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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.

Marine Economy Satellite Account, 2022
The Marine Economy Satellite Account statistics released today by the U.S. Bureau of Economic Analysis show the marine economy accounted for $476.2 billion, or 1.8 percent, of current-dollar U.S. gross domestic product (GDP) in 2022, an increase from $424.2 billion, or 1.8 percent, in 2021. The marine economy accounted for 1.7 percent, or $776.9 billion, of current-dollar gross output. Full Text

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U.S. International Trade in Goods and Services, April 2024
The U.S. goods and services trade deficit increased in April 2024 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $68.6 billion in March (revised) to $74.6 billion in April, as imports increased more than exports. The goods deficit increased $5.9 billion in April to $99.2 billion. The services surplus decreased $0.1 billion in April to $24.7 billion. Full Text

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Personal Income and Outlays, April 2024
Personal income increased $65.3 billion (0.3 percent at a monthly rate) in April. Disposable personal income (DPI)-personal income less personal current taxes-increased $40.2 billion (0.2 percent). Personal outlays-the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments-increased $42.8 billion (0.2 percent) and consumer spending increased $39.1 billion (0.2 percent). Personal saving was $744.5 billion and the personal saving rate-personal saving as a percentage of disposable personal income-was 3.6 percent in April. Full Text

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Gross Domestic Product, First Quarter 2024 (Second Estimate) and Corporate Profits (Preliminary)
Real gross domestic product (GDP) increased at an annual rate of 1.3 percent in the first quarter of 2024, according to the "second" estimate. In the fourth quarter of 2023, real GDP increased 3.4 percent. The increase in the first quarter primarily reflected increases in consumer spending and housing investment that were partly offset by a decrease in inventory investment. 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, March 2024
The U.S. goods and services trade deficit decreased in March 2024 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $69.5 billion in February (revised) to $69.4 billion in March, as imports decreased more than exports. The goods deficit increased $0.8 billion in March to $92.5 billion. The services surplus increased $0.9 billion in March to $23.1 billion. Full Text

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Personal Income and Outlays, March 2024
Personal income increased $122.0 billion (0.5 percent at a monthly rate) in March. Disposable personal income (DPI)-personal income less personal current taxes-increased $104.0 billion (0.5 percent). Personal outlays-the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments-increased $172.1 billion (0.9 percent) and consumer spending increased $160.9 billion (0.8 percent). Personal saving was $671.0 billion and the personal saving rate-personal saving as a percentage of disposable personal income-was 3.2 percent in March. Full Text

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Gross Domestic Product, First Quarter 2024 (Advance Estimate)
Real gross domestic product (GDP) increased at an annual rate of 1.6 percent in the first quarter of 2024, according to the "advance" estimate. In the fourth quarter of 2023, real GDP increased 3.4 percent. The increase in the first quarter primarily reflected increases in consumer spending and housing investment that were partly offset by a decrease in inventory investment. Imports, which are a subtraction in the calculation of GDP, increased. Full Text

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Gross Domestic Product for Guam, 2022
Real gross domestic product (GDP) for Guam increased 5.1 percent in 2022 after increasing 2.1 percent in 2021. The increase in real GDP reflected increases in exports, private fixed investment, government spending, and personal consumption expenditures. Imports, a subtraction item in the calculation of GDP, increased. Full Text

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U.S. International Trade in Goods and Services, February 2024
The U.S. goods and services trade deficit increased in February 2024 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $67.6 billion in January (revised) to $68.9 billion in February, as imports increased more than exports. The goods deficit decreased $0.3 billion in February to $91.4 billion. The services surplus decreased $1.6 billion in February to $22.5 billion. Full Text

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Gross Domestic Product by State and Personal Income by State, 4th Quarter 2023 and Preliminary 2023
Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the fourth quarter of 2023, with the percent change ranging from 6.7 percent in Nevada to 0.2 percent in Nebraska. Full Text

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Personal Income and Outlays, February 2024
Personal income increased $66.5 billion (0.3 percent at a monthly rate) in February. Disposable personal income (DPI)-personal income less personal current taxes-increased $50.3 billion (0.2 percent). Consumer spending increased $145.5 billion (0.8 percent). Personal saving was $745.7 billion and the personal saving rate-personal saving as a percentage of disposable personal income-was 3.6 percent in February. Personal outlays-the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments-increased $149.9 billion. Full Text

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Gross Domestic Product, Fourth Quarter and Year 2023 (Third Estimate), GDP by Industry, and Corporate Profits
Real gross domestic product (GDP) increased at an annual rate of 3.4 percent in the fourth quarter of 2023, according to the "third" estimate. In the third quarter, real GDP increased 4.9 percent. The increase in the fourth quarter primarily reflected increases in consumer spending, state and local government spending, exports, nonresidential fixed investment, federal government spending, and residential fixed investment that were partly offset by a decrease in private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased. Full Text

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U.S. International Investment Position, 4th Quarter and Year 2023
The U.S. net international investment position, the difference between U.S. residents' foreign financial assets and liabilities, was -$19.77 trillion at the end of the fourth quarter of 2023, according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $34.54 trillion, and liabilities were $54.31 trillion. At the end of the third quarter, the net investment position was -$18.11 trillion (revised). Full Text

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Arts and Cultural Production Satellite Account, U.S. and States, 2022
The Arts and Cultural Production Satellite Account released today by the U.S. Bureau of Economic Analysis (BEA) shows that arts and cultural economic activity, adjusted for inflation, increased 4.8 percent in 2022 after increasing 10.8 percent in 2021. By comparison, the broader economy, as measured by real gross domestic product (GDP), increased 1.9 percent in 2022 after increasing 5.8 percent in 2021. Arts and cultural economic activity accounted for 4.3 percent of GDP, or $1.10 trillion, in 2022. Full Text

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U.S. International Transactions, 4th Quarter and Year 2023
The U.S. current-account deficit narrowed by $1.6 billion, or 0.8 percent, to $194.8 billion in the fourth quarter of 2023, according to statistics released today by the U.S. Bureau of Economic Analysis. The revised third-quarter deficit was $196.4 billion. The fourth-quarter deficit was 2.8 percent of current-dollar gross domestic product, down less than 0.1 percent from the third quarter. Full Text

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U.S. International Trade in Goods and Services, January 2024
The U.S. monthly international trade deficit increased in January 2024 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $64.2 billion in December (revised) to $67.4 billion in January, as imports increased more than exports. The goods deficit increased $3.0 billion in January to $91.6 billion. The services surplus decreased $0.3 billion in January to $24.2 billion. Full Text

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Personal Income and Outlays, January 2024
Personal income increased $233.7 billion (1.0 percent at a monthly rate) in January. Disposable personal income (DPI)-personal income less personal current taxes-increased $67.6 billion (0.3 percent). Personal outlays-the sum of personal consumption expenditures (PCE), personal interest payments, and personal current transfer payments-increased $54.3 billion (0.3 percent) and consumer spending increased $43.9 billion (0.2 percent). Personal saving was $779.3 billion and the personal saving rate-personal saving as a percentage of disposable personal income-was 3.8 percent in January. Full Text

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Gross Domestic Product, Fourth Quarter and Year 2023 (Second Estimate)
Real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the fourth quarter of 2023, according to the "second" estimate. In the third quarter, real GDP increased 4.9 percent. The increase in the fourth quarter primarily reflected increases in consumer spending, exports, as well as state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased. Full Text

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