{"articles":[{"reaction_config":[{"icon":"happy","color":"#3AB093","stance":"happy"},{"icon":"apathetic","color":"#EDB723","stance":"apathetic"},{"icon":"sad","color":"#5ACDED","stance":"sad"}],"id":40183,"title":"Reviewing America’s Economy in 2019","html_content":"

by Causes | 12.30.19

This content leverages data from USAFacts, a non-profit that visualizes governmental data. You can learn more on its website, Facebook, and Twitter.

With 2019 drawing to a close, here’s a look at how the U.S. economy is performing:

ECONOMIC GROWTH

America’s gross domestic product (GDP) when adjusted for inflation (Real GDP) grew between 2 and 3% for the first three quarters of 2019 ― roughly equal to the average economic growth rate over the past three years. As of the third quarter of 2019, real GDP totaled $19.1 trillion or $58,000 per person. The largest industries as a share of GDP were real estate at 13.4%, professional and business services at 12.8%, government at 12.3%, and manufacturing at 11%. This chart from USAFacts shows how U.S. GDP changed from the previous quarter since 2011:

LABOR MARKET

In November, the U.S. unemployment rate returned to a 50-year low of 3.5% after the economy added 266,000 jobs. This chart from USAFacts shows the monthly unemployment rate dating back to 2000:

Additionally, America’s underemployment rate ― which includes the number of unemployed, discouraged, marginally attached, and involuntarily part-time workers ― reached 6.9% in November, its lowest level since October 2000 as this USAFacts chart shows:

The labor force participation rate increased slightly to a level above 63%, which it hadn’t reached for several years following the recession, although it’s still below its pre-recession level of 66% or higher according to data from the Bureau of Labor Statistics shown in this USAFacts chart:

WAGES & WEALTH

Data from the Federal Reserve Bank of Atlanta shows that in November 2019, pay rates for the bottom 25% of wage earners increased by 4.5% from a year earlier, whereas wages for the top 25% of earners only increased by 2.9%. It also found that the rate of pay increases for low-skilled workers matched those for high-skilled workers in November for the first time since 2010.

The total net worth of American households grew 58% from the recession low of $68 trillion in the first quarter of 2009 to $107 trillion in the second quarter of 2019. The share of wealth held by the top 1% reached 25.4%, the highest level since the Federal Reserve began using this dataset, while the rest of the top quintile held 46.4% of the wealth as this USAFacts chart shows:

TRADE

With trade tensions between the U.S. and China lingering and the U.S.-Mexico-Canada Agreement awaiting approval by the Senate early next year, the overall U.S. trade deficit widened from January to October 2019 compared to the same period in 2018. However, the trade balance with China decreased by nearly $10 billion compared to this time last year.

STOCK MARKET

Major U.S. stock indexes hit all-time highs in 2019, setting numerous records. The S&P 500 broke 3,000 for the first time in July, the Dow Jones Industrial Average exceeded 28,000 for the first time in November, and the NASDAQ topped 9,000 for the first time in December. This USAFacts chart shows the S&P 500’s monthly closing level dating back to 2000:

At last Friday’s closing bell, the Dow Jones closed at 28,645, the NASDAQ at 9,006, and the S&P 500 at 3,240.

— Eric Revell

(Photo Credit: iStock.com / MarianVejcik)

