The global economy is characterized by slowing growth and efforts to control inflation, with the U.S. economy recently showing a rebound in Gross Domestic Product (GDP) driven by a decrease in imports and increased consumer spending. While real GDP growth is positive for the U.S., the labor market shows mixed signals, with some wage growth and concerns about the unemployment rate. Globally, trade tensions, policy uncertainty, and rising interest rates are creating headwinds.  

United States Economy

• GDP:

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Real GDP increased in the second quarter of 2025, primarily due to decreased imports and higher consumer spending, though investment and exports saw decreases. 

Labor Market:

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While average hourly earnings are rising faster than inflation, which boosts household purchasing power, there are mixed reports on job growth and an increase in the overall unemployment rate. 

Trade:

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The U.S. goods and services trade deficit decreased in the second quarter as exports fell less than imports. 

Global Economic Outlook

• Slowing Growth:

Global growth is projected to slow due to the ongoing impact of higher central bank policy rates aimed at fighting inflation. 

• Inflationary Pressures:

Headline inflation is expected to continue falling, but underlying (core) inflation is predicted to decrease more gradually. 

• Headwinds:

The global economy faces challenges from trade-related tensions, policy uncertainty, and a subdued foreign direct investment in emerging market and developing economies. 

Key Factors Influencing the Economy

• Transactions:

The economy functions through the constant repetition of transactions where buyers exchange money for goods and services, with businesses and individuals participating. 

• Credit:

Credit is a crucial and often misunderstood aspect of the economy, as it allows for increased spending, which in turn drives economic growth. 

• Policy:

Monetary policy (managed by central banks) and fiscal policy (managed by governments) are the primary tools used to influence economic goals such as inflation and employment. 

• Trade:

Trade tensions and uncertainty significantly impact economic activity, creating volatility in global markets. 

U.S. Economy at a Glance

Perspective from the BEA Accounts

BEA produces some of the most closely watched economic statistics that influence decisions of government officials, business people, and individuals. These statistics provide a comprehensive, up-to-date picture of the U.S. economy. The data on this page are drawn from featured BEA economic accounts.

National Economic Accounts

Gross Domestic Product (Second Estimate), Corporate Profits (Preliminary Estimate), 2nd Quarter 2025

Q2 2025 (2nd)	+3.3%
Q1 2025 (2nd)	-0.5%

Real gross domestic product (GDP) increased at an annual rate of 3.3 percent in the second quarter of 2025 (April, May, and June), according to the second estimate released by the U.S. Bureau of Economic Analysis. In the first quarter, real GDP decreased 0.5 percent. The increase in real GDP in the second quarter primarily reflected a decrease in imports, which are a subtraction in the calculation of GDP, and an increase in consumer spending. These movements were partly offset by decreases in investment and exports.

Quick Guide: GDP Releases

• Current release: August 28, 2025
• Next release: September 25, 2025

Personal Income and Outlays, July 2025

July 2025	+0.4%
June 2025	+0.3%

Personal income increased $112.3 billion (0.4 percent at a monthly rate) in July, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI)—personal income less personal current taxes—increased $93.9 billion (0.4 percent) and personal consumption expenditures (PCE) increased $108.9 billion (0.5 percent). Personal outlays—the sum of PCE, personal interest payments, and personal current transfer payments—increased $110.9 billion in July. Personal saving was $985.6 billion in July and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.4 percent.

Quick Guide: Personal Income and Outlays Releases

• Current release: August 29, 2025
• Next release: September 26, 2025

International Economic Accounts

U.S. International Transactions, 1st Quarter 2025 and Annual Update

Q1 2025	-$450.2 B
Q4 2024	-$312.0 B

The U.S. current-account deficit widened by $138.2 billion, or 44.3 percent, to $450.2 billion in the first quarter of 2025, according to statistics released today by the U.S. Bureau of Economic Analysis. The revised fourth-quarter deficit was $312.0 billion. The first-quarter deficit was 6.0 percent of current-dollar gross domestic product, up from 4.2 percent in the fourth quarter.

• Current Release: June 24, 2025
• Next Release: September 23, 2025

U.S. International Investment Position, 1st Quarter 2025 and Annual Update

End of 1st quarter 2025	-$24.61 trillion
End of 4th quarter 2024	-$26.54 trillion

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was -$24.61 trillion at the end of the first quarter of 2025, according to statistics released today by the U.S. Bureau of Economic Analysis. Assets totaled $36.85 trillion, and liabilities were $61.47 trillion. At the end of the fourth quarter of 2024, the net investment position was -$26.54 trillion (revised).

• Current Release: June 30, 2025
• Next Release: September 29, 2025

U.S. International Trade in Goods and Services, July 2025

July 2025	-$78.3 B
June 2025	-$59.1 B

The U.S. goods and services trade deficit increased in July 2025 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $59.1 billion in June (revised) to $78.3 billion in July, as imports increased more than exports. The goods deficit increased $18.2 billion in July to $103.9 billion. The services surplus decreased $1.1 billion in July to $25.6 billion.

• Current Release: September 4, 2025
• Next release: October 7, 2025

New Foreign Direct Investment in the United States, 2024

Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $151.0 billion in 2024, according to preliminary statistics released today by the U.S. Bureau of Economic Analysis. Expenditures decreased $24.9 billion, or 14.2 percent, from $176.0 billion (revised) in 2023 and were below the annual average of $277.2 billion for 2014–2023. As in previous years, acquisitions of existing U.S. businesses accounted for most of the expenditures.

• Current release: July 11, 2025
• Next release: July 2026

Regional Economic Accounts

Gross Domestic Product by State and Personal Income by State, 1st Quarter 2025

Real gross domestic product decreased in 39 states in the first quarter of 2025, with the percent change ranging from 1.7 percent at an annual rate in South Carolina to –6.1 percent in Iowa and Nebraska.

Personal income, in current dollars, increased in all 50 states and the District of Columbia in the first quarter of 2025, with the percent change ranging from 12.7 percent at an annual rate in North Dakota to 3.2 percent in Washington state.

• Current Release: June 27, 2025
• Next Release: September 26, 2025

Gross Domestic Product by County and Metropolitan Area, 2023

In 2023, real gross domestic product (GDP) increased in 2,357 counties, decreased in 734 counties, and was unchanged in 23 counties. The percent change in real GDP ranged from 125.8 percent in Throckmorton County, TX, to –39.6 percent in Lincoln County, WA.

• Current Release: December 4, 2024
• Next Release: December 3, 2025

Personal Income by County and Metropolitan Area, 2023

In 2023, personal income, in current dollars, increased in 2,814 counties, decreased in 295, and was unchanged in five counties in 2023. Personal income increased 6.0 percent in the metropolitan portion of the United States and 4.7 percent in the nonmetropolitan portion.

Population Data Update: Per Capita Personal Income

• Current Release: November 14, 2024
• Next Release: December 3, 2025

Personal Consumption Expenditures by State, 2023

US PCE growth

+6.4%

Personal consumption expenditures (PCE) increased in all 50 states and the District of Columbia in 2023. The percent change ranged from 8.1 percent in Florida to 4.7 percent in Iowa. Nationally, current-dollar PCE increased 6.4 percent in 2023 after increasing 9.8 percent in 2022.

Population Data Update: Per Capita Personal Consumption Expenditures

• Current Release: October 3, 2024
• Next release: September 26, 2025