US economy statistics, charts, and trends | USAFacts (2024)

FAQs

How well is the US economy doing right now? ›

The state of the U.S. economy is strong despite inflation remaining elevated. The economy is expanding at a crisp pace, the labor market is loosening slightly and inflation is slowing from its peak.

Through midyear, GDP growth is tracking largely in line with our 2% outlook for the year. We believe that growth is likely to cool though remain at a near-trend pace by year-end. Broad consumer prices rose in July at the slowest year-over-year pace since early 2021.

Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), Second Quarter 2024. Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024, according to the "second" estimate. In the first quarter, real GDP increased 1.4 percent.

US gross domestic product (GDP) increased 1.9% in 2022 and another 2.5% in 2023. GDP reached $27.4 trillion in 2023. The increase in real GDP (or GDP adjusted for inflation) was primarily due to increased consumer spending, nonresidential fixed investment, government spending, and exports.

A recession is a significant decline in economic activity that can last months or even years. Most experts agree we aren't in a recession yet, but there's some risk that we could be headed for one in the next year.

Incoming data over the last month continue to suggest that the US economy is likely not in a recession or on the cusp of one. Real GDP is expected to rise by 2.4 percent year-over-year in 2024.

U.S. economic data is strong: In the decade to 2023, the United States boasted real GDP growth of 2.3%, well above the G7 average of 1.8%. However, the U.S. also has its weaknesses. Income inequality is the highest among its peers, politics and society at large are bitterly polarized, and the fiscal position is weak.

We foresee real GDP growth averaging 2.5% in 2024 and easing to 1.7% in 2025. Unmistakable labor market cooling: The soft July jobs report points to a deterioration in labor market conditions, in line with several other labor market indicators.

The S&P 500 rallied in the first half of 2024 as investors cheered resilient earnings growth and anticipated that aggressive Fed rate cuts were just around the corner. However, the New York Fed's recession probability model suggests there is still a 61.8% chance of a U.S. recession sometime in the next 12 months.

Is there a risk of recession in 2024? ›

After global growth exceeded expectations in 2023, businesses' perceived probability of a global recession has fallen substantially in 2024, according to Oxford Economics data. Oxford's global risk survey in January showed a recession probability of 7.2% — less than half of what it was in October 2023.

The U.S. current-account deficit widened by $15.9 billion, or 7.2 percent, to $237.6 billion in the first quarter of 2024, according to statistics released today by the U.S. Bureau of Economic Analysis. The revised fourth-quarter deficit was $221.8 billion.

Right now America's economic-growth rate is the envy of the world. From the end of 2019 to the end of 2023, U.S. GDP grew by 8.2 percent—nearly twice as fast as Canada's, three times as fast as the European Union's, and more than eight times as fast as the United Kingdom's.

The United States is currently experiencing a period of recovery from the Great Recession, with improvements in unemployment rates, GDP, and housing prices. However, there are still challenges, such as a modest growth rate and a significant population living in poverty.

One of the most common is GDP, which stands for gross domestic product.

“With 15.7 million jobs created under President Biden, America's economy remains the strongest in the world.”

First on the performance of the U.S. economy, it has been remarkably strong. Activity and employment have exceeded expectations and the disinflation process has proven less costly than most feared. The U.S. is the only G-20 economy whose GDP level now exceeds the pre-Pandemic level.

Recession chances remain elevated heading into the final half of 2024. Sept. 11, 2024, at 2:59 p.m. There are warning signs that the economy could slow down in the second half of 2024. The U.S. economy is on relatively solid footing in the second half of 2024.

One clear advantage that the United States has is that its workers are more productive than those of any other major economy. At an estimated $85,373 of output per person, according to the International Monetary Fund, the U.S. is only surpassed by five countries: four offshore finance centers and oil-producing Norway.