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Average Salary - United States UNITED STATES / SALARY


SALARY SURVEYS

21,557

UPDATED
December 2022
About salary data?
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(based on your career and experience)

AVERAGE SALARY / YEAR MOST TYPICAL SALARY / YEAR
Gross income
Net (after tax)

$83,394 USD

£72,215 GBP
New York City

$100,261 USD

$52,013 USD

£45,041 GBP
Including "New York City"
Excluding "New York City"

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Average Salary / United States

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Average salary in United States is $83,394 USD per year. The most typical earning is $52,013 USD. All data are based on 21,557 salary surveys. Salaries are different between men and women. Men receive an average salary of $95,425 USD. Women receive a salary of $70,718 USD.

The most paid careers are Engineers & Technicians V with average income $126,033 USD and Management & Business with income $110,929 USD.

Based on education, the highest salaries receive people with Doctorate Degree with salary of $126,133 USD. The second most paid education level is Masters Degree with salary of $101,627 USD.

Different experiences affect earning as well. People with 20+ Years of experience receive salary of $108,929 USD. Employees with 16-20 Years of experience receive $102,927 USD.

Levels / United States (Gross USD)

Salary Levels (USD) per Year Surveys [%]
$10,000 USD - $14,999 USD
9 100%
0.04%
$15,000 USD - $19,999 USD
121 99.96%
0.56%
$20,000 USD - $24,999 USD
573 99.4%
2.66%
$25,000 USD - $29,999 USD
586 96.74%
2.72%
$30,000 USD - $34,999 USD
1,008 94.02%
4.68%
$35,000 USD - $39,999 USD
960 89.34%
4.45%
$40,000 USD - $44,999 USD
1,322 84.89%
6.13%
$45,000 USD - $49,999 USD
1,112 78.76%
5.16%
THE MOST TYPICAL SALARY
$50,000 USD - $54,999 USD
1,593 73.6%
7.39%
$55,000 USD - $59,999 USD
941 66.21%
4.37%
$60,000 USD - $64,999 USD
1,272 61.85%
5.9%
$65,000 USD - $69,999 USD
1,005 55.94%
4.66%
$70,000 USD - $74,999 USD
1,034 51.28%
4.8%
$75,000 USD - $79,999 USD
887 46.49%
4.11%
$80,000 USD - $84,999 USD
1,011 42.37%
4.69%
$85,000 USD - $89,999 USD
638 37.68%
2.96%
$90,000 USD - $94,999 USD
698 34.72%
3.24%
$95,000 USD - $99,999 USD
461 31.48%
2.14%
$100,000 USD - $104,999 USD
1,082 29.35%
5.02%
$105,000 USD - $109,999 USD
340 24.33%
1.58%
$110,000 USD - $114,999 USD
415 22.75%
1.93%
$115,000 USD - $119,999 USD
268 20.82%
1.24%
$120,000 USD - $124,999 USD
600 19.58%
2.78%
$125,000 USD - $129,999 USD
318 16.8%
1.48%
$130,000 USD - $134,999 USD
337 15.32%
1.56%
$135,000 USD - $139,999 USD
172 13.76%
0.8%
$140,000 USD - $144,999 USD
265 12.96%
1.23%
$145,000 USD - $149,999 USD
124 11.73%
0.58%
HIGH SALARIES
$150,000 USD - $159,999 USD
585 11.16%
2.71%
$160,000 USD - $169,999 USD
271 8.44%
1.26%
$170,000 USD - $179,999 USD
223 7.19%
1.03%
$180,000 USD - $189,999 USD
205 6.15%
0.95%
$190,100 USD - $200,099 USD
115 5.2%
0.53%
$200,100 USD - $210,099 USD
282 4.67%
1.31%
$210,100 USD - $220,099 USD
69 3.36%
0.32%
$220,100 USD - $230,099 USD
95 3.04%
0.44%
$230,100 USD - $240,099 USD
44 2.6%
0.2%
$240,100 USD - $250,099 USD
63 2.39%
0.29%
$250,100 USD - $350,099 USD
453 2.1%
2.1%
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Gender / United States (Gross USD)

