Economy articles
These reports cover the financial forces that affect daily American life. Discover how exports and imports impact US taxes, debt, and more.
US 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 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 7.2 million, as of March 2025. The number of job openings decreased by 901,000 from March 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, 2024How 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.
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.
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, 2024Who pays the most income tax?
The federal government generated $4.47 trillion in revenue in fiscal year 2023, nearly half of which came from taxing people on their incomes. Individual income taxes in FY 2023 totaled $2.18 trillion, or $6,499 per person.
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, 2023What 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 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.
Sep 23, 2020'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, 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, 2022How 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, 2023What 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 annually725,000 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, 2023How 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 annuallyState 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 National Labor Relations Board 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.
Updates annuallyAmericans are struggling to afford enough food
One out of every eight American adults is struggling to afford enough food.According to October 2023 data from the Census Bureau’s Household Pulse Survey, nearly 28 million adults nationwide — 12.5% of the adult population — were living in homes where there was either sometimes or often not enough to eat in the last week. This is the highest that figure has reached since the first year of the COVID-19 pandemic.The survey indicated that 3.0% of American adults “often” did not have enough to eat in the last week and 9.5% “sometimes” did not have enough food that October. Another 33.8% reported having enough food, but not always the kinds they wanted, while 53.7% could afford and access the kinds of food they wanted at all times.
Feb 5, 2024How has wealth distribution in the US changed over time?
The highest-earning 20% of Americans have seen their share of wealth grow over the past three decades, while those who earn less saw their share decline, according to data from the Federal Reserve.What is wealth?Wealth is the value of one’s assets owned minus the debts they owe. As a result, wealth can be negative.Assets include cash in a savings or checking account, stocks and mutual fund shares, equity in a home or other real estate, vehicles, and retirement accounts such as an IRA or 401K, among other assets. Debts include credit card bills, hospital bills, bank loans, student loans, or an outstanding mortgage balance.Whose wealth has grown the most?The top 20% of Americans by income have seen their share of wealth increase the most between 1990 and 2022. In the final quarter of 2022, this group held 71% of the nation’s wealth – up from 61% in 1990.The highest-earning 1% of Americans drove this growth: at the end of 2022, their share of the country’s wealth grew to 26% from 17% in 1990 — nine percentage points. Across those 32 years, the rest of the top quintile saw their share of wealth grow to 45% from 44% — a one percentage point gain.
Nov 14, 2023Where are home prices rising and falling in the US?
US home prices rose the most in Maine and Connecticut and fell the most in Nevada and Utah between the second quarters of 2022 and 2023. Camden, New Jersey, was the US city with the biggest increase in housing prices during this period, while San Francisco-San Mateo-Redwood City was the metropolitan area with the biggest decrease.Overall, prices for single-family homes rose by 3.0% between the second quarters of 2022 and 2023 and 1.7% between the first and second quarters of 2023, according to the Federal Housing Finance Agency (FHFA).What is the median home price in the US?As of October 2023, the median listing price for homes for sale in the US was about $424,000 — about $14,000 less than the median listing price in October 2022, after adjusting for inflation. While the nationwide median ticked up until the second quarter of 2023, the median listing price has fallen in each month from July to October 2023.
Nov 28, 2023Are Americans moving on from dairy?
Milk production in the US has increased 96% since 1975, reaching an all-time high of 226.6 billion pounds — 26.4 billion gallons — in 2023. How much is that? It would take 10 hours for all of it to flow over Niagara Falls. In addition to fluid milk, the US uses milk to produce cheese, ice cream, butter, yogurt, dry milk products, whey products, and condensed milk.Despite the production increase, dairy consumption is dropping: Americans today drink 47% less milk than in 1975.
Feb 22, 2024What is the impact of injuries and illnesses on American workers?
Americans employed in private industry suffered more than 2.8 million non-fatal workplace injuries and illnesses in 2022, according to the Bureau of Labor Statistics (BLS). Both injuries (2.3 million, up 4.5%) and illnesses (460,700, up 26.1%) increased from 2021 to 2022. In 2022, the most common causes of workplace injury or illness were overexertion and bodily reaction, contact with objects and equipment, falls, slips, and trips, as well as exposure to harmful substances or environments.How did the pandemic affect workplace injuries and illnesses?The COVID-19 pandemic in 2020 led to increased workplace illnesses — particularly respiratory sickness. In 2019, private employers reported 126,800 incidents of workplace illnesses to BLS, about 10% of which were respiratory. In 2020, workplace illnesses spiked to 544,600, over 428,700 of which (78.7% of illnesses) were respiratory. After declining slightly in 2021, respiratory illness cases increased to 365,000 (79.2% of illnesses) in 2022, an annual increase of 35.4%.In 2021 and 2022 combined, BLS reports that COVID was the underlying cause of 560,750 total cases of days spent away from work. Grocery store employees, for example, had respiratory illness rates increase from 66.8 to 190.4 per 10,000 full-time employees.
Jan 3, 2024The Producer Price Index: What it is and why it matters
Inflation has been on Americans’ minds in recent years as rates have reached 40-year highs. 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.
Mar 7, 2024Homeownership is rebounding, particularly among younger adults
The overall American homeownership rate — the proportion of households living in homes they own — grew from a recent low of 63.4% in 2016 to 65.8% in 2022, according to data from the US Census Bureau. The homeownership rate grew more for people under 35 than any other age group, up from 34.5% to 39.0%.What is the recent history of homeownership in the US?As a host of factors from low-interest rates to predatory lending practices drove an increase in homeownership in the mid-1990s, national homeownership rates rose through the turn of the millennium until the 2004 foreclosure crisis and the ensuing recession. After reaching a high of 69.0% in 2004, the national homeownership rate fell for 12 straight years to 63.4% in 2016, its lowest point since 1966.In 2017, the rate began to trend upward, increasing by 2.4 percentage points by 2022. That year’s rate of 65.8% is higher than it was in any year from 1960 to 1997.
Jan 29, 2024How much do actors and writers make?
In May 2023, the Writers Guild of America launched a strike due to persistent labor disputes in the motion picture industry, which was subsequently followed by a strike by the SAG-AFTRA actors’ union in July 2023.But how have labor conditions changed for actors and writers, and how do union members in the film industry benefit compared to nonunion workers?How much are actors and writers paid?As of May 2022, actors in the US film industry received a median hourly wage of $16.70, while writers and authors received more than triple that at $62.38 median hourly pay.Actors have seen their median wages fall by 56% since 2013 after adjusting for inflation. Wages dropped for other entertainers and performers as well, though not as steeply, with median wages dropping by 7%.
Aug 14, 2023596,000 people moved to Texas from other US states in 2020. Which states did they come from?
From 2020 to 2021, Texas had the largest population growth of any state. Much of that increase came from people moving to Texas from other states. Around 596,000 Americans from other states moved to Texas during 2020. With 421,000 Texans also leaving the state, Texas gained a net 177,000 residents through domestic migration.Which states had the most residents move to Texas?In 2020, around 105,000 Californians moved to Texas, more than double the next-highest state. Florida had the second-highest number of residents move to Texas (37,000) and Louisiana was third (31,000).
May 15, 2023What's behind the decline in US banks?
Most commercial banks that have operated in the US over the past century are gone. Compared to an all-time high of 30,456 banks in 1921, total US banks fell to 4,135 in 2022, down 86%.After the Banking Act of 1933 created the Federal Deposit Insurance Corporation (FDIC), the number of banks remained between 13,000 and 15,000 for 50 years. It wasn't until the 1980s when the number of banks started falling year-over-year.Over the last four decades, the number of FDIC-insured commercial banks has fallen by more than 70%.
May 18, 2023Retailers add staff for the holidays but cut more jobs in the new year
Holiday shopping is key to the bottom line for many retailers with sales across most retail categories rising in November and December.And to handle the crowds of shoppers searching for the perfect gift, retail stores hire seasonal employees, starting in October. But when the holidays end, so does the need for all those extra workers, driving retail employment down.From 2010 to 2021, the total number of jobs lost in January and February were greater than the number of employees hired for the holiday according to an analysis of Bureau of Labor Statistics (BLS) data. This means job cuts impact non-seasonal hires as well.
Dec 17, 2021What do the CARES Act and its $1,200 relief checks mean for individuals?
Of the $2 trillion distributed in the Coronavirus Aid, Relief, and Economic Security (CARES Act), approximately $300 billion is dedicated to providing direct cash relief to Americans.As USAFacts described in detail in a recent piece, a significant part of the legislation is a program to provide $1,200 tax rebates to qualifying individuals, with an additional $500 payments per qualifying child. The rebate begins to diminish at income levels above $75,000 (or $150,000 for joint filers). Families in the middle class, or the middle 20% of income earners ($33,000 to $66,000 in income), can expect to gain about $1,958 from the relief checks.
Dec 23, 2020How many people are in apprenticeships in the US?
An apprenticeship is a training program that organizations use to recruit and train (or retrain) people for long-term employment. There were 593,690 active registered apprentices and 241,849 new apprentices in the US in 2021, the latest available Labor Department data.The department’s Office of Apprenticeships provides registered apprenticeships for workers seeking higher-skilled, higher-paying jobs. These are paid roles that combine supervised on-the-job training with job-related education. It also helps program sponsors for registered apprenticeships in private industry and education to create and implement programs across a range of sectors including healthcare, cybersecurity, information technology, transportation, financial services, advanced manufacturing, hospitality, telecommunications, construction, and energy.How have apprenticeships changed over time?There were 22% more active apprentices in 2021 than the previous 10-year average. The number of new apprentices increased by 82.1% between 2008 and 2021.“Active” apprentices are people currently enrolled in an ongoing registered apprenticeship, while “new” apprentices are people just entering the national apprenticeship system.
Feb 2, 2024How do American households save for retirement?
Half of American households have no retirement savings. The Federal Reserve Board’s Survey of Consumer Finances offers insights into household savings, income, and balance sheets. Data from the survey reveals that retirement savings vary depending on age, employment, race, and educational attainment. Retirement savings for self-employed AmericansWhile households working for an employer had a median of $5,800 in retirement accounts (including IRA, Keogh, or pensions), self-employed households had $4,700 less with a median of $1,100.However, self-employed households had more money in other accounts, where they also may be storing savings for retirement. They had more than twice as much in their checking and savings accounts ($13,461 versus $5,010) and financial assets ($61,000 versus $24,455), and over four times the net worth ($379,743 versus $90,200) compared to households working for an employer.
