them were understaffed. In 2023, the FAA established a 85.0% staffing goal for terminal air control facilities. One-hundred and twenty eight of them fell short of that target. Meanwhile, 162 facilities met or exceeded the staffing goal. Fifty-two had staffing levels of more than 100%; this was partially due to intentional overstaffing of new hires to account for expected attrition over the next two or three years. How understaffed were the facilities that fell short of the goal? Eighty-four had staffing ranges between 75.0% and 84.9%. The remaining 44 were staffed to 74.9% capacity or less.In 2024, the FAA employed more than 14,000 air traffic controllers.
Mar 31, 2025What is the federal government’s budget deficit?
About $1.7 trillion deficit in fiscal year (FY) 2023.. A budget deficit occurs when the federal government spends more money than it brings in through taxes, customs duties, the sale of assets, and other revenues. When the government has a deficit, it borrows money by selling bonds and other securities in order to pay for it, adding to the national debt. A budget surplus, on the other hand, occurs when the government brings in more money than it spends.
Updates monthlyHow much does the US federal government spend?
About $6.8 trillion in fiscal year (FY) 2024. This averages about $19,900 per person in the US. The amount the government can spend depends on the amount of revenue it collects (e.g., through taxes, customs duties, and other sources). If it has to spend more revenue than it brings in, it borrows the funds, creating debt.
Updates monthlyHow much money does the US federal government collect?
About $4.9 trillion in fiscal year (FY) 2024. This is about $14,600 per person in the US, however individual contributions vary based on income, spending, and other factors. Government revenue is the total amount of money received from individual and corporate taxes, and other sources that are used to pay for government spending.
Updates monthlyAre wages keeping up with inflation?
Yes. From April 2024 to April 2025, wages grew 1.8 percentage points faster than inflation. Nominal wages — the literal dollars earned regardless of cost of living — increased by 4.1% while inflation stood at 2.3%. When wage growth outpaces inflation, it indicates that workers are experiencing an increase in purchasing power from the previous year.
Updates monthlyWhich states have the highest and lowest income tax?
The average American paid $1,613 in state income taxes in 2022. Depending on which state you live in, you might be paying more, less, or nothing at all. What is state income tax? States collected state income taxes from residents annually. These are separate from federal income taxes, which are paid to the federal government. States commonly use income tax revenue to fund services and programs for: Education: supporting K–12 (teacher and administrator salaries) and higher education (state community colleges and universities) Healthcare: operating state-specific initiatives and state-administered programs like Medicaid Corrections: building, maintaining, and operating state prison systems Transportation and infrastructure: building and maintaining roadways, bridges, airports, and public transit systems Public assistance: providing cash or benefits to individuals or families, including childcare services, transitional housing, and job training The amount of state income tax someone owes depends on their income level and their state’s tax rate. Some states have a flat tax rate, so everyone pays the same percentage of their income in taxes no matter how much they earn. Other states have a progressive tax rate, meaning that people who earn more pay a higher percentage of their income in taxes. And other some states have no income tax at all.
Mar 28, 2025What is the average wage in the US?
About $1.23K per week in March 2025, 0.8% higher than a year before. The average weekly wage, the typical earnings that employees bring home for one week of work, is a valuable indicator to assess economic conditions, labor market health, and wage trends.
Updates monthlyWhat is the current inflation rate in the US?
About 2.4%, as of May 2025. Inflation refers to the rise in prices of goods and services over time, which reduces the purchasing power of the dollar. The inflation rate is the percentage that describes how quickly these prices are rising. While several government datasets track price changes, the Consumer Price Index (CPI) represents about 90% of the US population. The CPI measures inflation by tracking the price fluctuations of a “basket of goods and services” over time, providing a clear picture of how inflation affects everyday living expenses.
Updates monthlyWhat is the value of US trade?
$3.23 trillion in exports and $4.14 trillion in imports in 2024. According to the Office of the US Trade Representative, trade fuels economic growth, supports domestic jobs, raises living standards, and makes goods and services more affordable.
Updates monthlyWhich states have the highest and lowest rates of homelessness?
About 771,000 Americans experienced homelessness in January 2024 according to Department of Housing and Urban Development (HUD) point-in-time data, which measures homelessness across the US on a single night each winter. That’s an 18% increase from 2023. Nationally, approximately 22.7 people out of every 10,000 experienced homelessness during the 2024 count. Mississippi had the lowest rate of homelessness, at 3.5 people per 10,000, while in Hawaii, the rate was more than 20 times that — 80.5 per 10,000. In the District of Columbia, comprised entirely of the city of Washington, 80.0 people experienced homelessness for every 10,000.
Feb 28, 2025How many homeless people are in the US? What does the data miss?