# Surveys AVERAGE SALARY / YEAR
1 Men 11,263 $95,425 USD
2 Women 6,205 $70,718 USD

Education / United States (Gross USD)

# Surveys AVERAGE SALARY / YEAR
1 Doctorate Degree 1,246 $126,133 USD
2 Masters Degree 4,733 $101,627 USD
3 Bachelors Degree 8,698 $83,322 USD
4 Some College 4,974 $65,117 USD
5 Bellow H. School 226 $60,816 USD
6 High School 1,680 $57,815 USD

Experience / United States (Gross USD)

# Surveys AVERAGE SALARY / YEAR
1 20+ Years 5,168 $108,929 USD
2 16-20 Years 2,300 $102,927 USD
3 12-16 Years 2,330 $93,625 USD
4 8-12 Years 3,066 $81,521 USD
5 4-8 Years 3,246 $70,018 USD
6 2-4 Years 2,334 $60,416 USD
7 1-2 Years 1,459 $54,114 USD
8 0-1 Year 1,654 $50,013 USD

Age / United States (Gross USD)

# Surveys AVERAGE SALARY / YEAR
1 66-70 245 $112,930 USD
2 61-65 650 $107,428 USD
3 51-55 1,706 $104,127 USD
4 56-60 1,224 $103,427 USD
5 46-50 2,198 $102,927 USD
6 71-75 63 $97,926 USD
7 41-45 2,128 $97,626 USD
8 76-99 41 $91,324 USD
9 36-40 2,277 $90,824 USD
10 31-35 2,408 $80,021 USD
11 n/a 4,103 $69,318 USD
12 26-30 2,445 $67,017 USD
13 21-25 1,638 $52,213 USD
14 14-20 431 $43,611 USD

Work Type / United States (Gross USD)

# Surveys AVERAGE SALARY / YEAR
1 Self Employed 1,207 $100,526 USD
2 Permanent 18,308 $84,022 USD
3 Contract 1,193 $82,922 USD
4 Part Time 849 $45,212 USD

States / United States (Gross USD)

# Surveys AVERAGE SALARY / YEAR
1 District Of Columbia (DC) 743 $97,025 USD
2 New York State 1,501 $96,025 USD
3 California 2,715 $95,225 USD
4 Massachusetts 691 $92,724 USD
5 Washington State 680 $90,724 USD
6 New Jersey 274 $90,324 USD
7 Connecticut 122 $88,223 USD
8 Texas 2,032 $87,523 USD
9 Illinois 793 $86,323 USD
10 Georgia 650 $85,222 USD
11 Colorado 516 $83,622 USD
12 Rhode Island 52 $83,622 USD
13 Florida 1,096 $82,522 USD
14 Nevada 198 $82,422 USD
15 North Carolina 610 $81,621 USD
16 Arizona 455 $80,321 USD
17 Vermont 32 $80,121 USD
18 Pennsylvania 706 $79,921 USD
19 Minnesota 400 $79,821 USD
20 Michigan 537 $79,421 USD
21 Maryland 273 $78,020 USD
22 Delaware 52 $77,920 USD
23 West Virginia 52 $77,820 USD
24 Tennessee 331 $76,820 USD
25 Alaska 78 $76,020 USD
26 Oregon 236 $75,720 USD
27 Ohio 754 $75,520 USD
28 Virginia 280 $75,320 USD
29 Louisiana 237 $75,320 USD
30 Alabama 217 $75,220 USD
31 Missouri 496 $73,219 USD
32 Mississippi 67 $72,619 USD
33 New Hampshire 46 $72,619 USD
34 Kansas 76 $71,219 USD
35 Wisconsin 296 $70,718 USD
36 Idaho 104 $70,418 USD
37 Iowa 113 $69,918 USD
38 Oklahoma 207 $69,218 USD
39 New Mexico 112 $68,918 USD
40 Hawaii 102 $67,918 USD
41 Utah 344 $67,318 USD
42 Indiana 277 $66,917 USD
43 Wyoming 23 $66,317 USD
44 Nebraska 107 $66,217 USD
45 Montana 56 $65,517 USD
46 South Carolina 100 $64,717 USD
47 Kentucky 174 $64,417 USD
48 Maine 64 $63,917 USD
49 North Dakota 71 $60,916 USD
50 Arkansas 98 $60,416 USD
51 South Dakota 34 $55,214 USD

