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U.S. Economic Analysis

The United States is a global economic powerhouse, with a high level of productivity, a well-developed transportation infrastructure, and a rich endowment of natural resources. According to the OECD, the median income of workers and households in the United States is the highest among its members. In 2021, the median household income in the United States was $68,703.

However, the United States also faces significant challenges in terms of income inequality, which is one of the highest among developed countries.

The United States engages in trade with many countries around the world, with its top trading partners being Canada, Mexico, China, Japan, Germany, South Korea, the United Kingdom, Taiwan, India, and Vietnam. The United States is the world's largest importer of goods and services and the second largest exporter. The United States has signed free trade agreements with several countries, such as the USMCA with Canada and Mexico, the KORUS with South Korea, and the AUSFTA with Australia. The United States is also pursuing or negotiating other free trade agreements with various countries and regions.

OECD Economic Survey of the United States 2022

An OECD economic study in the United States reports that unprecedented political support, coupled with the early rollout of vaccinations, has allowed real GDP to return to pre-pandemic levels by mid-2021. In response to the current economic recession and high inflation, monetary policy is being tightened rapidly. A shrinking middle class, the availability and affordability of childcare services, and climate change are key priorities on the government's agenda.

An important aspect will be ensuring that employment-specific and active labor market policies are in place to manage labor market distortions as employment shifts from high carbon to high-carbon jobs. low carbon.

To learn more: oe.cd/economyus-economic-snapshot

GDP per Hour Worked

GDP per hour worked is a measure of labor productivity. It measures the efficiency of labor inputs that are combined with other factors of production and used in the production process. Labor cost is defined as the total number of hours worked by all people working in production. Labor productivity only reflects a part of labor productivity in terms of individual capacity or labor intensity. The relationship between production inputs and labor depends largely on the availability and/or use of other resources (e.g. capital, intermediate resources, technical, organizational and organizational change). economic scale). This rate is measured in US dollars (2010 fixed prices and PPP) and indices.

GDP per hour worked: Total, 2015=100, 2022 or latest available

5 Important Productivity Indicators

What is efficiency? It's a measure of how well you do what needs to be done. But what about innovations and improvements? There are also performance metrics that can help us.

Innovation and improvement in the company is one of the most important activities if entrepreneurs and managers want to stay on top. The question is how can we track what is happening with innovation and how our current innovation systems help our company innovate.

There are many performance metrics that can be used for this purpose, but here I want to list some of the easiest and most important to track. Here are my top five innovation-related productivity metrics.

1. The Average Number of Tasks Performed by Each Staff Member

The importance of this productivity metric is obvious from its name. You can calculate this productivity score by dividing all tasks for a specific time period (day, week, month, or year) by the number of employees in your company. With this metric, you can easily measure your company's overall performance based on employees.

Simply, you can easily track the change in the number of completed tasks. Since this metric is influenced by employee performance and in some cases your company's current compensation system, it's easy to make changes to improve this metric.

2. The Speed of New Products Introduction (Time to Market)

The rate of introduction of a new product, also known as "time to market" as a measure of productivity, can be calculated as the difference between the new product launch date and the product development date new.

The main purpose of this productivity metric is to improve your company's efficiency in turning ideas into final products.

This metric is important because it measures the time it takes to bring a new product to market or the effectiveness of the new product development system. To improve this metric, you can continuously train the staff responsible for developing new products, building better systems, improving bidding systems, and more.

3. New Products Introduced in a Specific Time

This metric is important because it measures the time it takes to bring a new product to market or the effectiveness of the new product development system. To improve this metric, you can continuously train the staff responsible for developing new products, building better systems, improving bidding systems, and more.

You can easily check and compare this number with your revenue or profit results.

4. Number of Improvements Made in a Specific Time

As you know, you will need to make many improvements in your existing products, services, processes or business models. This performance metric will show how well your business is meeting improvement needs. It will measure the number of improvement projects implemented in a given period of time.

The main purpose of this metric is to measure how focused your company is on innovation. A higher number for this performance metric means a greater emphasis on improvement.

5. Average Innovation/Improvements Ideas Initiated by Your Staff Members

The importance of this productivity metric is obvious from its name. You can calculate this by dividing all innovation or improvement ideas for a given period of time (day, week, month, or year) by the number of employees in your company. With this metric, you can easily measure the ideas that employees generate in your company.

You can use these performance metrics to monitor, measure, and make decisions regarding your innovation strategy.