Around 23 out of every 10,000 Americans — 771,480 people — experienced homelessness in January 2024 according to the Department of Housing and Urban Development (HUD) annual point-in-time report, which measures homelessness across the US on a single night each winter. That’s an 18% increase from the same report in 2023.
Feb 28, 2025How many households in the US spend too much on housing?
About 41.8 million in 2023. That’s 32.8% of all households. These households spent at least 30% of their total income on rent or mortgage payments and utilities. The Department of Housing and Urban Development considers households that spend more than 30% of their income on housing to be cost-burdened. Cost-burdened households may have less money for other necessities such as food, healthcare, or savings.
What is the homeownership rate in the United States?
About 65.9% in 2023. Nearly 2 out of every 3 households owned their home while the remainder rented.
How much wealth does the American middle class have?
Around $12.8 trillion, or around 8% of all household wealth in the US in Q3 2024. Wealth, also referred to as net worth, is the total value of what people own minus debt like credit card balances and mortgages. If this wealth was divided equally among all middle-class households, each would have roughly $480,000 in wealth.
What countries receive the most foreign aid from the US?
In fiscal year (FY) 2023 — the most recent fully-reported year — Ukraine received $16.6 billion, the most of any country. This amount reflects disbursements, a measure of foreign aid that captures when money is actually transferred out of US government accounts. Foreign aid is reported by more than 20 agencies within the federal government that fund foreign assistance activities.
How much foreign aid does the US provide?
About $79.5 billion in aid was promised for fiscal year (FY) 2023, the most recent fully-reported year. The United States gives foreign assistance to provide humanitarian aid and support peace, security, and economic development around the world. Investing in global security and stability serves US national security interests by creating strategic and economic connections with other countries.
Updates monthlyHow many people are laid off in the United States each month?
About 1.8 million in April 2025. This includes all terminations of employment by an employer — called layoffs and discharges — such as permanent layoffs, temporary layoffs, and terminations because of mergers, downsizing, closings, or employee performance.
Updates monthlyHow many job openings are there in the United States?
About 7.4 million, as of April 2025. The number of job openings decreased by 228,000 from April 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.
Updates monthlyHow much debt does the US have?
About $36.2 trillion as of May 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.
Updates monthlyHow 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.
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.
Feb 26, 2025What does the Department of the Treasury 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.
Updates annuallyWhat does the Office of Personnel Management 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.
Updates annuallyWhat does the Department of Transportation 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.
Updates annuallyHow 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.
Feb 21, 2025How 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.
Feb 12, 2025What 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. Who pays for tariffs? In a literal sense, companies that are importing goods from international trade partners pay the tariff fees to CBP at the port of entry within 10 days. When the US raises tariffs, US companies importing goods are responsible for paying those tariffs.But as an economic policy, tariffs have implications beyond the money exchanged at the border. According to the Bureau of Labor Statistics (BLS), this indirectly raises domestic prices on goods as supply-and-demand forces often push the burden onto consumers in the importing country.
Feb 4, 2025Which industries employ the most immigrant workers?
In 2023, close to a fifth of the workforce was foreign-born: out of the 160.2 million people in the US workforce, about 29.7 million were immigrants. That’s an increase from 2010, when immigrants made up 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 employed the most immigrants— 5.5 million, or 18.4% of all foreign-born employees in 2023. This is followed by professional and business services with 4.7 million (15.8%) and construction with 3.3 million (11.1%).
Jan 29, 2025Why 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.
Jan 28, 2025Is 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.
Jan 23, 2025Which 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.
Jan 22, 2025Which 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.
Jan 9, 2025How 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 estimates 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.
Jan 8, 2025How 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.
Dec 19, 2024How many people work for the federal government?
As of November 2024, the federal government employed just over 3 million people. The number of federal employees has topped 3 million since September 2024. The last time the government could claim that many employees was in September 1994. Federal employment numbers peaked at 3.4 million in 1990 and the most recent low was in 2014, with 2.7 million. Federal government employees work at departments or agencies housed under one of the three branches of government — executive, legislative, or judicial, though most federal agencies are under the federal executive branch. Across all US industries, it’s the 15th-largest workforce overall. 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 – agencies requiring people to staff them. Some agencies created during this period are still around, like the Social Security Administration and the Federal Deposit Insurance Corporation.
Dec 19, 2024How much money do Americans spend on holiday shopping?
If you can’t tell it’s the winter holiday season from the festive commercials, lights, and caroling, you can probably tell by your dwindling bank account balance. Americans spent an estimated $586.98 billion in the retail sector in December 2023, according to the Census Bureau’s Monthly Retail Trade Report. That’s about $1,750 per person, and a jump from the estimated $532.85 billion spent in November 2023. This is all slightly less than the December 2021 peak for retail and food sales: around $593.34 billion, 1.1% more than in 2023 (after accounting for inflation). Since 1992, people have spent more in December than any other month. November was the second-spendiest month for each year, except in 2008 and 2009.
