United States economy at a glance

Latest figures for United States: inflation, growth, interest rates, jobs, bond yields, debt and taxes. Updated 6 November 2026. Open United States on the interactive map →

Key figures

Indicator	Latest	Period	Previous
Inflation (consumer prices, year on year)	3.7%	September 2026	3.4% August 2026
Core inflation (excluding food and energy)	2.6%	September 2026	2.4% August 2026
Real GDP growth (year on year)	2.1%	Q3 2026	2.2% Q2 2026
Policy rate (Federal Reserve)	4.00%	November 2026	4.00% October 2026
Unemployment rate	4.2%	September 2026	4.1% August 2026
10-year government bond yield	5.13%	October 2026	4.99% September 2026
Manufacturing PMI (ISM Manufacturing PMI)	55.5	October 2026	54.5 September 2026
Retail sales (year on year)	6.3%	September 2026	5.6% August 2026
Industrial production (year on year)	2.2%	September 2026	1.6% August 2026
Wages (year on year)	3.0%	Q3 2026	3.4% Q2 2026
House prices (year on year)	1.6%	Q2 2026	0.8% Q1 2026
Stock market (S&P 500)	7,354	November 2026	+7.4% over 12 months

Questions and answers

What is the inflation rate in United States?

United States's annual inflation rate was 3.7% in September 2026, up from 3.4% in August 2026.

What is the interest rate in United States?

The Federal Reserve upper bound of fed funds target range is 4.00% (as of November 2026). The next rate decision is due on 9 December 2026.

How fast is United States's economy growing?

United States's real GDP grew 2.1% year on year in Q3 2026. The IMF's October 2026 World Economic Outlook forecasts growth of 2.3% in 2026 and 2.3% in 2027.

What is the unemployment rate in United States?

United States's unemployment rate was 4.2% in September 2026, up from 4.1% in August 2026.

What is United States's 10-year government bond yield?

United States's 10-year government bond yield averaged 5.13% in October 2026.

How much government debt does United States have?

United States's government debt is about 123.0% of GDP (latest annual figure), with a budget deficit of 6.2% of GDP.

What is United States's credit rating?

United States's sovereign credit ratings: S&P AA+, Moody's Aa1, Fitch AA+.

What is the VAT rate in United States?

No VAT or national sales tax; states and localities levy their own retail sales taxes.

What is the corporate tax rate in United States?

United States's corporate income tax rate is 25.5% (2026 rules).

Who leads United States?

United States is led by President Donald Trump (head of state and government). Next election: Presidential and congressional elections (all House seats, one-third of Senate) on 7 November 2028.

Outlook

The IMF (October 2026 WEO) kept US 2026 growth at 2.3%, while Fitch sees about 1.9% in 2026-27 as hiring has stalled; J.P. Morgan expects roughly 50bp of further Fed hikes into 2027. Upside risks are an Iran settlement that pulls oil back toward $80 and AI/data-centre investment sustaining growth; downside risks are a renewed Hormuz shock pushing headline CPI above 4%, a disorderly rise in long yields as the deficit runs near 6% of GDP, and post-midterm gridlock leading to a shutdown after the 11 December funding deadline.

Why United States matters for the world economy

The US sets the world's price of money: the Fed's September hike and 10-year Treasury yields near 5% are tightening financial conditions globally and keeping the dollar firm, which hits dollar borrowers in emerging markets such as Argentina, Brazil and Turkey. As belligerent in the Iran war and now the largest exporter of crude, fuels and LNG, Washington's military and sanctions choices (including easing curbs on Russian diesel) directly move oil and product prices for Europe and Asia. US consumer demand remains strong in nominal terms, which matters most for Mexico and Canada (together about 30% of US goods exports and the bulk of its imports), while the tariff regime rebuilt after the Supreme Court's IEEPA ruling keeps trade rules uncertain for China, the EU and Asian exporters.

Politics

Trump's second-term administration lost both chambers of Congress in the 3 November midterms: Democrats won at least 54 Senate seats and a large House majority (CBS projects 251-268 seats), and Hakeem Jeffries is expected to become Speaker in January. Voters blamed the administration for fuel-driven inflation tied to the US-Israeli war with Iran. Democrats plan to roll back tariffs and Medicaid cuts and to use subpoena power for oversight, which effectively halts Trump's legislative agenda for his last two years. Federal agencies are funded only through 11 December under a stopgap bill, and the Supreme Court's February 2026 ruling against IEEPA tariffs forced roughly $145bn of refunds that widened the FY2026 deficit to about $2tn.

System: Federal presidential republic.

Economy and taxes

GDP: US$30,770 billion
Population: 342.0 million
Government debt: 123.0% of GDP
Budget balance: −6.2% of GDP
Current account: −3.6% of GDP
Exports: 11.1% of GDP
Main exports: Refined fuels and crude oil, LNG, aircraft and parts, machinery, electrical equipment and semiconductors, gold, pharmaceuticals, vehicles, soybeans and grains
Top export markets: Mexico (16.1%), Canada (14.4%), Netherlands (4.7%), United Kingdom (4.6%), China (4.5%)
IMF growth forecast: 2.3% in 2026, 2.3% in 2027
IMF inflation forecast: 3.6% in 2026, 2.8% in 2027
Currency: USD
Freelancer tax: A self-employed person earning the average wage (USD 69,770 a year) pays about 23.4% of it in income tax and social contributions (2026 rules)
Top income tax rate: 43.6%
Gold reserves: 8,133.5 tonnes (September 2026)
Energy self-sufficiency: 110% (2024)

Recent news

4 November 2026 Democrats win control of both the House and the Senate in the midterms CBS News
Democrats won the House and at least 54 Senate seats in the 3 November midterms, flipping Senate seats from Texas and Kansas to Ohio, Iowa and Maine. CBS projects 251-268 House seats for Democrats, who plan bills to cut living costs and to halt Trump's tariffs.
4 November 2026 Stocks jump and bonds rally as investors welcome a divided government Trading Economics
The S&P 500 rose 1.6% and the Dow gained about 1,570 points to a two-month high on 4 November, as investors bet that gridlock in Washington will limit new fiscal spending. Bonds also rallied, and oil extended its weekly slide on growing opposition to the Iran war.
2 November 2026 Factory activity picks up again as the ISM index rises to 55.5 Trading Economics / ISM
The ISM manufacturing PMI rose to 55.5 in October from 54.5, beating forecasts, as new orders grew a little faster. The prices index eased to 75.2 from 77.9 but stays high, and hiring growth slowed slightly.
29 October 2026 US economy grows at a 3.4% pace in the third quarter on an AI investment boom Trading Economics / BEA
The advance estimate showed GDP rising at a 3.4% annualised rate in Q3, up from 2.2% and above forecasts. Business investment jumped on purchases of AI equipment and consumer spending grew 3.8%, while a surge in imports held growth back.
28 October 2026 Fed holds rates at 3.75-4.00% as two officials vote for a hike Federal Reserve
The Federal Reserve kept its target range at 3.75-4.00% on 28 October in a 10-2 vote, with Lisa Cook and Beth Hammack preferring a quarter-point rise. It said inflation remains elevated while economic activity is expanding strongly.
23 October 2026 Consumer mood stays near record lows as inflation expectations rise Trading Economics / University of Michigan
The University of Michigan's final October sentiment index was 48.0, revised up from 46.3 but still near its record low. Households now expect 4.7% inflation over the next year and 3.5% in the long run, both up from September, a worry for the Fed.

Headlines and summaries are compiled daily from the linked reports with AI assistance.