us gdp 2013
The website is no longer updated and links to external websites and some internal pages may not work. Further, because the potential labor force grows every month, the economy would have had to add 6.6 million jobs just to preserve the labor market health that prevailed in December 2007. The disproportionate income gains going to capital owners rather than workers have slowed the recovery, as a higher share of capital income is saved when it could instead be spent by workers and thus create more demand for goods and services. Projected growth rate: % Debt. March 2013 the US government decided to change how GDP is calculated that adds 3% to GDP. Change ). This proposal found support from some economists such as Jacob Funk Kirkegaard, a senior fellow at the Peterson Institute for International Economics. Rather, it is a limit on the ability to pay obligations already incurred. Productivity measures the average dollar value of economic output produced in an hour of work—essentially measuring the economy’s potential for providing rising living standards for all. 65 143 US$ per capita. [1] The US Treasury began taking extraordinary measures to enable payments, and stated that it would delay payments if funds could not be raised through extraordinary measures, and the debt ceiling was not raised. According to the Government Accountability Office, "The debt limit does not control or limit the ability of the federal government to run deficits or incur obligations. The economy is finishing 2013 in a stronger place than where it began the year, though more work remains to grow the economy, create jobs, and strengthen the middle class. Here's how it impacts your workplace—and our democracy. The US economy is shrinking. New research, insightful graphics, and event invites in your inbox every week. Program on Race, Ethnicity, and the Economy, Economic Analysis and Research Network (EARN), Recession Has Left in Its Wake a Jobs Shortfall of Nearly 8 Million, Drop in Employment for ‘Prime-age’ Workers during 2007 Recession Truly Stunning, Cumulative Change in Total Economy Productivity and Real Hourly Compensation of Production/Nonsupervisory Workers, 1948–2012, Federal Minimum Wage to $10.10 Would Lift Wages for Millions and Provide a Modest Economic Boost, Program on Race, Ethnicity, and the Economy • PREE, Economic Analysis and Research Network • EARN. This was a shorter period than envisaged in their 2013 budget, which balanced in 2035, and the 2012 budget, which balanced in 2063. ” Revised down from 3.2%. GDP is a comprehensive measure of the U.S. economy and its growth.


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