Dec 4, 2024How 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 2023, that average was $15.30.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 2023, Americans spent $1.1 trillion on online retail, or a record 15.3% of the $7.2 trillion spent on retail overall. This is nearly a full percentage-point increase from 2022, when 14.4% of retail sales happened online.
Nov 26, 2024How 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.
Nov 22, 2024What role do small businesses play in the economy?
Small business development in the US declined in the four decades before the pandemic — but since 2020, this chunk of the private sector has been driving the bulk of job growth.What’s considered a small business?The Small Business Administration (SBA) generally defines any independent business with fewer than 500 employees as a “small business.”How many small businesses are there in the US?Small businesses are 99.9% of all businesses in the US. As of July 2024, there are 34.8 million small businesses compared to 19,688 large businesses.These small firms employ 59.0 million people, or 45.9% of all private-sector employees, and are responsible for 61.1% of overall job growth since 1995.
Nov 22, 2024What are the fastest-growing professions in America?
Renewable energy production will drive much of 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 2033.
Nov 8, 2024Are groceries more expensive than last year?
Grocery store food prices increased 1.3% from September 2023 to September 2024. That was less than the increase of 2.4% for commodities such as gasoline, utilities, consumer goods, apparel, medical services. It was also lower than the 2% FED inflation target, which is a long-term inflation target that aims to foster stable economic development.However, you may have deeply felt price changes depending on the meals you’re putting on your table.Which groceries cost more than a year ago?Out of nine grocery staples defined by the Bureau of Labor Statistics, the cost of a dozen eggs increased the most over last year, from $2.06 to $3.82, up 85.0%.Other grocery staples that cost more this year include beef, chicken, tomatoes, whole milk, and bread. Beef, chicken, tomatoes, and whole milk increased more than the 1.3% average for groceries. Beef prices increased the most (11.0%), then tomatoes (5.0%), chicken (4.1%), whole milk (1.4%), and bread (0.2%).
Nov 1, 2024How many people skip medical treatment due to healthcare costs?
In 2023, 27% of American adults skipped some form of medical treatment because they couldn’t afford it, according to the Federal Reserve. This is lower than the 32% who avoided care in 2013, when data collection began, but ties with 2015 and 2017 as the fourth-highest year on record.The probability of declining medical care seems to correlate with income: 42% of people with a family income under $25,000 skipped some medical treatment in 2023, compared to 12% of people with incomes over $100,000.
Oct 14, 2024Is 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.
Sep 24, 2024Who are the US’ top trade partners?
Combining imports and exports, the United States' top trade partner in 2023 was Mexico, with nearly $798 billion in goods and services exchanged between them.Following that were Canada ($773 billion) and China ($575 billion).These nations have been the US’s top three every annually at least 2009, accounting for 42% of all US trade in 2023.
Sep 4, 2024How long do people wait for subsidized housing in the United States?
Two years and one month, on average, in 2023. That’s a 42.1% increase since 2009, when recipients spent one year and six months on waiting lists before moving in to subsidized housing.
How do unemployment rates vary by state?
The national unemployment rate increased from 4.4% in June to 4.3% in July 2024 with an estimated 7.2 million people not working but looking for a job in July. This is up from when the national unemployment rate was 3.5% in July 2023.Which states have the highest unemployment rates?In July 2024, the highest unemployment rates were in Nevada (5.4%), and California, and Illinois (both 5.2%). Washington, DC, had an unemployment rate of 5.5%. Fourteen states had unemployment rates between 4.0% and 4.9%, while 20 had rates between 3.0% and 3.9%. The remaining 13 states had unemployment rates between 2.0% and 2.9%.The lowest unemployment rates were in North Dakota (2.2%), Vermont (2.1%), and South Dakota (2.0%).
Aug 30, 2024What is gross domestic product, or GDP?
