The economy of the United States is the world's largest national economy and the world's second largest overall economy, the GDP of the EU being approximately $2 trillion larger. Its nominal GDP was estimated to be over $15 trillion in 2011, approximately a quarter of nominal global GDP. Its GDP at purchasing power parity is the largest in the world, approximately a fifth of global GDP at purchasing power parity. The U.S. is one of the world's wealthiest nations, with abundant natural resources, a well-developed infrastructure, and high productivity. It has the world's sixth-highest per capita GDP (PPP). The U.S. is the world's third-largest producer of oil and second-largest producer of natural gas. It is the largest trading nation in the world. Its four largest export trading partners are as of 2011: Canada, China, Mexico and Japan.
The economy of the United States is a mixed economy and has maintained a stable overall GDP growth rate, a moderate unemployment rate, and high levels of research and capital investment. It has been the world's largest national economy (not including colonial empires) since at least the 1890s. As of 2012, the country remains the world's largest manufacturer, representing a fifth of the global manufacturing output. Of the world's 500 largest companies, 133 are headquartered in the United States. This is twice the total of any other country. The labor market in the United States has attracted immigrants from all over the world and its net migration rate is among the highest in the world. The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report, and others. The United States is ranked first globally in the IT industry competitiveness index.
About 60% of the global currency reserves have been invested in the United States dollar, while 24% have been invested in the euro. The country is one of the world's largest and most influential financial markets. The New York Stock Exchange (formally known as NYSE Euronext) is the world's largest stock exchange by market capitalization. Foreign investments made in the United States total almost $2.4 trillion, which is more than twice that of any other country. American investments in foreign countries total over $3.3 trillion, which is almost twice that of any other country. Total public and private debt was $50.2 trillion at the end of the first quarter of 2010, or 3.5 times GDP. In October 2012, the proportion of public debt was about 1.0043 times the GDP. Domestic financial assets totaled $131 trillion and domestic financial liabilities totaled $106 trillion. As of 2010, the European Union as a whole was the largest trading partner of the U.S., whereas Canada, China, and Mexico were the largest individual trading nations.
The US economy is orderly reviewed with comprehensive economic data analysis by the Beige Book of the Federal Reserve System, the Bureau of Economic Analysis of the Department of Commerce, the Bureau of Labor Statistics of the United States Department of Labor and economic indicators of the United States Census.
Read more about Economy Of The United States: History, Overview, Employment, Research, Development, and Entrepreneurship, Income and Wealth, Financial Position, Composition, Notable Companies and Markets, Energy, Transportation, and Telecommunications, Finance, International Trade, Currency and Central Bank, Law and Government
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“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Why doesn’t the United States take over the monarchy and unite with England? England does have important assets. Naturally the longer you wait, the more they will dwindle. At least you could use it for a summer resort instead of Maine.”
—W.H. (Wystan Hugh)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
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—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
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—Marcel Proust (1871–1922)