Jul 10, 2023How many moms are in the labor force?
In 2021, there were 24.2 million mothers in the US labor force with children younger than 18. Working moms had a labor force participation rate — the percentage of a population that is working or looking for work — of 71.7%, compared to working dads' 92.5%. How has mothers’ workforce participation changed over time?In 1975, less than half (47.4%) of all women with children under 18 years old were in the labor force, according to the Department of Labor. That number reached a high of 72.9% in 2000 and has hovered just below that in the years since.Labor force participation rates have particularly changed for mothers of young children. They’ve nearly doubled for women with children under 3, from 34.3% in 1975 to 64.2% in 2021. Mothers with children under 6 were the least likely of all women to work in 1975. In 2022, their labor force participation rate was more than 10 points higher than for women overall.
Dec 29, 2023The Federal Reserve Explained
The Federal Reserve, the central bank of the US, increased its total assets from $4.17 trillion in January 2020 to $8.33 trillion as of August 2021, in an effort to stabilize the economy since the COVID-19 pandemic.This is the second time in history that the Federal Reserve took extraordinary steps to stabilize the financial markets and stave off economic disaster. The first time was during the Great Recession. The Fed now owns $6 trillion more in assets than it did during the peak of its response to the 2008 recession.This powerful independent agency plays a vital role in the US economy, in both good times and bad. Understanding the way it works is essential to understanding its policy decisions.What is the Fed?The Federal Reserve (more commonly called, the Fed) is the central bank for the US. The Fed is an independent body and is not tied to an administration or partisan agenda. The system has three key entities: The Board of Governors, the Federal Reserve Banks, and the Federal Open Market Committee (FOMC).The Fed oversees five key functions. These five key functions laid out by the Fed are “...to conduct the nation’s monetary policy, promote the stability of the financial system, promote the soundness of financial institutions, facilitating US dollar transactions, and promoting consumer protection.”The president appoints the Board of Governors, pending Congressional confirmation. The Board of Governors is tasked with supervising the five functions, overseeing 12 Federal Reserve banks, and creating financial regulations.The 12 Federal Reserve banks are divided by geographic regions with economic similarities. Each collects data on their region and tailors interest rates and other policy decisions to meet the needs of their respective areas. The 12 banks supervise state member banks, lending to institutions, providing financial services, and examining financial institutions to enforce compliance with policies and regulations,” according to the Fed’s guidelines.The most recognized of the Fed’s functions is the job of the Federal Open Market Committee. The committee impacts the entire US economy through its Congressionally mandated goals of maximizing employment and achieving price stability.How does the FOMC achieve its dual mandate?The Fed uses monetary policy to achieve both maximum employment and stable prices. Monetary policy affects short-term interest rates, which in turn affect long-term interest rates, stock prices, the value of the dollar, and other assets. By changing monetary policy, the Fed can affect spending, investment, production, employment, and inflation.For example, when the Fed lowers loan interest rates, it anticipates people will be more likely to spend on long-lasting manufactured goods, like a car or washing machine. Increased demand for goods boosts employment across many industries. As a result, the Fed expects employment and wages to increase.The FOMC’s main monetary policy tool is setting a target for the federal funds rate. This is the benchmark interest rate that banks charge each other when lending their money held at the Federal Reserve. The current target for the federal funds rate is near zero. The market sets the individual rates for each transaction, but it uses the federal funds rate as a starting point. When the Fed increases this rate, it makes it more expensive for banks to borrow from each other. Banks then pass on the costs to consumers by increasing their interest rates. When it is more expensive to get a loan, fewer loans are taken out, taking money out of the economy. If the Fed decreases the rate, the opposite happens. It becomes cheaper to lend money. When loans are cheaper, more loans go out and more money goes into the economy.The Fed also sets goals for employment and inflation in order to reach its dual mandate. The Fed’s long-term goal for inflation is 2% annual growth. There isn’t a specific numeric target the Fed tries to match for maximum employment. Instead, it creates policy to address problems affecting the labor market.In economic emergencies, the FOMC has used another monetary policy tool: the buying and selling of assets backed by the Treasury Department. The assets are owned by US banks, like bonds or other securities. When the Fed buys assets, it adds money to the economy by freeing up banks to make more loans to people or businesses. This is called quantitative easing. When the economy recovers and inflation rises, the FOMC can then sell those assets, reducing money in the economy. The expectation is this will reduce inflation.The Fed used quantitative easing during the 2008 recession and again in 2020. The scale of the Fed’s efforts to combat the economic costs of the COVID-19 pandemic can be seen in the value of its total assets.
Mar 16, 2022How much does it cost to raise a child?
The average cost of raising a child in the US from birth through age 17 increased by 16% since 1960. In 1960 (when this data was first collected), middle-income, married couples spent an average total of $259,711 on a child through age 17, adjusted for inflation to 2023 dollars. By 2015 — the latest data available on child-rearing costs — these estimated expenditures had increased to $300,322.How much does having a child cost?The cost of childbirth has steadily increased over the last two decades. In 2020 — the most recent data available — hospitals charged patients an average of $27,938 for pregnancy and childbirth procedures, adjusted for inflation. That is nearly two and a half times the average charges in 2000 ($11,218), according to data from the Agency for Healthcare Research and Quality.While this is what a hospital charges for the stay, how much families pay depends on their insurance, among other factors.
May 10, 2024How much wine does the United States produce?
Winemakers in the United States produced slightly more than 752 million gallons of wine in 2022, the lowest total in a decade, according to the Alcohol and Tobacco Tax and Trade Bureau (TTB). Domestic wine production peaked at 889,585,529 million gallons in 2017 before declining by approximately 10 percent between 2019 and 2020. It has yet to rebound, primarily due to damage from wildfires in Western states that are home to the majority of American wine producers.What state produces the most wine?California has been the traditional home of US wine production, and its vineyards still produce most American wine — 599,557,535 million gallons in 2022, or 79.7% of the national total. Most barrels still come from California, but its share of the total output has slightly declined over the past decade: the state produced 86.3% of all domestic wine in 2012, the earliest year of available data.
Nov 10, 2023How have oil prices changed in the US?
The spot price for a barrel of oil more than doubled between 2020 and 2022, from an average of $44.28 to $94.90. By October 2023, the price per barrel had gone down to $88.03.Several factors have influenced fluctuations in oil prices in recent years, and its price could foreshadow the direction of the broader economy.
Nov 9, 2023How many new business applications were filed in 2020?
New business applications reached a 15-year high in 2020, according to data from the Census Bureau. Online retailers made up almost a quarter of all new business applications in 2020, nearly tripling in amount. But only 30% of new retailers were considered likely to succeed and create jobs. Other industries such as food service and health care had the highest rates of potential success at 99%.
Dec 8, 2021Which US cities have the most competitive housing markets?
These three metro areas have some of the most competitive housing markets in the country, with both low supply and high demand: San Jose-Sunnyvale-Santa Clara, California; Manchester-Nashua, New Hampshire; and Rochester, New York.The Omaha-Council Bluffs market in Nebraska and Iowa is the most supply-constrained housing market in the country, with an average of 0.75 active listings per 1,000 households in the first quarter of 2023. This is 84% lower than the nationwide average of 4.59.How is a competitive housing market determined?Traditionally, a competitive housing market is measured through the balance of housing supply and demand. This article focuses on two metrics: days on the market and active listings.When a lot of people are on the market trying to buy a home, houses tend to be bought quickly. When a city has a low median number of days on the market for available homes, it indicates high demand for the available houses. The nationwide average was around 65 days for the first three months of 2023. Supply constraints also make a housing market more competitive. Cities with a low number of houses available have more competitive housing markets. Some cities have less than one available home for every 1,000 households. Nationwide in the first quarter of 2023, there were 4.59 homes on the market per 1,000 households.Which cities have the lowest supply of housing for sale?The Omaha, Nebraska metro area has the lowest housing supply, at 0.75 available homes for sale per 1,000 households. in the area have resulted in a decrease in housing inventory over the past few decades.The next five most supply-constrained metro areas for housing include three college towns: Cape Girardeau on the border of Missouri and Illinois; South Bend-Mishawaka bordering Indiana and Michigan; Ithaca, New York; — San Jose-Sunnyvale-Santa Clara, California; and St. Louis. These metro areas all have less than 1.25 homes on sale per month for every 1,000 households.Across the US, housing supply trends also emerge.
Jun 1, 2023How many nonprofits are there in the US?
Nonprofit organizations play a significant role in the US economy. In 2022, there were 1.97 million nonprofits operating in the US, including 1.48 million 501(c)(3) tax-exempt organizations, according to the IRS.The nonprofit sector accounted for 10.2% of all private-sector workers in 2017, the most recent year data is available from the Bureau of Labor Statistics. Most nonprofit jobs — 66.7% — are in healthcare and social assistance, followed by 16.2% in educational services.What is a nonprofit?Nonprofits are organizations that are exempt from paying federal income taxes because they don’t pass profits along to shareholders or individuals, according to the IRS. The most common types of nonprofits in the US are “501(c)(3)” organizations, a reference to the section of the Internal Revenue Code that grants tax-exempt status to charitable organizations, churches and religious organizations, and private foundations.Charitable organizationsThe IRS defines charitable organizations as those that dedicate their work and assets to charitable, religious, educational, scientific, and other causes that benefit the public. Most charitable organizations must apply for tax-exempt status from the IRS and file annual reports on their income and expenses. This group includes large and small charities, private schools and colleges, museums, arts organizations, research institutes, amateur sports leagues, and more. Donors to these organizations can claim charitable deductions on their tax bills.Churches and religious organizationsChurches and religious organizations of all religions and denominations also get tax-exempt status under section 501(c)(3), according to the IRS. They don’t have to apply for recognition by the IRS (the agency automatically grants tax-exempt status to organizations in this category), nor must they file annual reports to maintain their status. Still, many do follow these procedures to provide assurance that the organization’s activities are tax-exempt and donations are tax-deductible.Private foundationsPrivate foundations are charitable entities primarily funded by a small number of donors, according to the IRS. Those donors can include individuals, families, small groups of individuals, or corporations. Donors typically contribute large sums of money as an endowment, and investment income is distributed as grants to other nonprofits and individuals for charitable purposes. Foundations are subject to more rules and regulations than charitable organizations and must pay taxes on investment income.Also, 501(c)(3) organizations cannot direct earnings to private shareholders or individuals. They’re also not allowed to engage in political activity, including influencing legislation or supporting candidates for federal, state, or local office.What are other types of tax-exempt organizations?Seventy-five percent of all tax-exempt organizations in the US are 501(c)(3) nonprofits . The Internal Revenue Code includes more than 20 other categories of tax-exempt organizations under section 501(c).Additionally, political organizations — including political parties, political committees, political action committees (PACs), and so-called super PACs — are tax-exempt. These political groups are often called “527s” because they receive tax-exempt status under Section 527 of the Internal Revenue Code, rather than Section 501. These were the most common types of tax-exempt organizations in fiscal year 2022:
Nov 16, 2023How much revenue do states make from marijuana taxes?
