Stand design in USA- Stand design in united States Of America- Stand making in America – Stand making in USA
Economy of united states of america ( USA )
The United States has a capitalist mixed economy which is fueled by abundant natural resources and high productivity. According to the International Monetary Fund, the U.S. GDP of $16.8 trillion constitutes 24% of the gross world product at market exchange rates and over 19% of the gross world product at purchasing power parity (PPP).
The nominal GDP of the U.S. is estimated to be $17.528 trillion as of 2014 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 G7. The country ranks ninth in the world in nominal GDP per capita according to the United Nations (first in the Americas) and sixth in GDP per capita at PPP. The U.S. dollar is the world’s primary reserve currency.
The United States is the largest importer of goods and second-largest exporter, though exports per capita are relatively low. In 2010, the total U.S. trade deficit was $635 billion. Canada, China, Mexico, Japan, and Germany are its top trading partners. In 2010, oil was the largest import commodity, while transportation equipment was the country’s largest export. Japan is the largest foreign holder of U.S. public debt. The largest holder of the U.S. debt are American entities, including federal government accounts and the Federal Reserve, who hold the majority of the debt.
In 2009, the private sector was estimated to constitute 86.4% of the economy, with federal government activity accounting for 4.3% and state and local government activity (including federal transfers) the remaining 9.3%. The number of employees at all levels of government outnumber those in manufacturing by 1.7 to 1. While its economy has reached a postindustrial level of development and its service sector constitutes 67.8% of GDP, the United States remains an industrial power. The leading business field by gross business receipts is wholesale and retail trade; by net income it is manufacturing. In the franchising business model, McDonald’s and Subway are the two most recognized brands in the world. Coca-Cola is the most recognized soft drink company in the world.
Chemical products are the leading manufacturing field. The United States is the largest producer of oil in the world, as well as its second-largest importer. It is the world’s number one producer of electrical and nuclear energy, as well as liquid natural gas, sulfur, phosphates, and salt. The National Mining Association provides data pertaining to coal and minerals that include beryllium, copper, lead, magnesium, zinc, titanium and others.
Agriculture accounts for just under 1% of GDP, yet the United States is the world’s top producer of corn and soybeans. The National Agricultural Statistics Service maintains agricultural statistics for products that include peanuts, oats, rye, wheat, rice, cotton, corn, barley, hay, sunflowers, and oilseeds. In addition, the United States Department of Agriculture (USDA) provides livestock statistics regarding beef, poultry, pork, and dairy products. The country is the primary developer and grower of genetically modified food, representing half of the world’s biotech crops.
Consumer spending comprises 68% of the U.S. economy in 2015. In August 2010, the American labor force consisted of 154.1 million people. With 21.2 million people, government is the leading field of employment. The largest private employment sector is health care and social assistance, with 16.4 million people. About 12% of workers are unionized, compared to 30% in Western Europe. The World Bank ranks the United States first in the ease of hiring and firing workers. The United States is ranked among the top three in the Global Competitiveness Report as well. It has a smaller welfare state and redistributes less income through government action than European nations tend to.
The United States is the only advanced economy that does not guarantee its workers paid vacation and is one of just a few countries in the world without paid family leave as a legal right, with the others being Papua New Guinea, Suriname and Liberia. While federal law does not require sick leave, it is a common benefit for government workers and full-time employees at corporations. 74% of full-time American workers get paid sick leave, according to the Bureau of Labor Statistics, although only 24% of part-time workers get the same benefits. In 2009, the United States had the third-highest workforce productivity per person in the world, behind Luxembourg and Norway. It was fourth in productivity per hour, behind those two countries and the Netherlands.
The 2008–2012 global recession significantly affected the United States, with output still below potential according to the Congressional Budget Office. It brought high unemployment (which has been decreasing but remains above pre-recession levels), along with low consumer confidence, the continuing decline in home values and increase in foreclosures and personal bankruptcies, an escalating federal debt crisis, inflation, and rising petroleum and food prices.
Science and technology of united states of america ( USA )
The United States has been a leader in technological innovation since the late 19th century and scientific research since the mid-20th century. Methods for producing interchangeable parts were developed by the U.S. War Department by the Federal Armories during the first half of the 19th century. This technology, along with the establishment of a machine tool industry, enabled the U.S. to have large-scale manufacturing of sewing machines, bicycles and other items in the late 19th century and became known as the American system of manufacturing. Factory electrification in the early 20th century and introduction of the assembly line and other labor-saving techniques created the system called mass production.
n 1876, Alexander Graham Bell was awarded the first U.S. patent for the telephone. Thomas Edison’s research laboratory, one of the first of its kind, developed the phonograph, the first long-lasting light bulb, and the first viable movie camera. The latter led to emergence of the worldwide entertainment industry. In the early 20th century, the automobile companies of Ransom E. Olds and Henry Ford popularized the assembly line. The Wright brothers, in 1903, made the first sustained and controlled heavier-than-air powered flight.