Gross domestic product (GDP) is used to estimate the size of an economy. It is calculated as the value of all goods and services produced in that economy. In the second quarter of 2024, US GDP rose 3.0% to $28.65 trillion.How does GDP work?The amount something contributes to GDP equals the difference between the value of the materials used in its production and the value of the final product. In other words, GDP is the amount of value added in the production process.Imagine a simplified production process for a loaf of bread: Producing a loaf of bread requires the farmer who grows the wheat; the miller who turns it into flour, and the baker who transforms the flour bread. Counting the value of the wheat, flour, and bread separately overcounts the output of the activity, which is one loaf of bread. GDP calculations only measure the value of the final good or service and not the value of the intermediate steps to create a more accurate picture of what’s added to the economy.Why does the US government track GDP?The size of a nation’s GDP indicates its economic heft, and GDP growth or decline can be used as a measure of an economy’s health. GDP changes impact jobs, businesses, and investments. A growing GDP tends to indicate a productive economy, while a declining one is a common flag for economic recession. Measuring GDP across geographies and industries can be a useful tool for analyzing shifts in the economy, like the GDP growth in information technology during the rise of the internet in the 1990s.Tracking GDP movement allows policy makers, journalists, and researchers to understand how quickly the economy is growing or shrinking. It’s used by government entities for planning taxes and spending, hiring, investing, interest rates, and trade policy.When did the US begin measuring GDP?American economists first identified a need for national measures of economic health and production during the Great Depression. Economist Simon Kuznets of the National Bureau of Economic Research (NBER) led the team that developed the first versions of this calculation.In the US, GDP is calculated by the Bureau of Economic Analysis using data collected by both governmental and private sources, including the Census Bureau, Department of the Treasury, Federal Reserve, and Bureau of Labor Statistics, among others.What drives GDP growth?Four components contribute to GDP: Consumer spending on goods (products, like laptops and vegetables) and services (such as plumbers and hairdressers), business investments (like a farmer buying a tractor), government spending (on things like infrastructure or the military), and trade (net exports).The largest component is consumer spending on both goods and services (68% of GDP), followed by investments (18%) and government spending (18%). Recently, trade has negatively impacted the national GDP because the US has imported more than it’s exported; imports are larger than exports by a margin of -3% of GDP.
Aug 29, 2024What 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 items does the CPI track?The BLS selects items for the CPI based on detailed information from Americans about what they buy, gathered through tens of thousands of weekly diaries and interviews with BLS employees. The Bureau calculates home prices and rent costs through surveys of people living in houses, apartments, and shared spaces. The index also includes user fees, such as for water and sewer service, and sales and excise taxes for specific items, like the extra tax governments impose on tobacco and alcohol.Tracking the price of cheeseWhen a new item starts coming up in those diaries and interviews, a data collector working for the BLS goes into a store and picks one of the most popular varieties to enter into the CPI sample. For example, when selecting cheese, the data collector will pick the most often bought cheese in the most often purchased size — say, a 6-ounce package of cheddar. That cheddar will then be tracked at the same grocery store every month to see if its price goes up or down. BLS data collectors track the prices of about 80,000 items each month. Every item stays in the sample until it’s rotated out after four years.The price change for each product in the sample is then given a weight based on its importance and Americans’ spending habits. Given the careful selection of products and the weight each is given, the BLS then estimates price changes for all kinds of, say, cheese in all grocery stores across the country.The BLS also publishes different CPI indexes that look just at specific geographic areas, as well as individual indexes for specific item categories.How has the CPI changed over time?The CPI has risen in the post-World War II period, sometimes quickly, sometimes slowly. Some notable outliers include the deflationary period from July to December 2008 during the Great Recession and from February to May 2020 during the COVID-19 pandemic.CPI grew by historically high rates during the late 1970s and early 1980s before slowing in the late 1980s and up until the current decade. Late 2021 through early 2023 was a period of high inflation; the annual rate in 2022 was its highest since the early 1980s.
Aug 29, 2024What is inflation and how is it measured?
In economic discourse, economists, government, and media often refer to the concept of inflation — general price increases in an economy.Inflation measures a nation’s economic wellbeing, in part because it reflects consumer experience — rising inflation means an increase in cost of living.What causes inflation?Inflation is a byproduct of supply-and-demand economics. Prices rise when the demand for goods and services outpaces the production of those goods and services, or when raw materials used in production and other “input goods” are in limited supply.As a result, the amount a dollar can buy is reduced over time. For example, imagine an item that cost $1.50 in 1920. After accounting for inflation, that same item would cost $9.80 in 1990 and $22.85 in 2023.How is inflation measured?There are many ways of measuring inflation, but one of the most common measures is the Consumer Price Index for Urban Consumers (CPI-U), which is produced by the Bureau of Labor Statistics. The CPI-U shows changes in the prices paid by urban consumers for a “representative basket of goods and services,” or the most common goods and services purchased on an average month based on detailed surveys of what Americans spend their money on. The urban consumer group represents about 93% of the US population.There are eight major purchase categories covered in the CPI-U:Food and beveragesHousingApparelTransportationMedical careRecreationEducation and communicationOtherNot all categories are considered equally when generating the overall measure of inflation — each category is assigned a “relative importance” based on its proportion of all expenditures. In the most recent CPI calculations, housing was weighted the most heavily.The overall CPI, also known as “headline” CPI, includes all items in more than 200 categories. Since food and energy categories are typically much more volatile than the other parts of the CPI, some choose to focus on a metric called the “core” CPI which excludes these two categories.