Marijuana is the most commonly used federally illegal drug in the United States, with 48.2 million people, or about 18% of Americans, using it at least once in 2019. In states where the drug is legalized, however, cannabis taxes constitute a substantial source of funding for programs ranging from healthcare initiatives to law enforcement.How do states tax retail cannabis sales? The federal government recognizes cannabis as a Schedule 1 substance, meaning it’s considered highly addictive and therefore illegal at the federal level. Despite this, 23 states and Washington, DC, have fully legalized the drug, with an additional 21 states either fully or partially legalizing medical marijuana.Due to the lack of federal recognition over the legality of cannabis, state laws and regulations vary, meaning there’s no single model for revenue collection from medical or recreational dispensaries.As a result, tallying the total revenues generated from cannabis taxes nationwide isn’t currently feasible. However, several states keep consistent records on their taxation of both recreational and medical marijuana, which illustrate how they tax the drug and distribute the revenues.
Sep 19, 2023How did the child tax credit change over time?
The child tax credit is a tax break for families based on their income level and the number of dependent children they have. The American Rescue Plan Act of 2021 temporarily changed the child tax credit to make it more accessible for lower income families and increased the refund amount. That credit expansion expired at the end of December 2022.How does the child tax credit impact the middle class?Initially, the child tax credit provided the biggest benefits to upper- and middle-class families. Congress enacted the child tax credit in 1998 as a $500 per child non-refundable credit (meaning the credit could only decrease the amount of federal taxes a parent owed the IRS). Families eligible for more credit than they owed in federal taxes did not receive the remaining money.The credit grew to $1,000 per child in 2001. It also became partially refundable, giving parents access to a portion of the credit left over after paying federal taxes. The refund was equal to 15% of earned income over a certain amount up to the total tax credit available or the maximum refund value, whichever comes first.Before the 2017 Tax Cuts and Jobs Act (TCJA), the income refund threshold was $3,000 and the highest permitted refund was $1,000. The TCJA reduced the income threshold to $2,500 and the refund cap increased to $1,400. It also indexed the refund cap to inflation, meaning it would grow along with inflation over time.The TCJA also increased the credit per child from $1,000 to $2,000, though it eliminated the personal exemption, a separate tax program that reduced a family’s taxable income per household member. (The TCJA allowed an additional $500 credit per dependent 17 and older. The changes made under the TCJA are set to expire in 2025.)The credit per child gradually decreases for higher-income families. The TCJA increased the phase-out threshold from $75,000 to $200,000 for single parents and $110,000 to $400,000 for married couples.The American Rescue Plan child tax credit expansion expired at the end of December 2022. The credit is back to pre-pandemic levels: $2,000 for kids 17 and younger.Who benefited most from the child tax credit before the American Rescue Plan?The value American families received fluctuated by income and the number of qualifying children. People in lower income brackets owed less in federal taxes, meaning they had less opportunity to use the credit and received a smaller share of the leftover credit based on the refund formula. Meanwhile, the phase-out threshold for higher incomes ensured the wealthiest Americans received less credit per child.The result was a program primarily benefiting middle and upper middle-class families. These families received the largest child tax credits on average in 2019. Married couples in the top 20% to 40% tax bracket received an average payment of $3,951.The refund formula meant that the bottom 20% of the income earners received the least from the child tax credit. For single parents in this lowest bracket, the average child tax credit was $75. For married couples, that increased to $760. The bottom quintile of income earners had the lowest percentage of families that claimed the child tax credit at 3%.
Mar 21, 2023How does Gross Domestic Product differ by state?
The real US gross domestic product (GDP) — the value of all goods and services produced in the US, adjusted for inflation to make GDP comparable over time — increased by 1.9% in 2022. In today’s dollars (also known as nominal GDP), the national GDP surpassed $25 trillion for the first time in history.The real GDP, $21.82 trillion in 2022, has increased by 5.5% since 2019 ($20.69 trillion). But 2022 had a slower annual growth rate than 2021, when the US recorded its highest annual GDP growth rate in 37 years — an increase of 5.8%, from $20.23 trillion in 2020 to $21.41 trillion in 2021.
Dec 5, 2023Where do people pay the most and least in property taxes?
If you enjoy checking out books from the library, have a child that goes to public school, or feel confident relying on your local fire department or sewer system (among many other services), you are using services that are often partially funded by property taxes.Property taxes are levied on real property, such as homes, commercial buildings, and land, as well as personal property, which can include cars, bank accounts, and stocks and bonds. All states and Washington, DC, collect property taxes.The amount of property tax a person owes, or the property tax rate, depends on the property’s value. And in the US, property tax rates also vary by state, county, and municipality.Using data from the Census Bureau and the Bureau of Economic Analysis, USAFacts examined Americans’ property tax burdens — the proportion of their personal income paid in state and local property taxes. (See the full report on US tax burdens here.)
Jun 21, 2023What does the Small Business Administration 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.
Updates annuallyHow have flood insurance premiums changed?
The National Flood Insurance Program (NFIP) is more than $20 billion in debt as of 2022. This is partly due to the increase in the number of flooding events in the US in recent years. But another factor is the need for changes in how flood insurance premiums are calculated for homeowners in the program.Past attempts to fix the issue in Congress were delayed or scrapped due to outcry from homeowners facing sharp increases in their insurance premiums after government subsidies were eliminated. In 2012, legislation opened the way for more fundamental changes.Beginning last October, the Federal Emergency Management Agency (FEMA) launched Risk Rating 2.0, a new pricing methodology aimed at making public flood insurance more equitable and transparent. This marks the biggest transition in public flood insurance since the beginning of the NFIP in 1968.According to projected premium changes, 23% of policyholders should see their rates decrease under Risk Rating 2.0, while 77% will see their premiums rise. Policyholders in high-risk areas, such as those along the Gulf Coast, will see a majority of the premium increases.As of 2018, more than a quarter of NFIP policyholders are low-income households. The goal of Risk Rating 2.0 is to redistribute the cost of flood insurance more equitably across all policyholders by adjusting for individual risk factors and income levels. Ultimately, FEMA aims to increase total flood insurance coverage through the changes, but a potential rise in private flood insurance could complicate these efforts.
Oct 24, 2022How will the Inflation Reduction Act change the IRS?
The Inflation Reduction Act, which recently passed the House and the Senate, puts $80 billion toward expanding the Internal Revenue Service (IRS). More than half of the funds will go toward expanding the enforcement division that conducts audits on individual and corporate tax returns. Currently, corporations making over $20 billion are audited the least of any size company but make up the largest share of additional tax revenue from audits.The IRS's budgey has remained about the same since the 1990s, despite processing more returns every year. The $80 billion expansion is nearly six times the size of the IRS’s current annual operating budget and expires in 2031.
Aug 17, 2022The state and local tax deduction cap: explained
When filing taxes, Americans can claim a standard deduction or itemize certain expenses to lessen their taxable income. The standard deduction is a fixed amount that differs depending on whether someone is filing as an individual or as a married couple. The Tax Cuts and Jobs Act of 2017 nearly doubled the standard deduction until the end of 2025.The act also capped the amount of state and local taxes that filers could use in itemized deductions at $10,000. The 117th Congress is currently debating whether this state and local tax deduction cap should be repealed or increased. Here’s how Americans are using this deduction.What is the State and Local Tax (SALT) deduction?This limit on state and local tax is often abbreviated to the SALT deduction cap and was temporarily set at $10,000 for single and married filers and $5,000 for married couples filing separately. Income taxes, sales taxes, personal property taxes, and certain real property taxes are eligible for the SALT deduction.
Oct 28, 2021Who is Gen Z? Key insights in 4 charts
Gen Z is the generation born in the 15-year span from 1997 to 2012. In 2024, they will turn between 12 and 27 years old. This is the newest generation to gain influence in the world, from joining the workforce to being old enough to vote. The oldest Gen Zers may have already voted in 2020 and possibly the 2016 elections. What does the data tell us about Gen Z?How does the racial makeup of Gen Z compare to previous generations?Gen Z is the most racially diverse generation in the US, aside from younger Gen Alpha. They are the last generation in which the majority identifies as non-Hispanic white (51%).A quarter of Gen Z (25%) identify as Hispanic, which is four percentage points more than millennials, and 3.9% identify as non-Hispanic multiracial, which is 1.7 percentage points more than millennials.Between 0.7–0.8% of baby boomers, Gen X, millennials, Gen Z, and Gen Alpha identify as American Indian and Alaska Native alone. The percentage of Gen Z who identify as non-Hispanic Black or African American is the same as Gen Alpha and millennials at 14%. The percentage of Gen Z who identify as Asian (6%) is the same as Gen Alpha and lower than millennials and Gen X (7%).
Apr 10, 2024How many energy jobs are there in the US?
