The economy of the United States is the world’s largest national economy in nominal terms and the second in terms of purchasing power parity globally. The economy’s currency the US dollar is used to settle most international transactions. The US economy is a mixed one. Its major trading partners are United Kingdom, Canada, Mexico, South Korea and Japan.
The United States’ economy is one of the high industrialized and diversified economies in the world. Its major industries include; energy, transport, healthcare, and agriculture. It is a leading exporter of innovation goods, arms, petroleum products, and electronics.
The Unites states is a consumption economy where most of the goods and services are consumed locally rather than for export promotion. Although the US is one world’s largest exporters of technology goods it imports heavily from Asian economies like China. Its main export markets are the European Union, Canada, China, and Mexico.
The US economy is still recovering from the 2008 global financial crisis. It is also grappling with plummeting oil prices and is greatly concerned about China growing exports into the economy (Potomac, 2010). Lastly, the economy is in a transition because of regime change.
Production output performance analysis
The real GDP is an inflation-adjusted macroeconomic measure of the value of all goods and services that are produced in an economy in a given year. In simple terms, it measures everything that a country produces in a particular year. It is usually expressed in constant prices which enable it to capture economic growth more accurately as compared to the nominal GDP (Feldstein, 1988). From the graph, we can deduce that the GDP of the US was initially rising from the year 2006 up to the year 2008. During this phase the economy was experiencing a boom and was healthy, employment rates were high and consumption was high. However, the economy slides into a recession in the year 2008. During this period the 2008 global financial crises happened. This led to a decline in US GDP, where it hit its lowest point in the last decade. This scenario persisted up to the year 2010. From 2010 the US economy is seen to be in a recovery where the GDP is increasing significantly over the years.
Real GDP Growth Rate
The real GDP growth rate is a measure of economic expansion in relation to real GDP from one financial year to another. It measures how fast the country’s economy is growing. It is largely driven by net exports, personal consumption, and government expenditure and business investment (Feldstein, 1988). From the graphical representation of the real GDP growth rate of US, we are starting with a positive figure which indicates that the economy is expanding healthy. If the economy is growing then by implication so is employment, personal incomes, and business. During the 2008-2009 global financial the economy went into recession and it can be seen that the real GDP growth rate is negative. In this Contraction phase business reduced their capital investments and hiring employees waiting for the economy to pick up. The economy is depressed further and consumption rate declines. By the year 2010, the economy seems to stabilize. Negative real GDP growth rates seem to follow economic recession as per the History of Recession.
Real GDP per Capita Analysis of US
This is a measure of the total economic output of a country which is inflation –adjusted divided by the number of her people. It is majorly used to compare the living standards of citizens between countries and over time (Feldstein, 1988). The US GDP per capita increased initially from 2006 to 2007. This means that the standards of living of the citizens were increasing. This took a negative trend in 2008 when the US stock market crashed. The Federal Reserve Bank of New York began quantitative easing and lowered interest rates to zero. This phase is during the 2008 financial crisis. In 2009 Obama became the president and the Stimulus Act ended the recession. In the following year, Obamacare was passed in 2012 during which a fiscal cliff was experienced. In 2014 the economy was growing slowly but still healthy. In 2015 exports were hit the hard strong dollar. Generally, the real GDP growth rate is increasing from 2009 up to 2016 despite the various events that occurred in the economy.
Government measures adopted to achieve the production output performance
The US economy can use the production possibility frontier (PPF) to find the best way of combining various factors of production such as capital, labor, and technology to ascertain the best mix to be used in production to ensure efficiency. A PPF also referred to transformation curve that shows all the maximum output possibilities for goods from the factors of production. The PPF can shift upwards leading to greater when one factor of both becomes, for example, use of new innovates in manufacturing sector expands production.
The economy has leveraged on it technological advancement to promote the mass production of capital goods and consumption to cater for the domestic needs as well as for exports as surplus. Better use of economic factors of production by improvement, for instance, training of labor increases its supply and productivity.
Labour Market Analysis
Unemployment trend in the US
Unemployment is defined as the number of people who are will to work at the prevailing market wage rate but are unable to get jobs. It includes those who have been laid off but are waiting to be recalled. Unemployment in the United States has been dropping to the current rate of 4.9 %.The number of the unemployed has remained relatively stable at 7.9 million people. At the same time, the current labor market participation is at 62.8%. According to data from U.S Bureau of Labor Statistics, the number of unemployed people in the US around 2006 was at a value below 5%. Unemployment remained steadily low during the period between 2006 and 2008. The rate rose sharply to about 10% in the aftermath of the 2008 financial crises. During this period the economy was in recession, real GDP dropped significantly and many workers were laid off adding to the unemployment rate (“United States Unemployment Rate”, 2016). At the beginning of the year 2010 normalcy returned to the economy and unemployment is seen to decline gradually to the current rate.
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