US Economy 2020

US GDP in 2019 was $21.428 trillion.  GDP Growth in 2018 was 2.9% and in 2019 was 2.3%. US GDP in Q1 2020 was -4.8% due to the COV-19 shutdown.  Per Capita GDP in 2019 was $65,112.

GDP by sector in 2019 was agriculture 0.9%, industry 18.9% and services 80.2%. We need to increase GDP for industry above 20% by returning manufacturing to the US.

GDP by Component in 2017 was

Household Consumption 68.4%

Government Consumption 17.3%

Investment in Fixed Capital 17.2%

Investment in Inventories 0.1%  

Exports Goods & Services 12.1%

Imports Goods & Services -15%

Inflation in 2019 was 1.7% and in 2020 is 0.6%.  Poverty in 2018 was 11.8%.

Labor Force in 2020 was 156.5 million and Employment Rate was 51.3%.

Unemployment in 2020 was 3.5% and is now 14.7% with 23 million unemployed in April 2020.

Main industries include petroleum, natural gas, steel, motor vehicles, aerospace, chemicals, telecommunications, electronics, food processing, pharmaceuticals, consumer goods, lumber, mining, defense equipment, healthcare, information technology, construction, retail, real estate and financial services.

Exports in 2018 were $1.66 trillion in agricultural products 10.7%, fuels and mining products 9.4% and manufacturers 74.8% sold to the EU 18.7%, Canada 18.3%, Mexico 15.9%, China 8%, Japan 4.4% and others 34.8%.

Imports in 2018 were $2.54 trillion in agricultural products 10.5%, fuels and mining 10.7%, manufactured products 78.4% from China 21.4%, EU 18.9%, Mexico 13.2%, Canada 12.6%, Japan 6.0% and others 27.9%.

US Debt to GDP in 2020 is 116%

US Federal Revenues in 2018 were $3.3 trillion

US Federal Expenses in 2018 were $4.1 trillion

https://en.wikipedia.org/wiki/Economy_of_the_United_States

Comments

The US economy needs to move manufacturing back to US jobs for all the goods that it consumes. The reestablishment of steel and aluminum manufacturing as strategic industries will expand with pharma and electronics. Advanced manufacturing will be needed to lower costs and improve processes in all new US plants and the US should manufacture this equipment.

Norb Leahy, Dunwoody GA Tea Party Leader