section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  The U.S. has been the world's largest economy nominally since about 1890. The 2023 nominal U.S. gross domestic product (GDP) of more than $27 trillion was the highest in the world, constituting over 25% of the global economy or 15% at purchasing power parity (PPP). From 1983 to 2008, U.S. real compounded annual GDP growth was 3.3%, compared to a 2.3% weighted average for the rest of the Group of Seven. The country ranks first in the world by nominal GDP, second when adjusted for purchasing power parities (PPP), and ninth by PPP-adjusted GDP per capita. It possesses the highest disposable household income per capita among OECD countries. As of February 2024, the total federal government debt was $34.4 trillion.
  
  Of the world's 500 largest companies by revenue, 136 are headquartered in the U.S. as of 2023 — the highest number of any country. The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency, backed by the country's dominant economy, its military, the petrodollar system, and its linked eurodollar and large U.S. treasuries market. Several countries use it as their official currency, and in others it is the de facto currency. It has free trade agreements with several countries, including the USMCA. The U.S. ranked second in the Global Competitiveness Report in 2019, after Singapore. Although the United States has reached a post-industrial level of development and is often described as having a service economy, it remains a major industrial power. As of 2021, the U.S. is the second-largest manufacturing country after China.
  
  New York City is the world's principal financial center and the epicenter of the world's largest metropolitan economy. The New York Stock Exchange and Nasdaq, both located in New York City, are the world's two largest stock exchanges by market capitalization and trade volume. The United States is at or near the forefront of technological advancement and innovation in many economic fields, especially in artificial intelligence; computers; pharmaceuticals; and medical, aerospace and military equipment. The country's economy is fueled by abundant natural resources, a well-developed infrastructure, and high productivity. The largest U.S. trading partners are the European Union, Mexico, Canada, China, Japan, South Korea, the United Kingdom, Vietnam, India, and Taiwan. The United States is the world's largest importer and the second-largest exporter. It is by far the world's largest exporter of services.
  
  Americans have the highest average household and employee income among OECD member states, and the fourth-highest median household income, up from sixth-highest in 2013. With personal consumption expenditures of over $18.5 trillion in 2023, the U.S. has a heavily consumer-driven economy and is by far the world's largest consumer market. Wealth in the United States is highly concentrated; the richest 10% of the adult population own 72% of the country's household wealth, while the bottom 50% own just 2%. Income inequality in the U.S. remains at record highs, with the top fifth of earners taking home more than half of all income and giving the U.S. one of the widest income distributions among OECD members. The U.S. ranks first in the number of dollar billionaires and millionaires, with 735 billionaires and nearly 22 million millionaires as of 2023. There were about 582,500 sheltered and unsheltered homeless persons in the U.S. in 2022, with 60% staying in an emergency shelter or transitional housing program. In 2022, 6.4 million children experienced food insecurity. Feeding America estimates that around one in five, or approximately 13 million, children experience hunger in the U.S. and do not know where they will get their next meal or when. As of 2022, 37.9 million people, or 11.5% of the U.S. population, were living in poverty.
  
  The United States has a smaller welfare state and redistributes less income through government action than most other high-income countries. It is the only advanced economy that does not guarantee its workers paid vacation nationally and is one of a few countries in the world without federal paid family leave as a legal right. The United States has a higher percentage of low-income workers than almost any other developed country, largely because of a weak collective bargaining system and lack of government support for at-risk workers.