","image_urls":{"large":"https://ul.countable.us/ul/q_auto/uploads/akW3yomg/b5344e/iStock-672847562.jpg","medium":"https://ul.countable.us/ul/q_auto/uploads/akW3yomg/b5344e/iStock-672847562.jpg","small":"https://ul.countable.us/ul/q_auto/uploads/akW3yomg/b5344e/iStock-672847562.jpg","thumb":"https://ul.countable.us/ul/q_auto/uploads/akW3yomg/b5344e/iStock-672847562.jpg","xsmall":"https://ul.countable.us/ul/q_auto/uploads/akW3yomg/b5344e/iStock-672847562.jpg"},"links":{"self":"https://www.causes.com/articles/40183-reviewing-america-s-economy-2019","article_comments":"https://www.causes.com/api/articles/40183-reviewing-america-s-economy-2019/comments"},"comment_count":175,"action_count":1289,"cta_prompt":"How do you feel about the U.S. economy?","cta_type":"reactions","share_count":13,"published_at":"2019-12-31T01:12:01.136Z","is_countable_article":true,"allow_advocacy":true,"profile_id":1,"signed":false,"signatures_count":null,"signatures_goal":100,"signable_progress":0,"video_url":null,"video_dimensions":null,"video_aspect_ratio":null}],"users":[{"name":"Jeanne","vote_count":223,"photos":{"large":"https://graph.facebook.com/1885891034761460/picture?width=150&height=150","small":"https://graph.facebook.com/1885891034761460/picture?width=75&height=75","tiny":"https://graph.facebook.com/1885891034761460/picture?width=20&height=20","facebook":"https://graph.facebook.com/1885891034761460/picture"},"links":{"following":"/api/users/Bmywj7zW/following","followers":"/api/users/Bmywj7zW/followers"},"about_me":null,"twitter_id":null,"facebook_id":null,"youtube_id":null,"google_plus_id":null,"website":null,"slug":null,"issue_count":15,"is_following":null,"influence_score":240,"influence_level":20,"follower_count":12,"following_count":22,"position_count":168,"id":"Bmywj7zW","partner_id":null},{"name":"Leslie","vote_count":460,"photos":{"large":"https://graph.facebook.com/10211586901854267/picture?width=150&height=150","small":"https://graph.facebook.com/10211586901854267/picture?width=75&height=75","tiny":"https://graph.facebook.com/10211586901854267/picture?width=20&height=20","facebook":"https://graph.facebook.com/10211586901854267/picture"},"links":{"following":"/api/users/Bmyny8a9/following","followers":"/api/users/Bmyny8a9/followers"},"about_me":null,"twitter_id":null,"facebook_id":null,"youtube_id":null,"google_plus_id":null,"website":null,"slug":null,"issue_count":13,"is_following":null,"influence_score":17470,"influence_level":40,"follower_count":794,"following_count":13385,"position_count":273,"id":"Bmyny8a9","partner_id":null},{"name":"Dicr","vote_count":221,"photos":{"large":"https://assets.causes.com/user/avatar/e9XBdlXZ/large_e9xbdlxz-1538070422.jpg","small":"https://assets.causes.com/user/avatar/e9XBdlXZ/small_e9xbdlxz-1538070422.jpg","tiny":"https://assets.causes.com/user/avatar/e9XBdlXZ/tiny_e9xbdlxz-1538070422.jpg"},"links":{"following":"/api/users/e9XBdlXZ/following","followers":"/api/users/e9XBdlXZ/followers"},"about_me":"Concerned American who wants to leave a better America for our children and a better world for all.","twitter_id":null,"facebook_id":null,"youtube_id":null,"google_plus_id":null,"website":null,"slug":"dicr","issue_count":25,"is_following":null,"influence_score":6120,"influence_level":40,"follower_count":222,"following_count":2,"position_count":159,"id":"e9XBdlXZ","partner_id":null},{"name":"NoHedges","vote_count":931,"photos":{"large":"https://assets.causes.com/user/avatar/8mrvdyDm/large_8mrvdydm-1592097359.jpg","small":"https://assets.causes.com/user/avatar/8mrvdyDm/small_8mrvdydm-1592097359.jpg","tiny":"https://assets.causes.com/user/avatar/8mrvdyDm/tiny_8mrvdydm-1592097359.jpg","facebook":"https://graph.facebook.com/100000167747050/picture"},"links":{"following":"/api/users/8mrvdyDm/following","followers":"/api/users/8mrvdyDm/followers"},"about_me":"Unless someone like us cares a whole awful lot,\nNothing is going to get better. No, it is not!","twitter_id":null,"facebook_id":null,"youtube_id":null,"google_plus_id":null,"website":"https://www.linkedin.com/in/keri-lamle","slug":"nohedges","issue_count":135,"is_following":null,"influence_score":8390,"influence_level":40,"follower_count":191,"following_count":482,"position_count":887,"id":"8mrvdyDm","partner_id":null},{"name":"Glowurm","vote_count":447,"photos":{"large":"https://assets.causes.com/user/avatar/ZBexoxrX/large_zbexoxrx-1616523501.jpg","small":"https://assets.causes.com/user/avatar/ZBexoxrX/small_zbexoxrx-1616523501.jpg","tiny":"https://assets.causes.com/user/avatar/ZBexoxrX/tiny_zbexoxrx-1616523501.jpg"},"links":{"following":"/api/users/ZBexoxrX/following","followers":"/api/users/ZBexoxrX/followers"},"about_me":"","twitter_id":"","facebook_id":"","youtube_id":null,"google_plus_id":null,"website":"","slug":"glowurm","issue_count":2,"is_following":null,"influence_score":4470,"influence_level":30,"follower_count":166,"following_count":276,"position_count":448,"id":"ZBexoxrX","partner_id":null},{"name":"Rebekah ","vote_count":610,"photos":{"large":"https://assets.causes.com/user/avatar/WdBLVkN1/large_wdblvkn1-1550101357.jpg","small":"https://assets.causes.com/user/avatar/WdBLVkN1/small_wdblvkn1-1550101357.jpg","tiny":"https://assets.causes.com/user/avatar/WdBLVkN1/tiny_wdblvkn1-1550101357.jpg"},"links":{"following":"/api/users/WdBLVkN1/following","followers":"/api/users/WdBLVkN1/followers"},"about_me":null,"twitter_id":null,"facebook_id":null,"youtube_id":null,"google_plus_id":null,"website":null,"slug":null,"issue_count":143,"is_following":null,"influence_score":1050,"influence_level":30,"follower_count":46,"following_count":60,"position_count":309,"id":"WdBLVkN1","partner_id":null},{"name":"MarianToon","vote_count":208,"photos":{"large":"https://assets.causes.com/user/avatar/9odNv0jb/large_9odnv0jb-1584407673.jpg","small":"https://assets.causes.com/user/avatar/9odNv0jb/small_9odnv0jb-1584407673.jpg","tiny":"https://assets.causes.com/user/avatar/9odNv0jb/tiny_9odnv0jb-1584407673.jpg"},"links":{"following":"/api/users/9odNv0jb/following","followers":"/api/users/9odNv0jb/followers"},"about_me":"Retired , Mother , Gramma, sibling, progressive, loves my home, t v hound, Artist","twitter_id":null,"facebook_id":null,"youtube_id":null,"google_plus_id":null,"website":null,"slug":"mariantoon","issue_count":29,"is_following":null,"influence_score":1080,"influence_level":30,"follower_count":47,"following_count":101,"position_count":234,"id":"9odNv0jb","partner_id":null},{"name":"jimK","vote_count":568,"photos":{"large":"https://assets.causes.com/user/avatar/9odrQBnb/large_9odrqbnb-1557000969.jpg","small":"https://assets.causes.com/user/avatar/9odrQBnb/small_9odrqbnb-1557000969.jpg","tiny":"https://assets.causes.com/user/avatar/9odrQBnb/tiny_9odrqbnb-1557000969.jpg"},"links":{"following":"/api/users/9odrQBnb/following","followers":"/api/users/9odrQBnb/followers"},"about_me":"Retired, Politically Independent. Won’t listen to slogans, chanted mantras or generally any kind of marketing spin or “rebranding” crap. I firmly believe that everyone else is entitled to their erroneous opinions. Citizen vigilance and due diligence is price we must pay to live in a thriving, functional democracy.\nI fear that our citizens are too easily swayed by politician’s pablum about “babies”, “jobs” and now, in particular, perceived “enemies”. I fear that a citizenry focused on the “here-and-now” is easily tricked by short term benefits that have negative long-term consequences. I fear that our legislators are more concerned about buffing their constituents than looking out for the long-term welfare of our country- and are way too eager to provide those short-term benefits to the “here-and-now” crowd.\nI fear that honor is generally being sacrificed/replaced by expediency. I hear politicians eloquently argue for one side of an issue and later, when it’s to their benefit, just as eloquently argue for the opposite side. OK, so they are good at arguing- but what is that they actually believe? What is it that they actually stand for? An honorable person has values that persist even when it is not convenient or expedient. An honorable person has a moral compass that stops them from doing something wrong even if it is not illegal. A foul is a foul- even if the referee doesn’t catch you.\nI fear that each of our federal governmental branches have devised or discovered shortcuts which tend to protect them from the checks and balances our founders intended.","twitter_id":null,"facebook_id":null,"youtube_id":null,"google_plus_id":null,"website":null,"slug":"jimk","issue_count":4,"is_following":null,"influence_score":48240,"influence_level":40,"follower_count":1632,"following_count":88,"position_count":565,"id":"9odrQBnb","partner_id":null}],"article_comment":{"flagged":false,"id":1150010,"body":"PROPAGANDA: It’s not a great economy! When 69% of the population have less than $1,000.00 in savings. People are living on credit - the new version of the company store. Trump said, People are saving $400 more dollars in federal taxes!!!! People? Specific info isn’t Trump Truth!","parent_type":"Article","parent_id":40183,"created_at":"2020-01-01T01:45:46.108Z","liked":false,"like_count":7,"links":{"self":"https://www.causes.com/comments/1150010","likers":"https://www.causes.com/api/v1/likers?likeable_id=1150010&likeable_type=Comment"},"article_id":40183,"shareable_image_url":"https://n.causes.com/share-images/comments/1150010.png","note":{"icon":"sad","color":"#5ACDED","stance":"sad"},"note_text":"Sad","note_color":"#5ACDED","user_id":"Bmywj7zW","liker_ids":["Bmyny8a9","e9XBdlXZ","8mrvdyDm","ZBexoxrX","WdBLVkN1","9odNv0jb","9odrQBnb"]}}

Like Causes?

Comment Liked by 7 Users