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United States Economic Overview

UnitedStates Economic Overview

UnitedStates Economic Overview

Currently,the economic state of the United States of America is back on itsrobust growth as indicated in September, 2016. Despite the fact thatthe country faced many challenges at the domestic level, it still hasthe largest and the most important economy in the world. The economyof the United States represents 20 % of the global economic outputand it also has one of the highest per capita GDP. The following isan overview of the country’s economy, the general economic trendsand the alternative measures of the economic well-being of the UnitedStates.

UnitedStates Economic Overview

Theeconomy of the United States has moved higher adopting an annualgrowth rate of 2.9 percent as seen in the last quarter. The currentGDP is 18,561,930 Billion dollars. Following it new economicpolicies, the country has emerged to be one of the largest exporterof both industrial and agricultural goods. Its current real GDP is2.9 % and it is slightly higher than 2015’s rate. The rate ofunemployment has also dropped drastically in the last quarter of 2016up to an annual rate of 6.0 percent. The current GDP per capita ofthe US is 15.6 percent.

Accordingto the Bureau of Labor Statistics (2016), the current rate ofunemployment in the US is 4.9 percent. This means that it droppedfrom September’s rate of 5.0 percent. The number of unemployedpersons now stands at 7.8 million. The number of job losers andunemployed people declined greatly in 2016.

Thelatest monthly inflation rate of the United States was 0.24 percent.This rate is based on the Consumer Price Index (CPI) – and therecently published CPI by the United States Department of Labor,Bureau of Statistics for urban consumers increased by 0.3 percent,while gasoline index increased by 5.8 percent. The index for allitems rose by 1.5 percent for the 12 months ending September, 2016.

Timeline

Althoughthe economy of the United States has returned to its former size asbefore 2011 recession, its pace of acceleration is slower than thosein previous recoveries. The pace of economic growth will be steady in2016 and 2017. The economic forecasts indicate that it will grow andoutpace many other western countries. According to the US EconomicOutlook (2016), the country’s manufacturing is forecasted to growto 3.0 percent in 2017 and 2.8 percent in 2018. The rate ofunemployment has been forecasted to drop to 4.6 percent in 2017 and4.5 percent in 2018.

Measuresof Economic Well-being

Thelife expectancy in the United States is lagging behind as compared toother European countries. Typically, the life expectancy has beenincreasing each year in most of the developed countries. Currently,the United States life expectancy at birth stands at 78.8 years.

Aftera few years of fast growth, the size of the immigrants has stabilizedin the recent years. Generally, the United States experiences moreimmigration than emigration and thus, there are more immigrants inthe country than emigrants from the United States.

Accordingto a research that was carried out by the National Institute ofLiteracy and the United States Department of Education, Approximately32 million adults cannot read, this means that 14 percent of thetotal adult populations are unable to read. This means that despitehaving the largest economy, the U.S. still faces a problem ofilliteracy (Swanson, 2016). Conclusion

Inconclusion, the economic overview of the United States is on a robustgrowth. This is despite the low GDP and real GDP experienced in therecent years. There has been a slight drop in the unemployment rateand illiteracy rate. The economic forecasts indicate that economicstate of the United States will recover fully from the recession in aperiod of 5 years.

References

Bureauof Labor Statistics, Department of Labor, Occupational OutlookHandbook, (2016)

Edition.

Swanson,K. (2016). Kaplan AP Human Geography 2016. Simon and Schuster.

Lake,R. (2016). Shocking Facts: 23 statistics on Illiteracy in America:Credit Donkey. Retrieved

fromhttps:www.creditdonkey.com/illiteracy-in-america.html

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