The energy sector is a critical part of the US economy, offering employment opportunities across industries.In 2022, 8.12 million people had energy-related jobs, a substantial contribution to the national employment landscape — roughly 5% of all jobs in 2022, and exceeded the number of people employed by federal and all state governments combined.This figure includes people in a spectrum of roles across electric power generation, transmission, distribution, storage, fuels, energy efficiency, and motor vehicles. As of 2022, the energy sector has recovered 71% of the jobs lost in 2020’s pandemic-driven economic downturn.Approximately 38% of these positions, or 3.1 million, are classified as clean energy jobs by the Department of Energy (DOE). These jobs focus on energy conservation, alternative energy development, pollution reduction, or recycling.Energy jobs occupy an increasingly important role in the nation’s energy transition, as the US works toward net-zero greenhouse gas emissions by 2050.Which states have the most energy jobs?Texas leads the nation in energy jobs, employing over 936,000 individuals in the energy sector, roughly five out of every 100 working-age people. Oil and natural gas production alone employed more than 280,000 people.California comes next at over 911,000 energy jobs, with just shy of four out of every 100 people working in the energy sector. Driven by its renewable energy commitment, California leads all states in energy efficiency jobs – which focus on reducing energy use and costs, and enhancing sustainability – with nearly 80% more of these jobs than any other state.Michigan, Indiana, and Ohio have high job numbers in car manufacturing and maintenance, employing over 600,000 people and accounting for almost a quarter of all car-related energy jobs in the country.
Apr 12, 2024How much money do lawyers make?
In May 2022, the median annual wage for lawyers was $135,740. The 10th percentile of top-earning lawyers makes an annual wage of $66,470, while those in the 90th percentile earn $239,200 or more per year. Average starting salaries for lawyers depend on various factors, such as city and state, industry sector, and level of experience.
Feb 29, 2024How is the middle class changing?
The middle class is one of the most talked about groups in the US. Politicians across the political spectrum bring up the middle class often when discussing potential legislation or when trying to persuade voters. But even aside from the claims made on the campaign trail, the American middle class has changed in some key ways since 2000.Since then, the middle class is older, and less likely to be married. Those in the middle class are working less and earning less money. And government programs are playing a larger role in the economic well being of those in the middle 20% of the US.
Oct 20, 2022How strong are regional and community banks in the US?
With the collapse of Silicon Valley, Signature, and First Republic banks in recent months, Americans are concerned about an impending systemic failure across the nation’s small-to-medium-sized banks.Community and regional banks serve an essential function in the banking industry, connecting local and interstate communities with financial institutions tailored to their specific needs.However, these institutions' market share in the banking sector has declined over the past several years as large banks have grown to unprecedented sizes.This change affects where Americans deposit their money and receive loans and could have far-reaching repercussions for the banking industry’s strength.What are community and regional banks?The Federal Reserve defines community banks as those with less than $10 billion in assets and regional banks with total assets between $10 billion and $100 billion. Any bank with combined assets of $100 billion or more is considered a large financial institution.Community banks serve specific communities, such as a town or county, and tend to be tailored toward the needs of local customers. They are mostly privately owned and serve a vital role in the US financial system at the local level. The ensure that the public can manage their savings, start their businesses, or purchase a home, among other services, where larger financial institutions might not operate. Regional banks serve a similar role to a larger geographic region, such as a state or multiple states. They have a more comprehensive range of services, more specialized departments, and may be publicly traded.How many regional and community banks are there in the US?As of December 2022, there are 4,001 community banks with 27,511 branches and 134 regional banks with 13,109 branches across the US.There are 31 banks categorized as large financial institutions, with 30,570 branches nationwide.While regional banks have grown by about 50% over the last two decades, the number of community banks declined by nearly half over the same period.
May 19, 2023How much money do doctors make in the US?
According to the Bureau of Labor Statistics (BLS), approximately 816,900 Americans were working as physicians or surgeons as of May 2022. In 2022, the median annual wage for physicians and surgeons was $229,300, according to the BLS. This was nearly five times more than America's general median wage, which was $46,310.These jobs require extensive education and training and are some of the most demanding positions in the workforce — they can be stressful and require long shifts or overtime.The work is intense, but the professions are growing. The BLS estimates 24,200 new physician and surgeon jobs will open each year over the next decade as population growth, an aging population, increasing rates of chronic illnesses, and retirement create added demand for doctors. But the investment in training and time has a solid return; while salaries do vary by location and specialty, physicians are some of the most well-compensated healthcare practitioners, and the highest-earning Americans in general.How does doctor pay compare to that of other medical professions?There’s a difference between what physicians and surgeons can expect to earn and the average wage for non-physician healthcare practitioners, which includes dentists, therapists, and nurses. This larger group of occupations earns a median annual wage of $106,230, less than half that of physicians and surgeons.
Oct 16, 2023The 2022 Georgia, Arizona, Pennsylvania, and Florida Senate campaigns raised over $500 million. Where did that money come from?
The 2022 midterm elections were the most expensive midterms in history. As of December 2022, Senate candidates alone reported raising $1.69 billion collectively. For comparison, Senate candidates raised $1.3 billion for the 2018 midterms and $870 million for the 2014 midterms, adjusted to 2022 dollars.Four races were the most expensive this election cycle: Senate seats in Georgia, Pennsylvania, Florida, and Arizona. Herschel Walker and Raphael Warnock, the two Georgia Senate Candidates, reported raising $234 million collectively as of mid-November 2022. In Pennsylvania, John Fetterman and Mehmet Oz raised $129 million, the second-highest combined figure among Senate races. Together, the eight candidates raised $589 million, 35% of all Senate fundraising. While some additional fundraising from the Georgia runoff election is yet to be reported, this figure accounts for all the fundraising through the November election.Data from the Federal Election Commission (FEC) shows that in these four races, the Democratic candidate consistently raised more money than the Republican candidate, with the widest gap in the Arizona race. Additionally, most of the money raised in all four races came from outside the state, meaning the primary donors to candidate committees would not be personally represented by the senators they donated to.What are candidate committees?To run for office, candidates set up candidate committees that can raise and spend money on behalf of their campaigns. These committees raise money directly from individuals, party committees such as the Democratic National Committee, or political action committees (PACs). However, the FEC enforces donation limits. Individuals can’t contribute more than $2,900 to a candidate committee per election, while party committees and PACs can’t contribute more than $5,000.Candidate committees do not account for all the money used to influence elections. Super PACs are not affiliated with specific candidates but are allowed to buy advertisements or fund efforts to elect candidates they support. Additionally, Super PACs do not face contribution limits, so individual donors can contribute hundreds of millions to them. In 2022, PACs raised nearly triple the $3.2 billion candidate committees raised.Nonetheless, the candidate committees are the most direct funding campaigns can draw upon. Candidates spend money on advertising, fundraising campaigns, salaries and administrative tools, and other expenses.How much did these four Senate races cost?Georgia Senator Raphael Warnock raised more money than any other candidate in the 2022 midterms, raising $176 million by December 2022. Mark Kelly, the incumbent Arizona Senator, and Val Demings, the Florida Senate challenger, raised the next most.Democratic Senate candidates raised more money than Republican Senate candidates in 2022. The top five Senate fundraisers were all Democrats. Herschel Walker, challenging Warnock for the Georgia Senate seat, raised the sixth most out of all Senate candidates at $58.6 million.
Mar 28, 2023What impacts the price of oil?
An analysis by the Treasury Department estimated that the price of gasoline was between 13 and 31 cents per gallon lower in spring and summer 2022 than it would have been otherwise, following President Joe Biden’s decision to release 180 million barrels of crude oil into the market from the nation’s emergency reserves.That decision was an attempt to make up for higher energy costs resulting from the Russia-Ukraine war.This is one example of the back-and-forth that occurs in attempts to balance the cost of a barrel of oil in the market: events often that impact pricing, and policy responses aim to stabilize it.Beyond war and releasing oil from emergency reserves, there are numerous other factors that can influence the cost of oil.
Nov 9, 2023What is the debt ceiling and why does it matter?
The debt limit, or debt ceiling, is a restriction on how much the federal government can borrow to pay its bills and allocate funds for future investments. When Congress appropriates or directs government money to be spent, the government is obligated to pay those funds, creating a bill it must pay.This bill, also known as the national debt, is the amount of money the federal government has already borrowed to cover outstanding expenses in past fiscal years. The national debt is composed of debt held by the public in the form of government securities and intragovernmental debt, debt which one part of the federal government owes to another.The debt ceiling is currently set at $31.46 trillion.
May 2, 2023What is the gig economy?
A broad definition of the gig economy might include all freelance and contract workers — anyone taking a job for a finite amount of time. However, recent usage of the term “gig economy” has tended to focus on workers who find work through — and are paid by — technology platforms. The Bureau of Labor Statistics (BLS) calls this “electronically mediated work” and recently published the first government study of this group of workers, providing new insight into the gig economy.How many gig economy workers are there in the United States?According to the Bureau of Labor Statistics, there are 1.6 million gig economy workers in the US, defined as workers paid through tech platforms like Uber or TaskRabbit. These workers account for 1% of the US workforce.In 2015, the Government Accountability Office estimated that people in non-traditional work arrangements could account for as much as 1/3 of the workforce.
Dec 12, 2019What percentage of Americans own stock?
More Americans than ever are invested in the stock market. Data from the Federal Reserve shows that 53% of all US families owned publicly traded stock in some form in 2019. That is up from 32% in 1989. The median stock value held among households in the market was $40,000.The past year has brought ups and downs to the stock market — from the initial fallout of the pandemic to the recent rise of GameStop shares. But who did that affect? How has stock ownership changed, and who owns most of the stock market now?The average stock owner is most likely to be invested through mutual funds and retirement plans.There are different ways to acquire stock. People who buy stock on their own become direct owners. But people can invest in other ways, including actively managed mutual funds or passive versions like index funds, as well as through retirement plans that put their money in the stock market. Those avenues result in indirect ownership. Fifteen percent of US families directly owned stock in 2019 and most families who owned stock did so indirectly.
Sep 9, 2021What are US Treasury securities?