Inflation (CPI)

Inflation is measured by the Consumer Price Index (CPI) which is defined as the change in the price of a basket of goods and services commonly purchased by specific groups of households. Inflation is measured by annual growth rate and index from base year 2015, broken down by food, energy and total no food and energy. Inflation measures the decline in living standards. The consumer price index is measured by a set of indicators that summarize the proportional change in prices over time for a fixed group of consumer goods and services of varying quantities and characteristics. fixed to be bought, used or paid for by people. Each summary indicator is constructed as a weighted average of a large number of underlying composite indicators. Each basic composite indicator is estimated on the basis of a sample of the prices of a particular group of goods and services received in a particular area or by residents of a particular area from a group of stores selling goods and services. specific retail or other sources of consumption of goods and services.

Inflation (CPI): Total, Annual growth rate (%), Apr 2023 or latest available (G20 Countries)

Economic Outlook Note - United States

Real GDP is projected to grow by 1.8% in 2022, 0.5% in 2023 and 1.0% in 2024. High inflation and tight financial conditions will continue to constrain plans. spending plans across the economy. With a significant decline in domestic production, labor demand and wage growth will moderate. Price pressures should ease as energy prices stabilize and demand declines, but core inflation is not expected to return close to the Federal Reserve's target until late 2024.

Gross Domestic Product by County and Metropolitan Area, 2023
In 2023, real gross domestic product (GDP) increased in 2,357 counties, decreased in 734 counties, and was unchanged in 23 counties. The percent change in real GDP ranged from 125.8 percent in Throckmorton County, TX, to -39.6 percent in Lincoln County, WA. Full Text

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Personal Income and Outlays, October 2024
Personal income increased $147.4 billion (0.6 percent at a monthly rate) in October. Disposable personal income (DPI)-personal income less personal current taxes-increased $144.1 billion (0.7 percent). Personal outlays-the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments-increased $69.8 billion (0.3 percent) and consumer spending increased $72.3 billion (0.4 percent). Personal saving was $962.7 billion and the personal saving rate-personal saving as a percentage of disposable personal income-was 4.4 percent in October. Full Text

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Gross Domestic Product, 3rd Quarter 2024 (Second Estimate) and Corporate Profits (Preliminary)
Real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the third quarter of 2024, according to the "second" estimate. In the second quarter, real GDP increased 3.0 percent. The increase in the third quarter primarily reflected increases in consumer spending, exports, federal government spending, and business investment. Imports, which are a subtraction in the calculation of GDP, increased. Full Text

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Gross Domestic Product for the Commonwealth of the Northern Mariana Islands, 2021 and 2022
Real gross domestic product (GDP) for the Commonwealth of the Northern Mariana Islands increased 16.7 percent in 2022 and 5.1 percent in 2021 after decreasing 29.1 percent in 2020. The growth in real GDP from 2021 to 2022 reflected increases in exports, government spending, and private fixed investment. These increases were partly offset by a decrease in personal consumption expenditures. Imports, a subtraction item in the calculation of GDP, increased. Full Text

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Outdoor Recreation Satellite Account, U.S. and States, 2023
The U.S. Bureau of Economic Analysis released statistics today measuring the outdoor recreation economy for the nation, all 50 states, and the District of Columbia. The new U.S. data show that the value added of the outdoor recreation economy accounted for 2.3 percent ($639.5 billion) of current-dollar gross domestic product (GDP) for the nation in 2023. At the state level, value added for outdoor recreation as a share of state GDP ranged from 6.3 percent in Hawaii to 1.6 percent in Delaware, Connecticut, and New York. The share was 0.8 percent in the District of Columbia. Full Text

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Activities of U.S. Affiliates of Foreign Multinational Enterprises, 2022
Majority-owned U.S. affiliates of foreign multinational enterprises employed 8.35 million workers in the United States in 2022, a 6.8 percent increase from 7.82 million workers in 2021, according to the U.S. Bureau of Economic Analysis. These affiliates accounted for 6.2 percent of total private-industry employment in the United States in 2022. Full Text

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Personal Income by County and Metropolitan Area, 2023
In 2023, personal income, in current dollars, increased in 2,814 counties, decreased in 295, and was unchanged in five counties in 2023. Personal income increased 6.0 percent in the metropolitan portion of the United States and 4.7 percent in the nonmetropolitan portion. Full Text

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U.S. International Trade in Goods and Services, September 2024
The U.S. monthly international trade deficit increased in September 2024 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $70.8 billion in August (revised) to $84.4 billion in September, as exports decreased and imports increased. The goods deficit increased $14.2 billion in September to $109.0 billion. The services surplus increased $0.6 billion in September to $24.6 billion. Full Text