Cities / United States (Gross USD)

# Surveys AVERAGE SALARY / YEAR
1 San Jose 110 $127,034 USD
2 San Francisco 661 $110,929 USD
3 New York City 1,265 $100,226 USD
4 Washington DC 743 $97,025 USD
5 Seattle 504 $95,725 USD
6 Houston 690 $94,825 USD
7 Miami 282 $94,625 USD
8 Boston 647 $94,025 USD
9 Los Angeles 816 $91,824 USD
10 Hartford 106 $90,924 USD
11 Fort Worth 115 $88,823 USD
12 San Diego 317 $88,123 USD
13 Newark 207 $87,923 USD
14 Austin 252 $87,223 USD
15 Chicago 793 $86,323 USD
16 Fort Lauderdale 172 $86,223 USD
17 Dallas 534 $86,023 USD
18 Atlanta 598 $85,722 USD
19 Denver 416 $84,922 USD
20 Sacramento 205 $84,422 USD
21 Detroit 422 $83,622 USD
22 Charlotte 273 $83,122 USD
23 Raleigh 181 $83,022 USD
24 Cincinnati 196 $82,922 USD
25 Phoenix 284 $82,622 USD
26 Las Vegas 155 $81,621 USD
27 Philadelphia 485 $81,221 USD
28 Nashville 157 $79,521 USD
29 Minneapolis 337 $79,221 USD
30 Tampa 287 $78,020 USD
31 Baltimore 273 $78,020 USD
32 Pittsburgh 221 $77,220 USD
33 Cleveland 187 $77,120 USD
34 Orlando 273 $76,620 USD
35 Kansas City 231 $76,120 USD
36 Portland, Oregon 236 $75,720 USD
37 Richmond 137 $75,720 USD
38 Buffalo, United States 108 $75,320 USD
39 San Antonio 176 $74,419 USD
40 New Orleans 107 $74,219 USD
41 Columbus 215 $74,019 USD
42 Oklahoma City 124 $72,919 USD
43 --Other-- 1,277 $72,019 USD
44 Birmingham, United States 96 $71,019 USD
45 St. Louis 265 $70,618 USD
46 Milwaukee 207 $70,618 USD
47 Boise 104 $70,418 USD
48 Louisville 108 $70,018 USD
49 Des Moines 113 $69,918 USD
50 Rochester 115 $69,618 USD
51 Albuquerque 112 $68,918 USD
52 Honolulu 102 $67,918 USD
53 Indianapolis 227 $67,518 USD
54 Akron 103 $67,518 USD
55 Salt Lake City 344 $67,318 USD
56 Columbia, South Carolina 100 $64,717 USD
57 Grand Rapids 115 $64,017 USD
58 Little Rock 98 $60,416 USD

Career Groups / United States (Gross USD)

# Surveys AVERAGE SALARY / YEAR
1 Engineers & Technicians V 312 $126,033 USD
2 Management & Business 3,070 $110,929 USD
3 Aviation & Shipping 189 $102,427 USD
4 IT & Programming II 1,012 $95,125 USD
5 Law 496 $94,825 USD
6 Finance & Banking 1,025 $94,725 USD
7 Engineers & Technicians IV 158 $91,724 USD
8 IT & Programming 1,547 $91,624 USD
9 Engineers & Technicians III 78 $91,324 USD
10 Properties & Real Estates 189 $91,224 USD
11 Engineers & Technicians 993 $85,722 USD
12 Health Care & Medical 1,093 $84,022 USD
13 Health Care & Medical II 803 $84,022 USD
14 Human Resources 930 $83,822 USD
15 Marketing, Sales, Purchase 954 $81,621 USD
16 Salesmen & Saleswomen 493 $78,421 USD
17 Insurance 442 $78,421 USD
18 Architect Constructions 249 $78,020 USD
19 Construction & Labor Workers 638 $77,420 USD
20 Military 228 $76,920 USD
21 Engineers & Technicians II 49 $74,619 USD
22 Geography & Geodesy 24 $72,819 USD
23 Security & Fireguard 205 $71,819 USD
24 Public Sector 484 $71,419 USD
25 Fashion 69 $70,818 USD
26 Automobile 189 $69,718 USD
27 Logistics, Road, Railway 336 $69,118 USD
28 Media 239 $67,017 USD
29 Accounting & Administration 1,603 $65,717 USD
30 Education & University 1,094 $65,117 USD
31 Agriculture & Fishing 78 $64,117 USD
32 Making Design 217 $61,616 USD
33 Hotels & Tourism 164 $60,816 USD
34 Manufacturing & Labor Workers 478 $60,316 USD
35 Sports & Recreation 90 $59,315 USD
36 Arts, Culture, Performance 140 $56,015 USD
37 Archaeology & History 32 $56,015 USD
38 Organization & Coordination 294 $55,214 USD
39 Customer Services 571 $47,012 USD
40 Restaurants, Inns, Pubs 302 $45,412 USD