US Treasury securities, also known as Treasurys, are investments that typically come with low risk and guaranteed returns. When someone invests in US Treasury securities, they are in effect lending money to the federal government. In turn, the government pays them interest on their loan.There are two types of US Treasury securities:Treasury marketable securities. These are investments a person may give to someone else or sell before it matures. Treasury marketable securities include Treasury bills, Treasury notes, Treasury bonds, Treasury inflation-protected securities (TIPS), and Floating rate notes (FRN)Treasury non-marketable securities. These investments are registered to an individual’s Social Security number, and as such, cannot be given to another person or sold before maturity. These are also known as US Savings Bonds, and there are currently two types of these Treasury securities available: EE Bonds and I Bonds.How do Treasury securities work?When someone purchases US Treasury securities, they lend money to the government for a fixed period. In exchange for using their money, the government pays periodic interest to the investor. At the end of the agreed-upon term for the Treasury security, the government returns the full principal amount originally invested.Interest earned from Treasury bills, notes, and bonds are exempt from state and local income taxes. However, interest earned from Treasury securities is subject to federal income taxes.Read more about US government debt, the role of the Treasury Department, and get data delivered to your inbox weekly by signing up for our newsletter.
Mar 12, 2024What’s in the $900 billion coronavirus relief package?
On December 21, Congress voted to approve a $900 billion coronavirus relief package, right before the holiday recess. It came as the nation continued to report near-record numbers of new coronavirus cases each day and recent job numbers showed stalled economic recovery throughout much of the US.President Donald Trump signed the bill into law on December 27.
Jan 4, 2021How many Black-owned businesses are there in the US?
The Annual Business Survey (ABS) recorded 161,031 Black-owned businesses in the US as of 2021. These businesses employed over 1.4 million people and generated about $206.1 billion in revenue (adjusting for inflation to 2023 dollars).The ABS identified 5.9 million businesses whose ownership could be classified by race. These businesses generated over $19.5 trillion, while Black-owned enterprises accounted for 2.8% of these businesses and 1.1% of their revenue — but those numbers have been rising steadily for the past few years.
Mar 11, 2024Is child labor increasing in the US?
An investigation by the United States Department of Labor’s Wage and Hour Division uncovered child labor violations across eight states, with over 100 employees — some as young as 13 years old — working 13-hour overnight shifts in meat processing facilities.But is child labor is on the rise in America? Cases of child labor violations have fallen since the early 2000s. But from 2015 to 2022, the number of minors employed in violation of child labor laws rose by 283%, according to data from the US Department of Labor’s Wage and Hour Division.
Jun 16, 2023Where do people pay the most and least in sales tax?
The last time you picked up groceries or bought new clothes, you probably had to pay a sales tax. General sales taxes, which apply to most goods and services, are one of the biggest sources of tax revenue for state and local governments. These sales taxes made up 32.2% of state and local government tax revenue in 2020.To understand how these and other taxes impact Americans, USAFacts examined tax burdens across the country, looking at the proportion of a person’s income that is paid in taxes. Tax burdens can be measured in two ways: as a percentage of personal income, which is calculated by dividing the per capita tax revenue by the per capita annual income for each state, and as the per-person tax revenue.(There are also selective sales taxes, which target specific items like alcohol, tobacco, and gasoline. Learn more about how much Americans spend on alcohol and tobacco taxes here.)
Jun 5, 2023What does the Department of Energy 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.
Updates annuallyWhat is the money supply, and how does it relate to inflation?
Inflation rose 9.1% from June 2021 to June 2022, the biggest increase in 40 years. To combat inflation’s rise, the Federal Reserve (also known as "The Fed") raised interest rates three times this year. Raising interest rates combats inflation in a few ways. One way is by reducing the money supply in the economy.But what is money supply? And how can it potentially lower inflation?What is the money supply?Broadly, the money supply is the total amount of money circulating through the economy. For example, cash, coins, and bank accounts are all part of the country’s money supply.The Federal Reserve defines it more specifically as a group of safe assets that households and businesses can use to make payments or to hold as short-term investments.Economists commonly use two measures for the money supply, known as M1 and M2. M1 includes very liquid assets, such as cash and checking deposits. M2 is more broad. It also includes savings deposits, money market securities, and other assets. The main distinction between M1 and M2 is how easy it is to access and use these assets. While M2 assets can easily be converted into cash, it takes a bit more effort than items included in M1.
Sep 29, 2022How many women graduate with STEM degrees?
The number of STEM degrees women received increased 66.3% since the 2008-2009 academic year, according to the latest data available from the US Department of Education. Still, women accounted for only 32.4% of all STEM degree recipients during the 2017-2018 school year.During the 2017-2018 academic year, women earned 237,874 science, technology, engineering and mathematics degrees at colleges and universities nationwide, up from 143,018 in the 2008-2009 year. Overall, the number of STEM degrees earned during that time increased 55.3%, 472,262 to 733,445.
Oct 28, 2020How a US-China trade war might impact individual states
The tariff battle between the United States and China is set to impact hundreds of billions of dollars in trade between the two countries. That impact will vary at the state level, as each state has a different trading relationship with China.In July 2019, President Trump called for 25-percent tariffs on $250 billion worth of Chinese goods after trade talks between the United States and China stalled. In response, China called for an increase in tariffs on $60 billion worth of American imports.In 2018, the United States had its largest trade imbalance ever with China. The United States imported $539.5 billion in goods from China, $419.2 billion more than the $120.3 billion it exported to China, according to figures from the U.S. Census BureauCalifornia had the biggest trade imbalance among states with China, taking in $144.8 billion more in imports than exports. In terms of proportion, Arkansas had the worst imbalance, importing more than 16 times more goods from China than were exported to China. (Washington, DC had a ratio of 82 times more Chinese imports than exports.)
Oct 5, 2023What are capital gains? How are they taxed?
Most Americans are taxed on the income they earn through work. Those taxes are based on how much someone earns, with higher tax rates charged to higher amounts of income.But taxes on investments aren’t handled the same way. The money someone makes from selling a house, a stock, or some other investment is called a capital gain. The tax rates for capital gains are different depending on how long the investment was owned, the amount of investment income received, and how much the taxpayer makes in annual income.Over the years, Congress has made several changes to how capital gains are taxed, from the tax rates themselves to what gets counted as a capital gain.What are capital gains?A capital gain or loss is the difference between the price paid for an asset and the price it was sold at. If you sell an asset for more than you paid for it, it becomes a capital gain. If the asset is sold for less than what was paid for it, then it is a capital loss. Assets can include homes, stocks, bonds, and other investments.A capital gain or loss is classified as short- or long-term. If someone sells an asset after owning it for a year or less, it is a short-term capital gain or loss. If the asset is sold after it’s been owned for more than a year, it is considered a long-term gain or loss.According to the Congressional Research Service, about two-thirds of individual capital gains subject to tax are from selling corporate stock; the remainder is from property sales.How are capital gains taxed?Capital gains are taxed depending on the net capital gain in a year. The Internal Revenue Service (IRS) defines net capital gain as the difference between a taxpayer’s total long-term capital gains and total short-term capital losses.
Aug 25, 2022The price of college is rising faster than wages for people with degrees
The average college student paid $24,623 for tuition, fees, and room and board for a year of school in 2019, according to data from the National Center for Education Statistics. That is an increase of 59% compared to 2000, when the inflation-adjusted price was $15,485. Wages have not kept pace. Between 2000 and 2020, the Bureau of Labor Statistics reports that inflation-adjusted median weekly earnings for people with a bachelor’s degree rose 5%.Tuition for the average student across all types of institutions has risen faster than tuition for students at four-year or two-year colleges, where prices have increased 53% and 42%, respectively. Part of the rise in attendance cost is a shift towards four-year colleges.
May 18, 2021What are the top US exports to China?
China and the United States have the two largest economies in the world by gross domestic product (GDP), according to 2021 Agriculture Department data. The two nations combined to make up over 42% of global GDP.Of the $2.1 trillion in global goods exports from the US in 2022, $154 billion — or 7.5% — was sent to China. Of that, $17.9 billion was from soybeans.What are the largest US goods exports overall?The nation’s top three global goods exports were fuel-related and comprised 16.9% of the overall merchandise value: non-crude oil, crude oil, and petroleum gases and other gaseous hydrocarbons. The next highest-value categories came from the transportation industry: over $94 billion in civilian aircrafts and aircraft parts and over $58 billion in cars and transport vehicles. The US also exported nearly $52 billion in electronic integrated circuits and microassembly parts used to manufacture electronic devices.
Dec 13, 2023Who spends more of their income on housing in the US?
Fifty-two percent of renters and 23% of homeowners were housing-burdened in 2022, according to the Census Bureau. Both figures are lower than they were in 2010 but higher than they were in 2019 and 2021.How much of one’s income should go toward housing?The Department of Housing and Urban Development considers those who pay more than 30% of their income on housing to be “housing-burdened.” The department recommends having at least 70% of income available for expenses beyond housing.
Nov 23, 2023What is the Securities and Exchange Commission and what does it do?
The Securities and Exchange Commission (or SEC) is the US government agency that oversees the trading of stocks and bonds and other investment products known as securities to maintain fair markets and prevent fraudulent dealing. The agency is responsible for identifying and investigating criminal activity in the securities industry.What is a security?The SEC governs the securities industry. Securities are tradeable financial assets used to raise capital. They include a variety of financial products, but the main categories are:StocksBondsMutual funds and exchange-traded fundsInsurance products like annuitiesWhat is an exchange?The markets where these trades happen are known as securities exchanges. National securities exchanges include major global organizations like the New York Stock Exchange and the Nasdaq Stock Market, as well as smaller exchanges like the Miami International Securities Exchange and the Chicago Board Options Exchange. These markets are all subject to federal securities laws, which have been established over time to regulate their activities.
Jan 17, 2024Where 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 Colombia, Brazil, and Switzerland.How much coffee do Americans drink?Americans consumed more than one cup of coffee per person daily from October 2022 to September 2023. That’s equivalent to about 164.2 billion six-ounce cups of coffee, or 450 million per day. But that collective 3.26 billion pounds of coffee was down from 3.53 billion the previous year.
Mar 14, 2024How much money do federal employees make?
Civilian federal government employees earn average salaries ranging from $15,278 to $269,735, depending on their occupation. The Office of Personnel Management (OPM), which collects data on federal employee salaries, primarily accounts for civilian federal employees in the executive branch.Which federal employees have the highest salaries?Medical officers have the highest average salaries at $269,735 per year, followed by securities compliance examiners ($210,689), dental officers ($202,333), administrative law judges ($192,546), and ship pilots ($183,500).Three of the 15 highest-paying jobs in the federal government are in the medical field, and three involve working on patents. The OPM categorizes 12 of the top-paying jobs as “white-collar” and three as “blue-collar.”