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Personal Income and Outlays, September 2024
Personal income increased $71.6 billion (0.3 percent at a monthly rate) in September. Disposable personal income (DPI)-personal income less personal current taxes-increased $57.4 billion (0.3 percent). Personal outlays-the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments-increased $106.3 billion (0.5 percent) and consumer spending increased $105.8 billion (0.5 percent). Personal saving was $1.00 trillion and the personal saving rate-personal saving as a percentage of disposable personal income-was 4.6 percent in September. Full Text

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Gross Domestic Product, Third Quarter 2024 (Advance Estimate)
Real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the third quarter of 2024, according to the "advance" estimate. In the second quarter, real GDP increased 3.0 percent. The increase in the third quarter primarily reflected increases in consumer spending, exports, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased. Full Text

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U.S. International Trade in Goods and Services, August 2024
The U.S. monthly international trade deficit decreased in August 2024 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $78.9 billion in July (revised) to $70.4 billion in August, as exports increased and imports decreased. The goods deficit decreased $8.4 billion in August to $94.9 billion. The services surplus increased $0.1 billion in August to $24.4 billion. Full Text

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Personal Consumption Expenditures by State, 2023
Personal consumption expenditures (PCE) increased in all 50 states and the District of Columbia in 2023. The percent change ranged from 8.1 percent in Florida to 4.7 percent in Iowa. Nationally, current-dollar PCE increased 6.4 percent in 2023 after increasing 9.8 percent in 2022. Full Text

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Gross Domestic Product by State and Personal Income by State, 2nd Quarter 2024
Real gross domestic product increased in 49 states and the District of Columbia in the second quarter of 2024, with the percent change ranging from 5.9 percent at an annual rate in Idaho to -1.1 percent in Alaska. Personal income, in current dollars, increased in all 50 states and the District of Columbia, with the percent change ranging from 6.9 percent at an annual rate in South Carolina to 2.3 percent in North Dakota. Full Text

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Personal Income and Outlays, August 2024
Personal income increased $50.5 billion (0.2 percent at a monthly rate) in August. Disposable personal income (DPI)-personal income less personal current taxes- increased $34.2 billion (0.2 percent). Personal outlays-the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments-increased $48.3 billion (0.2 percent) and consumer spending increased $47.2 billion (0.2 percent). Personal saving was $1.05 trillion and the personal saving rate-personal saving as a percentage of disposable personal income-was 4.8 percent in August. Full Text

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Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, Second Quarter 2024 and Annual Update
Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024, according to the "third" estimate. In the first quarter, real GDP increased 1.6 percent (revised). The second-quarter increase in real GDP was the same as previously estimated in the "second" estimate released in August. The increase in the second quarter primarily reflected increases in consumer spending, inventory investment, and business investment. Imports, which are a subtraction in the calculation of GDP, increased. Full Text

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U.S. International Investment Position, 2nd Quarter 2024
The U.S. net international investment position, the difference between U.S. residents' foreign financial assets and liabilities, was -$22.52 trillion at the end of the second quarter of 2024, according to statistics released today by the U.S. Bureau of Economic Analysis. Assets totaled $36.00 trillion, and liabilities were $58.52 trillion. At the end of the first quarter, the net investment position was -$21.29 trillion (revised). Full Text

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U.S. International Transactions, 2nd Quarter 2024
The U.S. current-account deficit widened by $25.8 billion, or 10.7 percent, to $266.8 billion in the second quarter of 2024, according to statistics released today by the U.S. Bureau of Economic Analysis. The revised first-quarter deficit was $241.0 billion. The second-quarter deficit was 3.7 percent of current-dollar gross domestic product, up from 3.4 percent in the first quarter. Full Text

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U.S. International Trade in Goods and Services, July 2024
The U.S. goods and services trade deficit increased in July 2024 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $73.0 billion in June (revised) to $78.8 billion in July, as imports increased more than exports. The goods deficit increased $5.6 billion in July to $103.1 billion. The services surplus decreased $0.2 billion in July to $24.3 billion. Full Text

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Personal Income and Outlays, July 2024
Personal income increased $75.1 billion (0.3 percent at a monthly rate) in July. Disposable personal income (DPI)-personal income less personal current taxes-increased $54.8 billion (0.3 percent). Personal outlays-the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments-increased $103.3 billion (0.5 percent) and consumer spending increased $103.8 billion (0.5 percent). Personal saving was $598.8 billion and the personal saving rate-personal saving as a percentage of disposable personal income-was 2.9 percent in July. Full Text

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Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), Second Quarter 2024
Real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024, according to the "second" estimate. In the first quarter, real GDP increased 1.4 percent. The increase in the second quarter primarily reflected increases in consumer spending, private inventory investment, and business investment. Imports, which are a subtraction in the calculation of GDP, increased. Full Text

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