Aug 29, 2024What do Americans think of the economy?
The share of American adults that feel that the economy is in good shape is increasing, though still lower than before the COVID-19 pandemic.In 2023, 42% of American adults felt that their local economy was in good or excellent shape, up from 38% in 2022. The share of Americans assessing the state of the national economy as good or excellent rose from 18% in 2022 to 22% in 2023.The Federal Reserve produces an annual report on the economic well-being of US households, allowing for comparisons over time.How have Americans’ feelings about the economy changed?In 2019, 50% of adults felt that the national economy was in either good or excellent shape, while 63% thought the same of their local economy. In 2020, those sentiments dropped to 26% on the national level and 43% locally.Both figures hit low points in 2022 before ticking up in 2023.
Aug 28, 2024What do Americans think of their neighborhoods?
Three out of four Americans like where they live.According to survey data from the Federal Reserve, 76% of American adults were somewhat or very satisfied with their neighborhood in 2023.
Aug 27, 2024How many immigrants are in the American workforce?
Immigrants make up over 19% of the US workforce as of June 2024 — over 32 million out of a total of 169 million — and participate in the labor force at a higher rate than native-born workers, according to data from the Bureau of Labor Statistics (BLS).“Foreign-born workers” are people who “reside in the United States but who were not US citizens at birth. Specifically, they were born outside the United States (or one of its outlying areas such as Puerto Rico or Guam), and neither parent was a US citizen.” The BLS’s definition includes both legal and undocumented immigrants.How many immigrants are currently working in the US?There were 30.9 million foreign-born people employed in the US in June 2024. The total foreign-born labor force is 32.2 million people, including those who are employed and unemployed.That month, Foreign-born workers were 19% of the active labor force and 18% of the total possible labor force.
Aug 12, 2024Who owns American wealth?
In 2023, 97.5% of all net worth —totaling $139.4 trillion — was owned by the 50% of Americans with above-average net worth. The remaining 167 million Americans owned about 2.6% — or $3.6 trillion.
Aug 7, 2024How much does it cost to own a car?
In 2023, the annual cost of owning a car was approximately $12,182 for 15,000 miles of driving. This total encompasses both fixed costs such as insurance, registration, taxes, depreciation, and finance charges, and variable costs such as fuel, maintenance, and tires.What are the costs of owning a car?Owning and operating a car involves both fixed and variable costs. Fixed costs, also known as ownership costs, do not change based on how much you drive and include insurance, license, registration, taxes, depreciation, and finance charges. Variable costs, also known as operating costs, involve the physical aspects of vehicle operation and include gasoline, maintenance, and tires.
Aug 2, 2024Why are car insurance rates increasing?
Motor vehicle insurance covering damage, liability, and other risks is required for all drivers, across the US, with a few exceptions.Costs for this driver necessity been climbing since 2020, in part due to inflation driving up repair and part costs; between June 2023 and 2024, the price of personal motor vehicle insurance rose 19.5%.Additionally, motor vehicle insurers may be raising the cost of insurance due to rising repair costs and lower returns from insurers’ bonds.How much have insurance rates gone up?Insurance costs are rising faster than general inflation. The May 2024 Consumer Price Index data indicated that the motor vehicle insurance index — the change in insurance cost over time — was approximately 2.7 times higher than the nationwide inflation rate.What is the motor vehicle insurance index? This index tracks the changes in the cost of motor vehicle insurance over time. It considers the costs of physical damage, liability, and miscellaneous insurance coverage for private passenger vehicles.What is the US inflation rate index? This is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services — including the relative costs of a home, food, gas, and other commonly purchased items. The Federal Reserve aims to keep inflation around 2% to balance employment rates and price stability.
Aug 2, 2024What kinds of jobs do young people have?
More and more people from the ages of 16 to 24 are working, jumping into roles in fast food prep, waiting tables, and retail.Youth employment dropped from 2002 to 2012, but rose after that. People from Gen Z ages 16 to 19 began participating in the workforce at higher rates than teens in years prior, causing the youth employment rate to rise from 2012 to 2022.What kinds of jobs are common for young people?In July 2023, 54.8% of employed young people ages 16 to 24 worked in hospitality, retail, or education and health services industries.About a quarter of people in this age range had jobs in leisure and hospitality, the highest percentage of young people of any industry. This includes jobs like amusement park attendants, musicians and singers, fitness trainers, food preparation and servers, cooks in sit-down and fast-food restaurants, hotel and resort clerks, and waiters/waitresses.Another 17.6% of teens and young adults worked in in jobs including cashiers, customer service representatives, retail supervisors and managers, retail salespeople, and store clerks and order fillers.Education and health services employed 12.5% of young people, the third most of all industries. Jobs in education includes K-12 teachers, teacher’s assistants, and others. Jobs in health services include: home health aides, licensed practical and vocational nurses, and medical and health services managers.