Careers / United States (Gross USD)

# Surveys AVERAGE SALARY / YEAR
1 CEO 217 $161,243 USD
2 Doctor 115 $158,842 USD
3 Director 504 $150,440 USD
4 General Manager 225 $129,034 USD
5 Other Engineer Career 296 $127,134 USD
6 Engineering Manager 90 $123,533 USD
7 Lawyer 173 $118,431 USD
8 Finance Manager 112 $111,729 USD
9 Program Manager 101 $111,229 USD
10 IT Manager 313 $111,029 USD
11 Software Engineer 216 $111,029 USD
12 Construction Manager 100 $106,628 USD
13 CPA - Certified Public Accountant 156 $104,728 USD
14 IT Project Manager 189 $102,527 USD
15 Manager 529 $97,726 USD
16 University Professor 116 $96,425 USD
17 Other Management Career 233 $95,725 USD
18 Operations Manager 230 $95,425 USD
19 Business Manager 119 $95,425 USD
20 Construction Project Manager 121 $94,525 USD
21 Human Resources Manager 428 $93,925 USD
22 Other Finance Career 174 $93,725 USD
23 Other IT Career 121 $93,425 USD
24 Project Manager 250 $93,124 USD
25 Software Developer 276 $92,024 USD
26 Marketing Manager 139 $91,924 USD
27 Other Sales Career 122 $91,524 USD
28 Other Human Resource Career 193 $90,824 USD
29 Engineer 268 $84,922 USD
30 Healthcare Management 211 $83,222 USD
31 System Analyst 98 $82,222 USD
32 Salesmen or Saleswomen 173 $82,021 USD
33 Financial Analyst 208 $80,721 USD
34 Electrical Engineer 98 $80,521 USD
35 Human Resource 132 $79,121 USD
36 Account Manager 87 $76,920 USD
37 Registered Nurse 209 $75,020 USD
38 Mechanical Engineer 148 $73,819 USD
39 Architect 126 $73,719 USD
40 Other Public Sector Career 286 $72,719 USD
41 System Administrator 82 $72,319 USD
42 Manufacturing 116 $70,418 USD
43 Other Manufacturing Career 95 $68,218 USD
44 Other Constr. & Labor Career 104 $67,418 USD
45 Other Medical Career 196 $66,817 USD
46 Senior Accountant 88 $65,717 USD
47 Technician 85 $65,317 USD
48 IT Coordinator 89 $62,916 USD
49 Office Manager 82 $61,116 USD
50 Teacher 204 $60,116 USD
51 Accountant 189 $59,715 USD
52 Other Education Career 201 $57,615 USD
53 Restaurant Manager 98 $57,015 USD
54 Customer Service Manager 101 $54,914 USD
55 Staff Accountant 95 $50,713 USD
56 Other Service Career 164 $48,312 USD
57 Call Center 81 $38,210 USD
58 Administrative Assistant 147 $36,909 USD

People's individual salary examples (surveys)

Fintech - Project Manager
Posted 30 September 2022
City Education Experience Knowledge Gross salary / year
Richmond Masters Degree 2-4 Years Advanced $75,000 USD

