The American economy is fueled by high productivity, well developed transportation infrastructure, and extensive natural resources. Americans have the highest average household and employee income among OECD member states. In 2021, they had the highest median household income. The U.S. has one of the world’s highest income inequalities among the developed countries. The largest U.S. trading partners are Canada, Mexico, China, Japan, Germany, South Korea, the United Kingdom, Taiwan, India, and Vietnam. The U.S. is the world’s largest importer and second largest exporter. It has free trade agreements with several countries, including Canada and Mexico (through the USMCA), Australia, South Korea, Israel, and several others that are in effect or under negotiation.

By 1890, the United States had overtaken the British Empire as the world’s most productive economy. It is the world’s largest producer of petroleum and natural gas. In 2016, it was the world’s largest trading country and second largest manufacturer, with American manufacturing making up a fifth of the global total. The U.S. not only has the largest internal market for goods, but also dominates the services trade. Total U.S. trade was $4.2 trillion in 2018. Of the world’s 500 largest companies, 121 are headquartered in the U.S. The U.S. has the world’s highest number of billionaires, with total wealth of $3.0 trillion. U.S. commercial banks had $22.9 trillion in assets in December 2022. U.S. global assets under management had more than $30 trillion in assets. During the Great Recession of 2008, the U.S. economy suffered a significant decline. The American Reinvestment and Recovery Act was enacted by the United States Congress, and in the ensuing years the U.S. experienced the longest economic expansion on record by July 2019.

The New York Stock Exchange and Nasdaq are the world’s largest stock exchanges by market capitalization and trade volume. In 2014, the U.S. economy was ranked first in international ranking on venture capital and global research and development funding. Consumer spending comprised 68% of the U.S. economy in 2022, while its labor share of income was 44% in 2021. The U.S. has the world’s largest consumer market. The nation’s labor market has attracted immigrants from all over the world and its net migration rate is among the highest in the world. The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index, the Global Competitiveness Report, and others.