Economy of the United States

The United States has a highly developed diversified market-oriented economy. It is the world's largest economy by nominal GDP and second largest by purchasing power parity (PPP). As of 2025, it has the world's ninth-highest nominal GDP per capita and eleventh-highest GDP per capita by PPP. According to the World Bank, the U.S. accounted for 14.8% of the global aggregate GDP in 2024 in purchasing power parity terms and 26.2% in nominal terms. The U.S. dollar is the currency most used in international transactions and the world's foremost reserve currency, backed by a large U.S. treasuries market, its role as the reference standard for the petrodollar system, and its linked eurodollar. Since the end of World War II, the economy has achieved relatively steady growth, low unemployment and inflation, and rapid advances in technology, but now faces challenges such as a very high debt-to-GDP ratio at over 120% of GDP, slower economic growth, and a housing crisis.

The American economy is fueled by high productivity, well-developed transportation infrastructure, and extensive natural resources. Americans have the sixth highest average household and employee income among OECD member states. In 2021, they had the highest median household income among OECD countries, but also one of the world's highest income inequalities among the developed countries. The largest U.S. trading partners are Mexico, Canada, China, Japan, Germany, South Korea, the United Kingdom, Taiwan, India, and Vietnam. The U.S. is the world's largest importer and second-largest exporter. It has free trade agreements with several countries, including Canada and Mexico (through the USMCA), Australia, South Korea, Israel, and several others that are in effect or under negotiation. The U.S. has a highly flexible labor market and job security is relatively low. Among OECD nations, the U.S. has a highly efficient social security system; social expenditure stood at roughly 30% of GDP.

The United States is the world's largest producer of petroleum, natural gas, and blood products. In 2024, it was the world's largest trading country, and second-largest manufacturer, with American manufacturing making up a fifth of the global total. The U.S. has the largest internal market for goods, and also dominates the services trade. Total U.S. trade was $7.4 trillion in 2023. Of the world's 500 largest companies, 139 are headquartered in the U.S. The U.S. has the world's highest number of billionaires, with total wealth of $5.7 trillion. U.S. commercial banks had $22.9 trillion in assets in December 2022. U.S. global assets under management had more than $30 trillion in assets.

The New York Stock Exchange and Nasdaq are the world's largest stock exchanges by market capitalization and volume of transactions. The U.S. has the world's largest gold reserves. In 2014, the U.S. economy was ranked first in international ranking on venture capital and global research and development funding. As of 2024, the U.S. spends around 3.46% of GDP on cutting-edge research and development across various sectors of the economy. Consumer spending comprised 68% of the U.S. economy in 2022, while its labor share of income was 44% in 2021. The U.S. has the world's largest consumer market. The nation's labor market 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 WEF Global Competitiveness Report, and others.