Nov 28, 2023What is the median household income in the US?
The real median household income in the US fell 2.3% between 2021 and 2022, in part due to fast-rising inflation, from $76,330 to $74,580. A household’s “real” income — also called “constant" income — is its income adjusted for inflation, to better indicate purchasing power.A household’s income is calculated by adding up the pretax annual income earned by anyone in a household aged 15 or older. To determine the national median income, the Census Bureau ranks all US households by income and splits that list exactly in half: the bottom half of households fall below the median income, and the other half are above.Median household income over timeReal median household income generally rises over time — from 1984 to 2013, it rose by about $9,000, before increasing sharply from 2014 ($64,900) to 2019 ($78,250).Incomes typically dip before and after economic recessions (indicated by the gray bars in the graphic below), though not always.
Nov 3, 2023How much student debt do Americans owe?
Forty-three million Americans — or about one in six adults — owe some form of federal student loans. Data from the Federal Reserve's Survey of Consumer Finance shows that as of 2019, the median US household owed $25,180 in loans.President Joe Biden announced a one-time student loan cancelation plan in fall 2022 that would forgive $10,000 in student debt for many Americans with government-held loans. The amount of relief doubles to $20,000 for those with Pell grants who qualify.So far, 26 million borrowers have applied for relief or have been approved for student loan forgiveness. But the student loan relief plan is on hold while the Supreme Court reviews legal challenges.The Department of Education paused all student loan repayment, interest, and collections in March 2020, and has renewed that pause several times over the pandemic. That pause ends June 30, 2023, unless the Supreme Court makes a final decision on debt forgiveness before then.Student debt by the numbersFamily and individual median student debt has more than tripled since 1989, according to 2019 data, but the median debt owed varies by household type. While median US household student debt was $25,180 in 2019, it was $34,340 for Black families.Black families’ student loan balances rose 96% between 2010 and 2019, compared to a 44% increase for all families.
Feb 17, 2023What the Personal Consumption Expenditures Index says about the US
When Americans consider rising and falling prices, they often focus on the national inflation rate. However, there are many ways to assess the costs of goods and services, including the Personal Consumption Expenditures Price Index (PCE).The PCE is a monthly assessment of the prices people in the United States pay for goods and services across a wide range of consumer expenses. Much like the Consumer Price Index (CPI), the PCE reflects changes and insights into consumer behavior.What are the differences between the CPI and the PCE?Both the CPI and PCE examine the state of consumer prices in the United States. They are released monthly and also offer a “core” version of the price index that excludes the most volatile categories: food and energy.One of the main differences between the two is who reports them. While the Bureau of Economic Analysis is responsible for the PCE, the Bureau of Labor Statistics releases the CPI based on the Consumer Expenditure Survey conducted by the Census Bureau. The PCE is based on multiple business-focused Census surveys, such as the Service Annual Survey and the Quarterly Services Survey.The PCE and CPI also use different mathematical formulas to analyze data.Insight into consumption and spending behaviorsThese methodological differences mean that the PCE measures the change in goods and services consumed by all households and the nonprofit institutions serving them. As a result, the PCE provides insights into items and expenditures that are outside the scope of the CPI.A good example is medical care services. The PCE includes services that are paid for on behalf of consumers through employer-provided health insurance and programs like Medicare and Medicaid. In comparison, the CPI only includes household out-of-pocket expenses.
Mar 7, 2024How do corporations avoid paying taxes?
In August 2022, President Joe Biden signed the Inflation Reduction Act into law. One of its provisions —a minimum 15% corporate tax — is designed to ensure corporations with $1 billion or more in average annual earnings pay taxes on profits even if they reduce their taxable income. The law took effect in 2023.A corporation’s taxable income is how much money a company makes in a year after subtracting any deductions.Income sources include:Sales revenueInvestment incomeRentCapital gainsDeductions can include:Any business expensesSalaries and wagesDepreciation valueAdvertising costsCharitable contributionsIn some cases, corporations find additional ways to reduce their taxable income. The methods include net operating losses, accelerated depreciation, tax credits, and profit shifting. The Inflation Reduction Act addresses these methods, but only partially.In 2016, the Government Accountability Office found that more than two-thirds of all active corporations had no federal income tax liability, including 42.3% of large corporations.Net operating lossesA corporation has a net operating loss when its business expenses and deductions are greater than its taxable income. Put simply, it’s when a company spends more than it makes. US tax law allows firms to carry over net operating losses from previous years to report lower taxable income for the current year.For example, if a corporation’s taxable income is -$3 million, not only would it not be liable for taxes in the current year, but a portion of that loss could also be carried over to the following year’s tax returns to reduce taxable income.Corporations are limited at carrying over 80% of their net operating losses. This is one of the main rules that allowed 19.5% of profitable businesses to pay no federal income tax in 2012.
Mar 7, 2024More than half a million US households live with plumbing poverty
Most Americans consider their access to running water a given.But according to American Community Survey (ACS) data from the Census Bureau, 522,752 US households lacked complete plumbing access in 2021. Of these households, 347,943 didn’t have a bath or a shower, 419,971 lacked hot or cold running water, and 246,884 had neither.This lack of access is sometimes known as plumbing poverty. The term is specifically defined to refer to a household that does not have hot and cold running water and/or lacks an indoor bathtub or shower.How has lack of plumbing changed over time?Plumbing poverty levels have fluctuated over the past two decades. Between 2019 and 2021, an additional 50,661 American households lacked a bath or shower. Plus, 53,705 more households didn’t have hot or cold running water, and 48,351 additional households lacked both.The last time plumbing poverty exceeded current levels was in 2011, when 499,903 households were without a bath or a shower, 536,397 households lacked hot or cold running water, and 398,435 households had neither.
Oct 19, 2023Teachers in the US face low pay relative to their level of education
Teachers in the US are paid less than the average full-time worker, are underpaid for their level of education, and have experienced real wage declines for the past decade.While real median earnings for full-time workers increased by 2.6% from 2010 to 2019, median earnings for teachers declined by 4.4% for high school teachers and 8.4% for elementary and middle school teachers.In 2018, teachers from over 300 school districts participated in a teacher strike movement called #RedforEd to call for higher wages. In 2022, teachers went on strikes for higher wages and better teaching conditions in many states, including in California, Minnesota, and Washington. Despite these advocacy movements, teachers continue to see comparably low wages across the country.How much are teachers paid?According to the National Center for Education Statistics, the average public teacher salary in 2021 was $65,090. This figure was lower than the 2021 average pay of all full-time, year-round workers, $75,203.
Mar 28, 2023Which jobs have the highest representation of Asian Americans?
Asian Americans’ contributions to the US workforce are as varied and diverse as the demographic group itself.Asian Americans make up a disproportionate share of high-paying occupations in computer science, math, engineering, health, and business. But they are also highly represented in lower-paying personal care and service work.The Asian Americans demographic is a complex group with people from a range of distinct nationalities and backgrounds. As a result, the occupations of Burmese or Vietnamese Americans, for example, tend to differ drastically from those of Chinese or Indian Americans.Asian Americans are highly represented in several high-paying occupations — but also lower-paying personal care services roles.Asians make up 6.6% of the US workforce. In computer and math occupations, though, they make up 23.3%, or a 16.7 percentage point overrepresentation, the highest of any field. This field includes software developers and computer systems analysts.Asian Americans are also more represented in relatively high-paying architecture, engineering, and life and social science occupations. They’re 36.4% of computer hardware engineers and 43.1% of medical scientists, where median weekly earnings are $2,277 and $1,544. respectively.At the same time, Asian Americans are a disproportionate share of personal care and services workers, including hairdressers, childcare workers, and nail stylists. Asian Americans make up 10.1% of employees in those roles and are 73.1% of manicurists and pedicurists specifically. The median weekly earnings for manicurists and pedicurists in 2022 was $677, 36% below the national average of $1,059.The demographic is least represented in the construction and extraction field, comprising 1.7% of the workforce. This is an underrepresentation of 4.9 percentage points.
May 1, 2023How much do workers in the US earn?
What is the median annual wage for Americans?In 2022, the median annual earnings for workers in the United States was $46,367, down nearly 7% from 2021 when adjusting for inflation. According to data from the Bureau of Labor Statistics — and as reported in USAFacts’ America in Facts 2023 — workers in Mississippi, Arkansas, and West Virginia earned annual median wages lower than $38,000, the lowest in the country.
Oct 11, 2023What is the “tampon tax”?
About a quarter of the US population are women in the 15 to 49 age group. And while not everyone in the group needs menstrual products, it’s an essential part of life for many.Menstrual products are an unavoidable cost for those who need them. So anything that makes menstrual products cost more can place an additional burden on those with lower incomes.Congress and some state governments took action to alleviate some of those costs in recent years.Starting in 2020, the federal government considers menstrual products as a qualified medical expense. And since 2016, twenty-three states exempted these products from state sales taxes, eliminating the so-called “tampon-tax." The “tampon tax” refers to sales tax applied to tampons, pads, and other menstrual products. Five other states have no sales tax at all, so the products are naturally exempt.
Oct 18, 2022Which states have the highest and lowest childcare costs?
The National Database of Childcare Prices (NDCP) reports that the median annual cost of care for a single child — depending on provider type, child age, and county — can require up to 19.3% of a family’s income. The Department of Health and Human Services sets the affordability benchmark for childcare at no more than 7% of a family’s annual income, meaning the average cost of childcare is unaffordable for many families.Recent NDCP analysis reveals which states have the highest costs for childcare for children of various ages and in different locations.Center-based care refers to childcare that is outside of the child's home, typically in a commercial building or attached to a place of worship.
Jan 10, 2024How dangerous is extreme heat for America’s workers?