Aug 2, 2024Tracking 2024 election contributions and spending
Between January 2023 and April 2024, US political campaigns collected around $8.6 billion for the 2024 House, Senate, and presidential elections. Over 65% of that money, about $5.6 billion, came from political action committees (PACs).Individual candidates have drawn over $2.0 billion, while party committees raised just over $929.9 million: $188.6 million for the Democratic National Committee, $130.1 million for the Republican National Committee, with the remainder coming from party committees at the local, state, and national level.So far, the 2024 campaigns have spent approximately $3.9 billion of total funds raised.
Aug 2, 2024How 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.
Aug 1, 2024What 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.
Aug 1, 2024Which countries own the most US debt?
The US government owes trillions of dollars in debt to foreign entities, including governments, central banks, companies, and individual investors.This debt includes US Treasury bonds and other securities, which are popular as they are considered safe investments.Many nations buy US Treasury securities (also called “Treasurys”) because they are considered one of the safest investment options available.How much US debt do foreign countries own?As of April 2024, foreign countries own approximately $7.9 trillion in Treasurys — or 22.9% of total US debt. Over the past two decades, central banks and other government entities have owned more than 50% of foreign-owned debt. Independent investors and companies held the rest.
Aug 1, 2024How has the federal budget changed over time?
US spending has fluctuated as the government managed the budgetary implications of the COVID-19 pandemic.In 2020, spending rose 45% (after adjusting for inflation) — the largest single-year increase since at least 1980. It dropped 21% from 2021 to 2023, but 2023 spending was still higher than before the pandemic.
Aug 1, 2024What is this year’s Social Security cost of living increase?
Social security benefits typically increase year-over-year to keep up with the cost of living. The 2024 Social Security cost-of-living adjustment (COLA) will be 3.2%, according to the Social Security Administration (SSA).How has the cost of living adjustments changed over time?The SSA’s Cost-of-Living Adjustments were relatively high from 1975 to 1982, and again in 2021 and 2022. Between 1975 and 2023 (the period for which the SSA has COLA data) there were only three years that had no adjustment: 2009, 2010, and 2015. The highest-ever adjustment was in 1980, at 14.3%.
Aug 1, 2024The national budget deficit was $1.7 trillion in fiscal year 2023
In fiscal year 2023, the federal government spent $6.13 trillion and raised $4.44 trillion, resulting in a $1.70 trillion deficit. The deficit grew by $320 billion from fiscal year 2022.What is a budget deficit?A budget deficit occurs when government spending exceeds revenue within a given fiscal year. In simpler terms, it’s when the government spends more than it collects in taxes and other revenue sources.
Aug 1, 2024How much money does the government collect per person?
The US collected $5.03 trillion in federal revenues in 2022, up $630 billion from the previous year, after adjusting for inflation.That equates to $15,098 collected per person, up 14% from 2021. Most revenues came from individual income tax, at $7,898 per person on average, and payroll taxes, at $4,510 per person on average.Using data from the State of the Union in Numbers, this chart visualizes how revenues have grown over the past two years.
Aug 1, 2024How many teens are in the labor force?
At the end of every school year, many teens begin their search for, or start, their summer job. And in 2023, just over one in every three teenagers aged 16 to 19 was in the labor force.Typically, teen labor force participation has the most seasonal variation than that of other age groups. While this still holds true, there has been less variation in teen rates in recent years.
Aug 1, 2024What types of work visas and green cards does the US issue?
People immigrating to the US for work have two visa options: work-related temporary visas that are time-bound, and employment-based immigrant visas (typically called “green cards,” which can also be issued for non-work related reasons) that offer permanent residence in the United States.The government permits immigration for multiple reasons: to reunite families, provide safety for refugees, and expand labor pools for seasonal work, among others. In 2022, most authorized immigrants — 42% — 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.How does the US admit immigrant workers?Visas are permits that citizens of foreign countries must obtain before entering the United States. While Congress holds the power to regulate immigration, the actual application process is managed by two different bodies, depending on the type of visa: the US Citizenship and Immigration Services agency (USCIS), part of the Department of Homeland Security, deals with green cards, and the Department of State manages temporary visas.
Aug 1, 2024Who is unbanked in the US?
