The economy of a country is complicated since it involves many different fields that compete and intertwine to influence the direction to which it moves. The business condition of the state determines the economy. After evaluation, the worth of a country’s economy is indicated by the value of its currency to other currencies. Currently, it is ranked among the most developed economies in the world with a stable and ever-growing economy to prove it. The economy of the country has been reported to grow tremendously, and various economic indicators such as Gross Domestic Product(GDP), inflation, productivity, unemployment rate, and customer price index (CPI) explains the value U.S economy.
According to the recent evaluation, the United States is among the most growing countries in the world. According to traditional yardstick (Gross Domestic Product) of the U.S, the state is stable based on the value of services and goods it produces. An additional investment, government expenditure, net exports and consumption of the United States adds up to 19.39 trillion USD. The GDP of united states can be used with the GDP of the entire world to evaluate its economy. The cumulative GDP of the world is approximately 61.99 trillion USD. Statistically, the value of the United States GDP represents 31.28% of the total amount. In this case, it is evident that the United States is an economic giant. Therefore, the U.S is the best exporter and most developed country worldwide.
Currently, unemployment is a primary issue affecting the economy of different countries. The unemployment rate is an indicator used to evaluate the strength of the labor market. According to the policy governing the economy of a country, the unemployment rate should remain low. In the United States, BLS collects information on unemployment monthly. The recent report shows that the U.S unemployment rate stands at 4%. According to the previous calculation done in December 2018, the rate has increased by 0.1%. The total population of the United States is reported to be approximately 163.22 million. Roughly, the rate states that 156.69 million citizens are already employed. The 21st century has published the highest percentage of employment. However, the percentage of employment had remained low compared to 1982 when the rate stood at 10.8%. The improvement confirms a good growth in the economy of the country. The percentage of unemployment compared to other countries proves that the economy of the United States has significantly achieved.
Productivity is measured regularly to establish the strength of a country’s economy based on the quality of human resource. Productivity rate measures a worker’s productivity hourly. The United States is ranked the fifth country with the best productivity rate. The worker’s productivity rate in the United States has risen in a speedy trend in the second quarter for the last three years. However, the change in productivity rate within the year has not affected the average annual productivity. Recently, the labor department detected a sudden 2.9% increase in productivity between April and June. The overall trend of the rate of productivity has been reported to change gradually with time. Strong productivity is significant in the production industries and other organizations. In return, the net revenue of the United States increased by $68 per hour.
The United States is among the most developed countries in the world. The total revenue collected annually clearly illustrates an excellent economy. On the other side, the strength of its economy relies on several indicators such as productivity, Gross Domestic Product and unemployment rate. The country ranks among the best performers in all sectors hence proving the might of its economy.
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