Cnc Machinist
Posted 29 September 2022
City Education Experience Knowledge Gross salary / year
Minneapolis Some College 1-2 Years Intermediate $40,000 USD

Automotive Parts Advisor
Posted 29 September 2022
City Education Experience Knowledge Gross salary / year
San Diego Some College 8-12 Years Advanced $35,000 USD

Social Studies Teacher
Posted 29 September 2022
City Education Experience Knowledge Gross salary / year
Bridgeport Masters Degree 2-4 Years Advanced $100,000 USD

Brand Designer Ui/ux
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
Boise Bachelors Degree 8-12 Years Advanced $92,000 USD

Systems Engineer
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
Washington DC Masters Degree 4-8 Years Advanced $103,000 USD

Senior Manager, Hr & Talent
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
Fort Lauderdale Masters Degree 4-8 Years Advanced $100,000 USD

Software Developer
Posted 28 September 2022
City Education Experience Knowledge Gross salary / year
Boise Bachelors Degree 2-4 Years Advanced $80,000 USD

Phd Student
Posted 27 September 2022
City Education Experience Knowledge Gross salary / year
New York City Bachelors Degree 1-2 Years Intermediate $35,000 USD

Talent Development
Posted 27 September 2022
City Education Experience Knowledge Gross salary / year
Washington DC Doctorate Degree 8-12 Years Expert $270,000 USD

Business Coordinator
Posted 27 September 2022
City Education Experience Knowledge Gross salary / year
Detroit Some College 2-4 Years Advanced $48,000 USD

Manager
Posted 27 September 2022
City Education Experience Knowledge Gross salary / year
--Other-- Bachelors Degree 1-2 Years Advanced $63,900 USD

Operations Manager
Posted 27 September 2022
City Education Experience Knowledge Gross salary / year
Jersey City Masters Degree 16-20 Years Advanced $166,500 USD

Family Medicine
Posted 13 September 2022
City Education Experience Knowledge Gross salary / year
Seattle Doctorate Degree 16-20 Years Advanced $242,000 USD

Technical Director
Posted 13 September 2022
City Education Experience Knowledge Gross salary / year
Los Angeles Some College 2-4 Years Advanced $50,000 USD

Credit Analyst
Posted 13 September 2022
City Education Experience Knowledge Gross salary / year
Houston Some College 2-4 Years Advanced $94,000 USD

Scientist
Posted 13 September 2022
City Education Experience Knowledge Gross salary / year
Salt Lake City Doctorate Degree 16-20 Years Expert $150,000 USD

Bookkeeper
Posted 13 September 2022
City Education Experience Knowledge Gross salary / year
Cheyenne, Wyoming Some College 16-20 Years Advanced $40,000 USD

Design Technology
Posted 13 September 2022
City Education Experience Knowledge Gross salary / year
Seattle Some College 12-16 Years Expert $164,000 USD

Veterinarian
Posted 13 September 2022
City Education Experience Knowledge Gross salary / year
San Antonio Doctorate Degree 12-16 Years Advanced $130,000 USD

Analyst
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
New York City Masters Degree 0-1 Year Basic $95,000 USD

Front Desk Agent
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
Knoxville Some College 2-4 Years Intermediate $28,800 USD

Electrical Manufacturing Engineer
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
St. Louis Bachelors Degree 0-1 Year Advanced $74,000 USD

Soldier
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
Philadelphia Some College 1-2 Years Intermediate $65,000 USD

Athletic Trainer
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
Plano High School 0-1 Year Intermediate $100,000 USD

Onsite Construction Manager
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
Miami Some College 2-4 Years Intermediate $68,000 USD

Project Manager
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
San Diego Bachelors Degree 4-8 Years Intermediate $140,000 USD

Senior Accountant
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
Burlington, Vermont Bachelors Degree 16-20 Years Advanced $72,000 USD

Senior Recruiter
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
Atlanta Masters Degree 1-2 Years Advanced $68,000 USD

Senior Bd Manager
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
Tampa Doctorate Degree 4-8 Years Expert $145,000 USD

Net Admin
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
Salt Lake City Some College 2-4 Years Advanced $61,000 USD