About 6% of American adults are “unbanked,” meaning they don’t have a checking, savings, or money market account. This percentage stayed level in 2022 and 2023, according to data from the Federal Reserve.The Fed notes that accessing banking services can be important for a person’s financial well-being. The Federal Deposit Insurance Corporation (FDIC) encourages banking on the basis of financial safety, protection from scams and fraud, and convenience.Who is unbanked?According to the Fed, unbanked rates are higher among lower-income adults. Nearly a quarter of people with an income below $25,000 were unbanked (23%), compared to 8% of people with an income between $25,000 and $49,999, 2% of people with an income between $50,000 and $99,999, and 1% of people with an income over $100,000.
Jul 23, 2024Who is using cryptocurrency?
Seven percent of US adults used cryptocurrency in 2023, either as an investment tool or for making financial transactions, according to data from the Federal Reserve.What is cryptocurrency?Cryptocurrency is a type of digital asset used for electronic transactions. Instead of operating through a centralized bank or backed by a government, cryptocurrency is operated independently. Transactions are publicly logged on a ledger called a "blockchain," making information about cryptocurrency trading available to all currency holders. Because all the transactions are thus communally verifiable, blockchains are uniquely tamper-resistant.How does cryptocurrency get its value?The values of cryptocurrencies depend on many factors, including supply and demand. There are a limited number of existing “blocks” — a digital collection of transaction data — on a blockchain, and generating new blocks involves a complex process called “mining.” Mining cryptocurrencies involves using software to solve computational problems in exchange for units of the cryptocurrency. As with stocks, the value of a block fluctuates as people invest in or sell their cryptocurrencies.What types of cryptocurrencies are there?There are many different cryptocurrencies, and their popularity varies. Examples include:BitcoinDashEthereumIotaLitecoinMoneroNeoPetroRipple
Jul 12, 2024Which industries are most at risk for layoffs?
From January to March 2024, there were 4.9 million layoffs across all industries, which is lower than per-quarter average of 5.8 million from 2001–2023.Most of the 2024 layoffs — 1.2 million — were in the professional and business services sector, or concerned jobs in business operations like accounting, legal, architectural, engineering, and consulting services.People with construction jobs faced the highest layoff risk, with a median of 2.3% of the workforce laid off monthly.
Jul 11, 2024Are credit reporting complaints on the rise?
People are increasingly dissatisfied with credit reporting services — consumer complaints about credit reporting, credit repair services, and other consumer reports have increased, nearly doubling between 2021 and 2022.The number of credit reporting complaints rose by another 73% from 2022 to 2023 and has continued to rise into 2024, according to the Consumer Financial Protection Bureau (CFPB).What are credit reporting services?“Credit reporting” is the process by which companies compile and maintain people’s credit histories, or the record of a borrower’s repayment of debts. Credit reporting services use this information to determine credit scores, which can impact a person’s ability to take out a loan or rent an apartment, for instance.How many credit reporting complaints are made?The CFPB Consumer Complaints Database has tracked a rise in complaints filed against credit reporting agencies and other consumer reports over the past several years. The most common reasons for a complaint are incorrect information on a report, improper use of reports, and problems with investigations.In 2017, the first year for which consumer credit complaints data is available, people made an average of 8,100 complaints per month. By the first five months of 2024, an average month had over 145,000 complaints roll in. That’s nearly 18 times the 2017 rate.
Jul 9, 2024The 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.
Oct 16, 2020What 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.
May 4, 2023How 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.
Mar 7, 2024How 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%).
Jan 25, 2024What 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.
Jul 10, 2023'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?
May 10, 2023Which 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.)
Mar 28, 2023What 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.
Jul 10, 2023Food 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.
May 23, 2020What 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.
Jan 7, 2022What does the Department of Labor 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.
Updates annuallyWhat does the United States Mint 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.
Updates annuallyHow does beer production impact the American economy?
The United States is home to thousands of breweries that produce hundreds of millions of barrels of beer each year.Between 2008 and 2021, the total number of American breweries grew each year (even as the amount of beer produced annually in the US has declined since 2012).In 2022, those breweries contributed over $2.7 billion in federal tax revenue, according to the Alcohol and Tobacco Tax and Trade Bureau (TTB). That revenue is more than double the federal taxes on domestic and imported wine ($1.1 billion).The vast majority of American breweries are small businesses — in 2021, 98% of them employed fewer than 100 people. The Bureau of Labor Statistics reports that American breweries employed 94,107 people in 2021, a 238% increase since 2001, and the Census Bureau estimated annual brewery payroll at $3.4 billion in 2020.
Nov 15, 2023What is the economic impact of recycling in the United States?
The Environmental Protection Agency’s (EPA) most recent Recycling Economic Information Report calls recycling “a critical part” of the US economy, responsible for 681,000 American jobs. The report estimates that recycling-related jobs provide $37.8 billion in annual employee wages and that the recycling industry contributes $5.5 billion in annual tax revenue. The Bureau of Labor Statistics also tracks several different occupations in recycling, including drivers, sorters, mechanics, facility and route managers, and sales representatives.