The rise of fascism and Nazism in the 1920s and 1930s led many European scientists, including Albert Einstein, Enrico Fermi, and John von Neumann, to immigrate to the United States. During World War II, the Manhattan Project developed nuclear weapons, ushering in the Atomic Age, while the Space Race produced rapid advances in rocketry, materials science, and aeronautics.
The invention of the transistor in the 1950s, a key active component in practically all modern electronics, led to many technological developments and a significant expansion of the U.S. technology industry. This, in turn, led to the establishment of many new technology companies and regions around the country such as Silicon Valley in California. Advancements by American microprocessor companies such as Advanced Micro Devices (AMD), and Intel along with both computer software and hardware companies that include Adobe Systems, Apple Inc., IBM, Microsoft, and Sun Microsystems created and popularized the personal computer. The ARPANET was developed in the 1960s to meet Defense Department requirements, and became the first of a series of networks which evolved into the Internet.
These advancements then lead to greater personalization of technology for individual use. As of 2013, 83.8% of American households owned at least one computer, and 73.3% had high-speed Internet service. 91% of Americans also own a mobile phone as of May 2013. The United States ranks highly with regard to freedom of use of the internet.
In the 21st century, approximately two-thirds of research and development funding comes from the private sector. The United States leads the world in scientific research papers and impact factor.
Income, poverty and wealth of united states of america ( USA )
Further information: Income in the United States, Poverty in the United States, Affluence in the United States, United States counties by per capita income, and Income inequality in the United States
Americans have the highest average household and employee income among OECD nations, and in 2007 had the second-highest median household income. According to the U.S. Census Bureau, median household income was $59,039 in 2016. Accounting for 4.4% of the global population, Americans collectively possess 41.6% of the world’s total wealth, and Americans make up roughly half of the world’s population of millionaires. The Global Food Security Index ranked the U.S. number one for food affordability and overall food security in March 2013. Americans on average have over twice as much living space per dwelling and per person as European Union residents, and more than every EU nation. For 2013 the United Nations Development Programmers ranked the United States 5th among 187 countries in its Human Development Index and 28th in its inequality-adjusted HDI (IHDI).
After years of stagnant growth, in 2016, according to the Census, median household income reached a record high after two consecutive years of record growth, although income inequality remains at record highs with top fifth of earners taking home more than half of all overall income. There has been a widening gap between productivity and median incomes since the 1970s. However, the gap between total compensation and productivity is not as wide because of increased employee benefits such as health insurance. The rise in the share of total annual income received by the top 1 percent, which has more than doubled from 9 percent in 1976 to 20 percent in 2011, has significantly affected income inequality, leaving the United States with one of the widest income distributions among OECD nations. According to a 2018 study by the OECD, the United States has much higher income inequality and a larger percentage of low-income workers than almost any other developed nation. This is largely because at-risk workers get almost no government support and are further set back by a very weak collective bargaining system. The top 1 percent of income-earners accounted for 52 percent of the income gains from 2009 to 2015, where income is defined as market income excluding government transfers, the extent and relevance of income inequality is a matter of debate.
Wealth, like income and taxes, is highly concentrated; the richest 10% of the adult population possess 72% of the country’s household wealth, while the bottom half claim only 2%. According to a September 2017 report by the Federal Reserve, the top 1% controlled 38.6% of the country’s wealth in 2016. Between June 2007 and November 2008 the global recession led to falling asset prices around the world. Assets owned by Americans lost about a quarter of their value. Since peaking in the second quarter of 2007, household wealth was down $14 trillion, but has since increased $14 trillion over 2006 levels. At the end of 2014, household debt amounted to $11.8 trillion, down from $13.8 trillion at the end of 2008.
There were about 578,424 sheltered and unsheltered homeless persons in the U.S. in January 2014, with almost two-thirds staying in an emergency shelter or transitional housing program. In 2011 16.7 million children lived in food-insecure households, about 35% more than 2007 levels, though only 1.1% of U.S. children, or 845,000, saw reduced food intake or disrupted eating patterns at some point during the year, and most cases were not chronic. According to a 2014 report by the Census Bureau, one in five young adults lives in poverty, up from one in seven in 1980. As of September 2017, 40 million people, roughly 12.7% of the U.S. population, were living in poverty, with 18.5 million of those living in deep poverty (a family income below one-half of the poverty threshold). In 2016, 13.3 million children were living in poverty, which made up 32.6% of the impoverished population.
In 2017, the region with the lowest poverty rate was New Hampshire (7.3%), and the region with the highest poverty rate was American Samoa (65%). Among the states, the highest poverty rate was in Mississippi (21.9%). According to the UN, around five million people in the U.S. live in “third world” conditions.