Senior Paralegal
Posted 12 September 2022
City Education Experience Knowledge Gross salary / year
Los Angeles Bachelors Degree 8-12 Years Advanced $130,000 USD

Business Owner
Posted 11 September 2022
City Education Experience Knowledge Gross salary / year
Dallas Some College 2-4 Years Expert $175,000 USD

Rn Case Manager
Posted 11 September 2022
City Education Experience Knowledge Gross salary / year
Long Beach Masters Degree 4-8 Years Intermediate $112,000 USD

General Manager
Posted 11 September 2022
City Education Experience Knowledge Gross salary / year
Madison Bachelors Degree 16-20 Years Expert $66,000 USD

Senior Staff Software Engineer
Posted 11 September 2022
City Education Experience Knowledge Gross salary / year
San Jose Bachelors Degree 16-20 Years Expert $90,000 USD

Associate Professor
Posted 10 September 2022
City Education Experience Knowledge Gross salary / year
San Jose Doctorate Degree 2-4 Years Expert $100,000 USD

Senior Application Developer
Posted 10 September 2022
City Education Experience Knowledge Gross salary / year
Indianapolis Some College 4-8 Years Advanced $80,000 USD

Chief Underwriting & Marketing Officer
Posted 10 September 2022
City Education Experience Knowledge Gross salary / year
Austin Masters Degree 16-20 Years Expert $89,000 USD

Customer Success Manager
Posted 10 September 2022
City Education Experience Knowledge Gross salary / year
Chicago Bachelors Degree 0-1 Year Advanced $80,000 USD

Revenue Manager
Posted 10 September 2022
City Education Experience Knowledge Gross salary / year
Birmingham, United States Bachelors Degree 16-20 Years Advanced $140,000 USD

Director, Human Resources
Posted 10 September 2022
City Education Experience Knowledge Gross salary / year
New York City Bachelors Degree 16-20 Years Expert $170,000 USD

Senior Scientist
Posted 09 September 2022
City Education Experience Knowledge Gross salary / year
Boston Doctorate Degree 2-4 Years Expert $130,000 USD

Software Engineer
Posted 09 September 2022
City Education Experience Knowledge Gross salary / year
Irvine Bachelors Degree 1-2 Years Intermediate $108,000 USD

Legal Administrator
Posted 09 September 2022
City Education Experience Knowledge Gross salary / year
Washington DC Doctorate Degree 16-20 Years Expert $150,000 USD

Administrative Assistant/accounts Payable/office Manager
Posted 08 September 2022
City Education Experience Knowledge Gross salary / year
Los Angeles Some College 16-20 Years Intermediate $57,300 USD

Research Associate
Posted 08 September 2022
City Education Experience Knowledge Gross salary / year
Honolulu Doctorate Degree 0-1 Year Expert $55,000 USD

Electrical Engineer
Posted 08 September 2022
City Education Experience Knowledge Gross salary / year
Boston Bachelors Degree 12-16 Years Advanced $100,000 USD

Claims Manager
Posted 08 September 2022
City Education Experience Knowledge Gross salary / year
Durham Bachelors Degree 16-20 Years Advanced $125,000 USD

Hr Mgr
Posted 08 September 2022
City Education Experience Knowledge Gross salary / year
Miami Masters Degree 8-12 Years Advanced $115,000 USD

ECONOMY / United States

Introduction

The United States economy is massive. The high economic growth is attributed to its high productivity, making it the 7th country with the highest value of natural resources. The currency used for both local and international transactions is the US Dollar.

The guide will help you learn about the United States GDP, various sectors of the United States economy, inflation, and employment statistics.

 

GDP

The Gross Domestic Product of the United States has grown gradually over the years. In the year 2017, the GDP was 19.5 trillion, and the year 2018 20.1 trillion. In the current year, which is the year 2021, the GDP is at 22.785 trillion. The highest growth was experienced in the year 2008, which was a 2.9 percent increment. However, due to the Covid -19 pandemic there was a GDP drop in 2020. The GDP per sector is.

