Population
Economy
Economy
This is the highest GDP growth rate in 37 years. GDP reached almost $23 trillion in 2021.
Economy
The leisure and hospitality sector added the most (2.3 million) but remained 11.2% below February 2020 employment levels. The professional and business services sector added 1.1 million jobs, the second-most of all sectors, and is back to pre-pandemic employment levels in December 2021. The utilities sector was the only sector to lose jobs overall last year, falling by 3,300.
Economy
Although unemployment spiked during the early months of the pandemic, the average annual unemployment rate remained lower than the 9.6% high in 2010 that resulted from the Great Recession.
Economy
This is equal to 896,000 fewer Americans working or looking for work than pre-pandemic. Labor force participation remains especially low for three groups: people 55 and older, Black women, and Hispanic women.
Economy
Business closures exceeded openings during the first half of the year. More businesses closed than opened during the Great Recession as well, but it took a year from the start of the recession for openings to bounce back and surpass closings.
Economy
However, inflation is muting the purchasing power of these gains. After accounting for inflation, hourly earnings increased 1.6%.
Economy
The Federal Reserve aims to achieve inflation that averages 2 percent.
Economy and Jobs
The trade deficit in goods reached $1.1 trillion in 2021, near the all time high.
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