July 2023 was the hottest July on record. The National Oceanic and Atmospheric Administration (NOAA) estimates that it was likely the warmest month ever recorded, with global ocean surface temperatures also hitting record highs.For workers, extreme weather-related heat can affect their performance — and even be deadly.Extreme heat refers to temperatures that are hotter and/or more humid than average. Ready.gov defines extreme heat as a period of “high heat and humidity with temperatures above 90 degrees for at least two to three days.”How many workers have been injured due to weather-related extreme heat?In 2020, the US Bureau of Labor Statistics (BLS) counted 1,940 private sector cases and 390 state and local government cases in which injuries or illnesses due to environmental heat exposure resulted in days away from work. On average, affected workers took two days off.Broken down by industry, the private industry supersector known as trade, transportation, and utilities recorded the highest number of heat-related injury cases, with 440 reports. This category includes truck drivers, bus drivers, railroad conductors, airline pilots, retail salespeople, stock clerks, electrical power-line installers and repairers, and meter readers.The construction supersector had the second-highest number of cases at 410. This sector consists of carpenters, construction laborers, operating engineers and other construction equipment operators, electricians, and plumbers, among others.In state and local government jobs, service workers reported the most injuries or illnesses due to heat, with 230 cases. This group of workers includes law enforcement, animal control workers, and parking enforcement officers.
Sep 15, 2023Poverty grew in 2020 as Americans lost income and health insurance.
Americans felt the impact of the COVID-19 pandemic in their pocketbooks last year, according to data recently released by the US Census Bureau.The poverty rate in the US increased in 2020 for the first time in six years, according to data recently released by the US Census Bureau. Median household income dropped and fewer Americans had health insurance in 2020.The Census data comes from the latest Current Population Survey, which is done in coordination with the Bureau of Labor Statistics. The survey was conducted between February and April of 2021, but respondents were asked about their 2020 situation.Median household income decreased 2.9%, dropping from $69,560 in 2019 to $67,521 in 2020. Regionally, median household incomes dropped by 3.2% in the Midwest and 2.3% in the South and West, according to the Census Bureau [annotation-d32b336d-739e-4c91-823f-5608b7403124].
Sep 29, 2021What is a yield curve?
Yield curves can illustrate a rate of return over time for any investment relationship, but the yield curve that is most often referenced in the news and in economic discourse is related to the government’s securities that investors can buy.Can the yield curve predict recessions?One of the reasons treasury bond return spread is one of the most-watched economic indicators is that the yield curve has a pattern of foreshadowing recessions. Economic expansion tends to happen during the yield curve’s upward climb, and inverted curves often appear before recessions. A downward-sloping curve, the inverted curve, has appeared before each recession over the last 50 years.But an inversion in the yield curve is not a guarantee of a recession. At one point in the mid-1960s, a downward-sloping curve appeared, but no recession followed. Although the yield curve did invert in 2019, the recession that occurred in 2020 was unique — it is unclear if any economic action to address that inversion would have been able to mitigate the subsequent impact of the COVID-19 pandemic.The Federal Reserve concludes that the predictive power of the yield curve can, at best, be attributed to reverse causality.What are Treasury securities?“Security” is an umbrella term for the three types of investments that can be made through the US Treasury: bills, notes, and bonds. The different names signal different lengths of investment terms: less than one year for bills, two–10 years for notes, and 20–30 years for bonds.Investors buy Treasury securities to loan money to the government because, after a set period of time — from one to 30 years — the investor will get a return, or yield, on their investment.This relationship is illustrated on a graph through a yield curve.The yield curve connects points on a graph that reflect the interest rates for Treasury securities, which can change based on the length of the investment. In what economists consider a “normal” scenario, a two-year investment would have a lower rate of return than a 10-year investment.The x-axis of a yield curve graph shows the maturity of the bond, that is, the length of time the investor is allowing the government to borrow money. The y-axis of the graph shows yield, the interest rate expressed as a percentage.The rates of return, connected by a line over time and plotted on a graph, create the yield curve.
Oct 10, 2023What are sanctions and how are they enforced?
After Russia’s February 2022 invasion of Ukraine, the US sanctioned several dozen people, companies, organizations and luxury yachts from Russia. Among those targeted was Russian President Vladimir Putin.Sanctions are a foreign policy tool used by the US and others to influence the behavior of other countries as an alternative to military action. The Treasury Department listed 37 sanction programs as of March 2022, including one against Cuba dating back to 1962.While sanctions are often mentioned in news reports, it can be challenging to understand what it means for a country to be sanctioned and how sanctions work in practice.What are sanctions?Sanctions refer to federal government actions restricting economic activity between the US and foreign entities, including people and other nations. These restrictions, including blocking off assets and trade, are made for reasons other than business, such as foreign policy or national security. This makes sanctions distinct from trade tariffs directed at specific countries or regions.Sanctions are usually issued as a program of restrictions. The programs stem from executive orders, legislation or other government actions to address specific issues or behaviors.For example, since 1979, the US has had an ongoing sanction program against Iran. That program began after the Iran hostage crisis that same year. It has since evolved to encourage Iran to abandon its pursuit of a nuclear weapon program.Who (or what) is currently sanctioned by the US?Sanctions vary in scope and targets. Most of the sanctions programs listed by the Treasury Department refer specifically to nations or regions of the world, including Cuba, North Korea and Iran. Other sanction programs are issue-specific, such as cybersecurity, election security and terrorism.One of the more recent sanction programs in the news is the US actions against Russia.In 2014, President Barack Obama issued an executive order declaring a national emergency in response to Russia’s invasion and annexation of Ukraine’s Crimea region. Along with subsequent executive orders, it created a sanctions program that targeted Russia’s financial, energy and defense sectors while prohibiting trade with Crimea. The sanctions program remained active under President Donald Trump.In April 2021, President Joe Biden issued another executive order that started a new sanctions program responding to “harmful foreign activities of the Government of the Russian Federation.” After Russia’s February 2022 invasion of Ukraine, the US expanded that executive order to target several dozen people, organizations, companies, government agencies and even luxury yachts. Among those targeted was Russian President Vladimir Putin.How are sanctions enforced?Any American resident, organization or company with a presence in the US can be fined for violating the rules of a sanction program. A division of the Treasury Department issues penalties to sanction violators.Since 2008, the agency has issued $6.5 billion in penalties stemming from 357 violations. Those penalties are usually assessed after settlement. The heftiest fine was $1.1 billion assessed to France-based BNP Paribas, a banking company with branches in the US, accused of processing transactions with sanctioned individuals in Sudan, Iran, Cuba and Burma.
Mar 22, 2022Why are US companies investing more abroad?
The rise in global economic activity over the past several decades has brought about a wave of international investments from US companies. Between 1982 and 2021, US direct investments abroad grew from $580 billion to more than $6.4 trillion dollars.More US companies are investing abroad to take advantage of tax breaks, to get access to foreign markets, and to lower labor and manufacturing costs.More than 60% of these investments go into European countries. And the top five countries account for about half of all US investments abroad.About half of all total foreign investments abroad goes to holding companies, which makes it easier for companies to reduce their tax obligations.
Apr 6, 2023The state of household debt in the US
US households amassed roughly $16.9 trillion in household debt nationwide by the fourth quarter of 2022. According to population figures from the Census Bureau, this is equivalent to around $128,824 per household, on average.Total household debt increased by approximately $1.1 trillion, or roughly 6.7%, since the beginning of 2022.According to the Federal Reserve Bank of New York, household debt reached an unprecedented high at the beginning of 2023. However, after adjusting for inflation, it is still below the peak of $17.4 trillion in Q4 of 2008, just before the Great Recession.Over 70% of current debt comes from mortgage debt, which has historically accounted for the majority of household debt.Student loan debt has also been increasing quicker than different types of debt over the past two decades. This debt was relatively small compared to other debt types in 2003 but has since grown significantly and is now the second-largest component of household debt.
Jun 1, 2023What is the US credit rating, and what does its downgrade mean?
On August 1, 2023, Fitch Ratings, one of the country’s three major credit rating agencies, announced that it had downgraded the US credit rating from AAA to AA+. Fitch had been reassessing the nation’s creditworthiness over the last two months, putting the US on negative watch in May 2023.In their risk assessment, Fitch cited the expected fiscal deterioration of the US government over the next three years, growing national debt, and the erosion in standards of governance over the last 20 years as reasons behind the downgrade.The Treasury Department strongly opposes this decision to downgrade the US credit rating.What is the US credit rating?The US credit rating refers to the assessment of the creditworthiness of the US government’s debt obligations assigned by credit rating agencies. The rating indicates the likelihood that the government will repay its debts in a timely manner.The rating system is expressed through letter grades; higher grades represent lower credit risk and better creditworthiness. However, this grading system varies depending on the credit rating agency’s preferred method.How is the US credit rating different from a consumer credit rating?The US credit rating is distinct from consumer credit ratings, which pertain to the creditworthiness and default risk of individuals.Consumer credit scores, which typically range from around 300 to 850, are based on an individual’s credit history, including their past borrowing, repayment behavior, outstanding debt, and other metrics calculated by credit bureaus.While both ratings aim to assess creditworthiness and have financial implications for lenders, investors, and consumers, they are separate in their focus and scope. The US credit rating system is more appropriate for macroeconomic indicators, while consumer credit ratings only apply to specific individuals’ financial situations.What does the US credit downgrade mean for the economy?The US credit rating score, and its recent downgrade, can reflect the fiscal stability of the government.The US credit rating could potentially impact interest rates for government securities, which global investors consider a safe-haven asset. Following the first downgrade of the US credit rating in 2011 by Standard and Poor (S&P), interest rates for US securities dropped. Secretary of the Treasury Janet Yellen has disapproved of Fitch’s decision, calling it “arbitrary and based on outdated data.” Yellen also cited the country’s low unemployment rates, slowing inflation, and commitment towards deficit reduction as proof that “Treasury securities remain the world’s preeminent safe and liquid asset, and that the American economy is fundamentally strong.”
Aug 14, 2023Is there a labor shortage in the US?
A job market with a labor shortage has more jobs than people to fill them. In other words, an industry or economy may be considered short on labor if there are more job openings than there are unemployed people. While labor shortages present challenges for employers, they also tend to correspond with periods of low unemployment.Is there currently a labor shortage in the US?Job openings outnumbered unemployed people in the US from May 2021 to December 2023, according to Bureau of Labor Statistics (BLS) data. In December 2023, there were 0.7 unemployed people per job opening.
Feb 23, 2024What makes the US dollar so strong?