Dec 26, 2023725,000 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.
May 22, 2023States lag in distributing rental assistance while millions are behind on rent
Congress sent $25 billion to state and local governments in emergency rental assistance but less than 13% of the money made it into the hands of renters as of the end of June, according to data from the Treasury Department.While the Emergency Rental Assistance fund passed at the end of 2020 and money from the program went to local governments early this year, some local governments are struggling to get the funds where they’re needed. The latest data shows just over $3 billion distributed so far. Congress approved an additional $20 billion for the program in March. Data on this second round of funds is not yet available.Meanwhile, about 15% of US households could not pay rent in July, according to the US Census Household Pulse Survey. A higher proportion of Black, Hispanic, and Asian renters are unable to pay for rent; some of this population is eight or more months behind. The eviction moratorium, set by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, protects certain tenants from being evicted. It has been extended until October 3 in areas of high transmission of COVID-19
Aug 26, 2021How much is spent on personal healthcare in the US?
Between private insurance, Medicare, Medicaid, and personal out-of-pocket costs, America spent $3.7 trillion on personal healthcare in 2022, according to the Centers for Medicare and Medicaid Services (CMS). Personal healthcare expenditures come from various sources including private insurance, Medicare, Medicaid, and personal out-of-pocket costs.The Centers for Disease Control and Prevention (CDC) defines personal healthcare as the goods and services relating directly to patient care, such as prescription drugs and hospital care. Expenditures are calculated by adding the total national health expenditures and then subtracting the cost of investment (in research and equipment, for example), health insurance administration, and public health.
Mar 7, 2024As union membership declines, how common are labor strikes in the US?
The United Auto Workers (UAW) in the University of California sent 48,000 workers to the picket lines in November 2022. Post-docs, graduate researchers, and academic student employees across University of California colleges stopped working to advocate for higher wages to keep up with the increasing cost of living in California.This was one of the largest strikes in recent history. The last work stoppage that involved this scale of employees was the teacher strikes during the Red for Ed movement in North Carolina in 2019. And while there has been a recent uptick in teacher strikes, the number of overall strikes in the US has declinedThere have been an average 16 large-scale work stoppages annually over the past decade. In the 1970s, the annual average was 289.What is the current state of labor unions in the United States?The decline in work stoppages comes as the number and proportion of union workers has fallen since the 1980s. In 1983, there were 17.7 million such workers, about 20% of employees. There were 14.3 million such workers in 2022, representing 10% of employees.
May 2, 2023Did releasing oil from the Strategic Petroleum Reserve impact gas prices?
Beginning in November 2021, President Joe Biden’s administration has used the Strategic Petroleum Reserve (SPR) to combat rising gas prices. In March of 2022, the administration announced a new release of 180 million barrels of oil into the supply chain, the most in the reserve’s history. As a result, the total amount of oil in the SPR decreased by more than 20% between November 2021 and July 2022.A report released by the Treasury Department indicates that the effort did initially impact gas prices.While the SPR’s main function is to protect the country from oil shortages, past sales of crude oil from the reserve were used to generate revenue for the federal government. These types of sales have increased since 2017.
Apr 6, 2023State tax revenue was down 4.4% in the first nine months of 2020
Like many businesses in the COVID-19 pandemic, states took a significant hit to incomes in 2020. In the second quarter of 2020 — or April through June — state tax collections dropped 29% compared to the same quarter in 2019. One reason for this is that many states, along with the federal government, shifted their income tax filing deadlines from spring to summer of 2020 — or from the second to third quarter — in response to the pandemic. But not all second quarter losses were due to the income tax delay: states also experienced declines in revenue from sources like sales and gas taxes as a result of social distancing and lockdowns.Data from the third quarter — July through September — shows state tax collections rebounded compared to the second quarter, in part because some states collected that delayed income tax revenue. But during the first three quarters of 2020 combined, total state tax revenue was still down 4.4% compared to the same period in 2019.
Mar 19, 2021Who are the nation’s nurses?
Almost four million nurses work in the US healthcare system, equal to one in every 85 Americans. Nurses work in doctor’s offices, hospitals, nursing homes, long-term care facilities, and more. There are more nurses than in any other occupation within the healthcare industry.On top of the usual demands of the profession, the COVID-19 pandemic added unique pressure to America’s nurses. The critical needs of the healthcare system during the pandemic meant nursing employment rose while other occupations lost jobs over that time.
May 11, 2022What does the Bureau of Labor Statistics 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.
Updates annuallyWhat does the Office of the US Trade Representative 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.
Updates annuallyWhat does the Equal Employment Opportunity Commission 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.
Updates annuallyHow 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.
Updates annually