Whos economy are we in right now
- how is our economy
- how is our economy doing
- how is our economy today
- how is our economy right now
Is the economy good or bad right now.
Why is the economy so bad 2024
Is the US economy strong?
Let's look at growth, “real growth” which is GDP growth adjusted for inflation.
We went from 2.5% growth in 2019 to negative 2.2% in 2020 when COVID hit, to a surge of 5.8% in 2021, during the recovery, and now to about 2.5% in 2023.
In 2023, real GDP per person in the United States reached a high of $81,624, which is up 2% from 2022.
While GDP is a pretty good way to measure how well the economy is doing for the US as a whole, it doesn't necessarily describe how the economy feels to the average American.
For that, we need to look at statistics like jobs, wages and spending.
On jobs, let's start by looking at unemployment. In February of 2020, a month before the COVID outbreak, unemployment was a low 3.5%. But by April of 2020, about a month into the pandemic, the unemployment rate had already shot up to 14.8%.
But in January of 2023, it hit 3.4%. As of May 2024, it sat at 4%.
To measure inflation, let's start by looking at the Consumer Price Index or CPI. A government official measurement of inflation that includes a representative baske
- how is our economy doing today
- how is our economy doing now