Today, the US dollar (USD) is the most prominent currency in the world. This is tied to the fact that the US has the largest economy in the world, along with the dollar’s use globally.Not only is it commonly exchanged outside the US, but several nations have tied their currencies to the dollar or adopted it as their official currency.Here’s how the dollar grew to be such a force in the global economy.
Apr 6, 2023How many vacant homes are there in the US?
There are many ways to assess the trajectory of the American housing market, but two important indicators are the total number of vacant homes and the vacancy rate, which varies across the country. According to the Census Bureau, there were approximately 15.1 million vacant homes nationwide in 2022.These vacant homes, which include rentals, represent 10.5% of the country’s total housing inventory. The number of vacant homes in the United States peaked at nearly 19 million in the wake of the 2008 housing crisis, but homeownership has recovered since that peak — the number of vacant homes in the US has declined more than 20%.
Oct 13, 2023These states received most of the $350 billion in CARES Act small business loans
The Small Business Administration (SBA) announced that as of April 16, 1.66 million loans had been approved through the Paycheck Protection Program (PPP) put in place by the CARES Act. Intended for businesses to cover payroll costs without paying the government back for a large portion, the loans were worth $342 billion. According to SBA leadership, the agency processed more than 14 years' worth of loans in less than 14 days.The SBA ran out of the $350 billion allotted for the program just 13 days after its establishment. As the PPP reopens with an additional $321 billion funding from Congress, here's a look at where the original $350 billion allocated by the CARES Act went.Which states received the most in SBA Loans?
Sep 23, 2020Is home insurance getting more expensive?
Property insurance in the US is getting more expensive and, in some cases, harder to obtain, according to a 2023 Congressional Research Service (CRS) report.The report links the rising prices and limited access to three main causes:Macroeconomic changes, including higher-than-average inflation and interest ratesIncreased costs of damages from natural disastersRegulatory changes, particularly in California and FloridaWhat do we know about rising property insurance prices?Public data on how much Americans are spending on property insurance is limited.According to the Office of Financial Research, the property and casualty insurance industry in the US has struggled in recent years, experiencing industry-wide losses every year from 2017–2022 except for one.In March 2024, Treasury Secretary Janet Yellen suggested that consumers are dealing with consequences: “Americans across the country are seeing the affordability and availability of their insurance policies decline as a result of increasingly severe climate-related disasters.”That month, the Treasury Department launched a project in partnership with state insurance regulators to collect more data on how climate risk is impacting insurance markets.
May 9, 2024What does the Department of Commerce 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.
Updates annuallyWhat does the Department of Housing and Urban Development 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.
Updates annuallyIs the American labor force getting older?
In 2022, 8.2% of people 75 and older were part of the labor force. Their colleagues included 18.4% of the Americans between ages 70 and 74, and 33.3% of those from 65 to 69.How many Americans over 65 work?In 2022, 19.2% of Americans over 65 participated in the labor force, according to the Current Population Survey from the Census Bureau and the Bureau of Labor Statistics. By October 2023, that ticked up to 19.3%.How has labor force participation for older Americans changed?The labor force participation rate for Americans 65 and older decreased by 7.8 percentage points from 27% to 19.2% between 1948 and 2022. While the participation rate was lower in 2022, there were more people in the labor force in this age cohort in 2022 (10.9 million people) compared to 1948 (2.9 million people) due in part to population growth.During that period, labor force participation increased by 13.8 percentage points for Americans aged 65 to 69, 8.2 percentage points for people from 70 to 74, and 4 percentage points for folks 75 and older.
Feb 8, 2024Bankruptcy in the US: how many companies file for Chapter 7, Chapter 11, and Chapter 13?
American businesses and individuals filed 383,810 bankruptcies in the 2022 fiscal year. The number of filings had generally risen since 1980, peaking at more than 1.78 million in 2005, but it has more or less fallen since then, other than a brief uptick in the wake of the Great Recession. The number of bankruptcy filings in 2022 was about 12% lower than in 2021.
Jun 8, 2023How does the US government gather the monthly jobs report?
Every month, the federal government releases its preliminary jobs report, which offers the earliest indicator as to how many people in the US are employed or unemployed. What these jobs reports show can often have a huge impact on the country's overall economy and the policies and decisions that are driving it.
Apr 7, 2023What is labor productivity, and how has it changed in the US over time?
Labor productivity is a key indicator of US economic health. Measuring worker efficiency — how much they produce in goods and services — offers a clear picture of economic growth and the strength of the labor force.Over the past several decades, technological innovations, work experience, and investments into worker efficiency and equipment have driven the growth of US labor productivity.What is labor productivity?Labor productivity, also known as workforce productivity, is an economic indicator that helps people understand how efficiently workers produce goods and services. It indicates how much output is generated per labor hour.In simpler terms, labor productivity helps gauge how effectively employees are using their time and resources to create goods and services.Higher labor productivity rates translate into economic growth as workers become more efficient and require fewer resources to produce goods and services.How is it calculated?Calculating general labor productivity involves a straightforward formula. Here's how it works:Labor productivity = Total output / Total labor hoursIn this formula, total output refers to the overall number of goods and services produced by an individual, company, or industry. Labor hours include the combined time worked by all employees to create a good or service.Average annual percent changes measure change over several periods stated at an average yearly rate.What factors affect labor productivity?Governments, companies, and individual workers can use various strategies to enhance labor productivity. Here are examples of improved labor productivity over time:Developing workers’ skills: Providing accessible education and training opportunities empowers workers to upgrade their skills, benefiting both their employer and the broader economy by enhancing the quality of US labor.Technological advancements: The adoption of new technologies—such as computers, automated machinery, new software programs, and telecommunications—can significantly elevate workforce productivity.Investing in capital: Governments and businesses can enhance labor productivity by ramping up investments in capital goods, such as new equipment, machinery, or land, and infrastructure, such as bridges, highways, and public transportation.These are only a few ways to improve labor productivity. There are endless ways to innovate workforce productivity by lifting morale, investing in entrepreneurial ideas, and reducing economic costs.
Oct 31, 2023How are Americans doing financially?
More than a quarter of US adults are struggling financially. 72% of Americans reported “living comfortably” or “doing okay,” according to December 2023 data from the Federal Reserve.The remaining 28% were either “just getting by” (19%) or “finding it difficult to get by” (9%).The 72% at least doing okay is the lowest share since at the onset of the COVID-19 pandemic in April 2020. Prior to 2020, the rate hadn’t dipped that low since 2016.
Jun 21, 2024What happens to the food grown in the US?
The US led the world in agricultural exports in 2021, sending $177 billion worth of agricultural products abroad. The US exports just over 20% of what it produces, far outpacing the amount of exports of the world’s top agricultural producers China and India, whose agricultural goods are focused more on addressing domestic needs.While farm products don’t tend to make headlines, it’s important to the US economy and the global food supply chain in some key ways.Agricultural exports supported 1.1 million full-time jobs in the US in 2020, 439,000 of which were in the farm sector. Non-farm agricultural jobs include those in processing and agricultural manufacturing.Agriculture is one of the few trade sectors in which the US has consistently had a trade surplus, meaning the value of goods exported exceeds the value imported. In 2021, the US had a trade surplus of $6 billion.This is especially notable in relation to China. The US had a $308 billion overall trade deficit with China in 2020, while also maintaining a $22 billion agricultural trade surplus.
Mar 21, 2023What are the average salaries for four-year college graduates?
In 2022, the average earnings for prime-working age people with bachelor’s degrees — people aged 25 to 64 working full-time jobs — were $100,311, according to Census Bureau estimates.The Bureau of Labor Statistics also collects wage data, which it shares as weekly medians rather than annual averages. According to BLS data, people working full-time whose highest level of education was a bachelor’s degree made a median of $1,432 per week in 2022. No matter which way you choose to look at it, people in the prime age group with bachelor’s degrees earn more than people without any post-secondary education, at least when they’re working full-time.
Jan 19, 2024Is air travel getting more expensive?
The cost of air travel in the US is up in 2022 compared with last year. After adjusting for inflation though, the price of an average plane ticket is still decreasing over the past decade.Air traffic declined sharply at the beginning of the pandemic, but the number of flights is now near pre-pandemic levels. However, air travel’s recovery since the COVID-19 pandemic has been turbulent. Despite fewer passengers, airlines are on time less often. And prices are on the rise thanks to higher gas prices and widespread inflation, even before the upcoming holiday travel season.How have air fares changed?Recent increases in inflation mean prices have increased for most common goods and services, and air fares are no exception. The overall inflation rate from September 2021 to 2022 was 8.2% for all items in the Consumer Price Index. By comparison, airline fares saw one of the greatest 12-month increases in price for items in the index, rising 42.9% over the same time period.
Nov 18, 2022How much money do banks in the US control?
The US banking industry has faced financial stress after the collapse of Silicon Valley, Signature, and First Republic Banks. This is partially because a small number of institutions control the majority of banking industry assets.Bank failures can cause depositors to worry about the stability of the financial industry and lead to general market volatility.As the US banking industry continues to consolidate through mergers and acquisitions, how have assets among banks changed over time, and which institutions hold the most money?How have bank assets changed over time?By the end of 2022, banks in the US owned a combined $22.3 trillion in assets, up 32% over the last decade after adjusting for inflation.Over half of bank assets are net loans and leases, followed by investments and cash and due, which refers to the money a bank has on hand. The rest is made up of other investments, property, equipment, or certain intangible assets, such as intellectual property.
May 12, 2023What is the economic value of the US space industry?
According to the Bureau of Economic Analysis, the American space economy is a $211.6 billion industry that’s grown over 17% between 2012 and 2021. When adjusted for inflation, the space economy grew 11.4% over that period.What are the largest industries in the space economy?Four main industries drive the space economy.
Feb 1, 2024What causes high gas prices?
Drivers in the United States know that the price of gasoline is almost constantly changing. But what’s the cause of this unpredictability? The factors can be as local as the nearest gas station and as global as decisions made halfway around the world.What goes into gas prices?The retail price of gas depends on four factors: the cost of crude oil, refining costs and profits, distribution and marketing costs and profits, and taxes, according to the US Energy Information Administration (EIA). Of these, the price of crude oil is the single biggest contributor to the retail price of gasoline.
Sep 1, 2023