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The United States has the largest and most
technologically powerful economy in the world. The economy is market-oriented in
which private individuals and business firms make most of the decisions. The
government purchases the majority of their goods and services from private
individuals and businesses.
United State businesses and firms enjoy consider
flexibility in making decisions to expand capital plant, lay off surplus
workers, and develop new products. United States firms have led many
technological advances, especially in computers, medical equipment, aerospace
equipment, and military equipment. However, the role of world leader in
technological advancement has narrowed since the end of World War II. With the
increase in technology advances came a gradual development of a "two-tier labor
market." Those who lack the education fell to the bottom of the tier, and those
with professional/technical skills advanced to the top of the tier.
The years 1994-2000 witnessed solid increases in
real output, low inflation rates, and a drop in unemployment to below 5%. The
United States long-term economic problems include inadequate investment in
economic infrastructure, rapidly rising medical costs of an aging population,
sizable trade deficits, and stagnation of family income in the lower economic
groups.
Source: The CIA’s World Fact Book,
2001.
United States Economy Statistics
| Gross Domestic Product (2001): |
| 10,082.2
(billions of current dollars) |
|
GDP - composition by sector: |
agriculture: 2%
industry: 18%
services: 80% (1999) |
|
Unemployment Rate: |
| 5.9% (July 2002) |
|
Average Hourly Earnings: |
$14.79 (July 2002)
(For production and non-supervisory workers on private non-farm payrolls,
seasonally adjusted) |
|
Industry: |
|
diversified and technologically advanced; petroleum, steel, motor
vehicles, aerospace, telecommunications, chemicals, electronics, food
processing, consumer goods, lumber, mining |
|
Labor force (by occupation): |
|
managerial and professional 30.2%, technical, sales
and administrative support 29.2%, services 13.5%, manufacturing, mining,
transportation, and crafts 24.6%, farming, forestry, and fishing 2.5% (2000) |
|
Civilian Labor force-16 years old and over-2001: |
|
141.8 (million) |
Source: U.S. Bureau of Labor Statistics
U.S. Census Bureau
U.S. Department of Commerce-Bureau of Economic Analysis
The CIA’s World Fact Book, 2001.
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