·       Agriculture sector 0.9%

·       Industry sector 18.9%

·       Services 80.2%

The United States GDP per capita is currently at $68,310. The United States is ranked 7th in terms of GDP per capita. The growth has been gradual over the years where economists attributes it to

·       Low productivity growth

·       Reduced corporate investment

·       Slow growth in the labor force and population

·       Lack of significant innovation

 

Economic sector

Some of the leading industries which have led to massive economic growth include.

·       Health care

Health care has led to a massive boost of the United States economy. The sector has led to more jobs creation. The primary reason for the job creation includes Increased demand for workers due to chronic diseases that the aging population faces, and additional employees are needed to take care of the aging population.

·       Technology

Most of the sectors require technology for them to work effectively. This has led to more employees filling the gap.

·       Aerospace

The United States is famously known for manufacturing airplanes. We have seen companies such as Boeing and General Dynamics making military aircraft and private airplanes.

 

Employment 

The country has the fourth highest labor force in the world. In the year 2017, there were about 160.4 million people in the employment sector. The main employer is small businesses which contribute 37% of the employees. Large business sectors follow closely with around 36% of the labor force.

Private sectors also employ a vast workforce than the government, where the private sector accounts for 85% while the government accounts for 14% of the workforce. Statistics collected in the year 2018 the employment sector labor force for various sectors are as follows.

·       Industries 19%

·       Services 80%

·       Agriculture 1%

Statistics for the year ending 31st December 2017 showed that the rate of unemployment was at 4.1 percent. That indicates that around 6.6 million people in the United States were not employed during that year. The primary reasons for unemployment include.

·       Demographic shifts

·       Retirements

Unemployment has gradually increased over the years. However, in May 2014, there was an increase in payroll jobs as the economy recovered. However, the Covid 19 pandemic has had adverse effects. The unemployment rate in April 2020 rose to 14.7% then fell to 11.1 % at the end of June 2020. By August 2021, the unemployment rate of the United States stands at 5.2%.

 

Exports and Imports

By the end of 2020, United States exports estimated amount was $2.127 trillion. The main exports and import partners of the United States include Japan, China, Mexico, Canada, and the European Union. United States exports are from various sectors such as agricultural products, fuel and mining products, manufactures, and other sectors. The allocation of exports in the different sectors is as follows. The United States imports amount to 2.808 trillion.

 

Inflation

The primary indicator of inflation in a country is the consumer price index. The inflation rate in the year 2020 was 1.2 percent. That shows that the purchasing power of the US dollar is stable. Statistics by the international monetary fund show that the United state's inflation rate is relatively low compared to other countries. A country like China had an inflation rate of 2.92 percent in 2020.

 

Income and wealth

1.    Income inequality

The income inequality of a country is how the income is distributed among the people. With such data, we know how many people are in the lower class, middle class, and high class. In 2017 United States income inequality was ranked 41 out of 156 countries. Income equality has risen over the years. From the 1970s, the country has experienced a widening gap between median incomes and productivity. The main reasons for that being.

 

·       Decrease in per capita hours worked.

·       Increase in non-cash benefits, which are not counted as CPS income data such as share of workers compensation.

·       Statistical distortion.

·       Immigrants are entering the labor force.

·       Income ever-changing from labor to capital.

·       Period adjustment after an income surge such as post wars.

 

2.    Household net worth and wealth inequality

In 2017 the household net worth of the United States was $ 99 trillion. That was a $5.2 trillion increase from the previous year. The $ 99 trillion represents each person getting $ 302,000.

Studies in 2017 show that wealth inequality is at high records where it was estimated that 1 percent will regulate 70% of United States wealth by 2021. Wealth inequality is very high as compared to other developed countries. We can see it as the ten top wealthiest countries with about 80%  of the financial assets.

 

3.    Homeownership

In 2018, the homeownership rate was 62.4%.  Homeownership is relatively high in comparison to other countries. The country's average home equals 65 square meters, fifty percent more than most average high-income countries. Research done by Pew Research Centre shows that Americans of age between 18 and 34 are more probable to stay with their guardians.

 

Conclusion

A country's economy is mainly measured by its GDP, Inflation rate, and the various sectors of the economy.  United States economy is high compared to other developed countries and the world's largest economy in terms of net wealth and GDP


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