Economy articles
What does the Department of Commerce (DOC) do?
The Department of Commerce (DOC) is an executive branch agency responsible for supporting economic growth within the US. Its functions include promoting job creation, sustainable business development, and ensuring economic competitiveness. It was established in 1903.
What does the Department of Labor (DOL) do?
The Department of Labor (DOL) is an executive branch agency responsible for overseeing the American labor force and working conditions. Its functions include enforcing wage and hour standards and union law, regulating workplace safety, administering unemployment benefits and workers’ compensation, collecting labor market data, and promoting workforce development. It was established in 1913.
What is the gross domestic product (GDP) in the US?
The gross domestic product (GDP) was $24.2 trillion in Q1 2026. GDP measures the value of goods and services a country or state produces — it’s the sum of consumer spending, business investment, government spending, and net exports. It is often used to quantify the size of its economy. The $24.2 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.
Just the Facts about the US economy
How does the government measure the economy? By tracking GDP, unemployment numbers, and the prices people pay for goods and services.
Which states have the highest police officer salaries?
After adjusting for cost of living, police pay ranged from over $100K in California to $47K in Mississippi.
How much do teachers get paid in the US?
Teachers made about $63,100 per year in 2024. That’s the annual median wage for pre-K-12 teachers across the United States, based on estimates from the Bureau of Labor Statistics. The median marks the middle point—half of teachers earn more and half earn less. The lowest-paid 10% earned $46,900 or less, while the highest-paid 10% earned $102,300 or more.
What does the Occupational Safety and Health Administration (OSHA) do?
The Occupational Safety and Health Administration (OSHA) is a subdivision of the US Department of Labor responsible for ensuring safe and healthy working conditions for workers by setting and enforcing standards and by providing training, outreach, education, and assistance. OSHA's mission is to prevent work-related injuries, illnesses, and deaths by issuing and enforcing rules (called standards) for workplace safety and health. It was established in 1970.
How do national parks affect the economy?
National park visitor spending contributes to local GDP, jobs, and wages.
Minimum wage in America: How many people are earning $7.25 an hour?
In 2023, about 869,000 hourly workers —1.1% of all hourly workers — earned at or below the federal minimum wage.
How much does the average American family pay in taxes?
Combining direct and indirect taxes, as well as taxes from state and local government, the average American family paid $17,902 in taxes in 2021.
Is the American labor force getting older?
More and more older Americans are working later in life. Factors like increased life expectancy and decreased savings rates may play a role.
Which Americans are struggling to make ends meet?
Multiracial and Hispanic Americans are among those having the most trouble affording expenses.
How is the middle class changing?
The middle class in the US is getting older, working less, and earning less. Support from government programs are making up the difference.
Which US cities have the most competitive housing markets?
Cities where houses are sold quickly and few homes are on the market have competitive housing markets.
AAPI Demographics: Data on Asian American ethnicities, geography, income, and education
From Indian Americans to Laotian Americans, demographics across Asian ethnicities reveal differences in everything from educational attainment to family size.
What are free trade agreements and how do they affect trade?
The US has 14 agreements covering trade with 20 countries.
How does Gross Domestic Product differ by state?
Five states, including California and Florida, each contributed over $1 trillion to the national gross domestic product in 2022.