Query: “In 2013 the level of U.S. farm output was about 2.7 times its 1948 level, and productivity was growing at an average annual rate of 1.52%.

Relevant passages:
Economy of the United States <=SEP=> The United States is the world 's largest national economy in nominal terms and second largest according to purchasing power parity ( PPP ) , representing 22 % of nominal global GDP and 17 % of gross world product ( GWP ) . The United States ' GDP was estimated to be $ 18.56 trillion in 2016 . The U.S. dollar is the currency most used in international transactions and is the world 's foremost reserve currency , backed by its science and technology , its military , the full faith of the US government to reimburse its debts , its central role in a range of international institutions since World War II and the petrodollar system . Several countries use it as their official currency , and in many others it is the de facto currency . The United States has a mixed economy and has maintained a stable overall GDP growth rate , a moderate unemployment rate , and high levels of research and capital investment . Its seven largest trading partners are Canada , China , Mexico , Japan , Germany , South Korea , and the United Kingdom .   The US has abundant natural resources , a well-developed infrastructure , and high productivity . It has the world 's ninth-highest per capita GDP ( nominal ) and tenth-highest per capita GDP ( PPP ) as of 2013 . Americans have the highest average household and employee income among OECD nations , and in 2010 had the fourth highest median household income , down from second highest in 2007 . It has been the world 's largest national economy ( not including colonial empires ) since at least the 1890s .   The U.S. is the world 's third largest producer of oil and natural gas . It is one of the largest trading nations in the world as well as the world 's second largest manufacturer , representing a fifth of the global manufacturing output . The US not only has the largest internal market for goods , but also dominates the trade in services . US total trade amounted to $ 4.93 T in 2012 . Of the world 's 500 largest companies , 128 are headquartered in the US .   The United States has one of the world 's largest and most influential financial markets . The New York Stock Exchange is by far the world 's largest stock exchange by market capitalization . Foreign investments made in the US total almost $ 2.4 trillion , while American investments in foreign countries total over $ 3.3 trillion . The economy of the U.S. leads in international ranking on venture capital and Global Research and Development funding . Consumer spending comprises 71 % of the US economy in 2013 . The United States has the largest consumer market in the world , with a household final consumption expenditure five times larger than Japan 's . The 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 .   The US economy went through an economic downturn following the financial crisis of 2007 -- 08 , with output as late as 2013 still below potential according to the Congressional Budget Office . The economy , however , began to recover in the second half of 2009 , and as of 2016 , unemployment had declined from a high of 10 % to 4.7 % .   In December 2014 , public debt was slightly more than 100 % of GDP . Domestic financial assets totaled $ 131 trillion and domestic financial liabilities totaled $ 106 trillion .

Unemployment in the United States <=SEP=> Unemployment in the United States discusses the causes and measures of U.S. unemployment and strategies for reducing it . Job creation and unemployment are affected by factors such as economic conditions , global competition , education , automation , and demographics . These factors can affect the number of workers , the duration of unemployment , and wage levels .

Reaganomics <=SEP=> Reaganomics ( -LSB- reɪgəˈnɒmɪks -RSB- a portmanteau of -LSB- Ronald -RSB- Reagan and economics attributed to Paul Harvey ) refers to the economic policies promoted by U.S. President Ronald Reagan during the 1980s . These policies are commonly associated with supply-side economics , referred to as trickle-down economics or voodoo economics by political opponents , and free-market economics by political advocates .   The four pillars of Reagan 's economic policy were to reduce the growth of government spending , reduce the federal income tax and capital gains tax , reduce government regulation , and tighten the money supply in order to reduce inflation .