Once the war ended, American soldiers brought home that innovative spirit that has propelled our economy in the years since World War II. It makes our market-based system the envy of the world. In the intervening 75 years, other countries that cast off their oppressive, totalitarian regimes studied the United States as the economic model. They not only looked at Washington companies such as Boeing, Microsoft and SEL for guidance, but our education as well.
U.S. economic growth depends heavily on the performance of individual states. But some contribute more than others. California, for instance, blossomed in 2017 as the fifth largest economy in the world, boasting a GDP larger than that of countries like the U.K., France and India. Meanwhile, Alaska, a state with valuable natural resources, is struggling with the highest unemployment rate in the country, at 6.5%.
For the first time in nine years, Singapore surpassed the United States and Hong Kong to clinch the title of the world’s most competitive economy, according to annual rankings compiled by Switzerland-based business school IMD. Speaking to CNBC’s “Squawk Box Asia” on Wednesday, Arturo Bris -- director of the IMD World Competitiveness Center -- said the Southeast Asian country had been following a simple “recipe for competitiveness.”
Millennials have a much lower net worth than previous generations, according to a new study. The average net worth of Americans between the ages of 18 to 35 is less than $8,000 -- about 34 percent lower than in 1996, a Deloitte study published Wednesday found. Despite clichés that millennials are “ruining everything from movies to marriage,” the study found millennials are actually under more economic pressure because of numerous increased costs over the last decade.
If the ongoing tensions between Beijing and Washington force companies to develop two different sets of technologies -- one for China and its aligned countries, and the other for the rest of the world -- then it would be bad news for everyone, according to a senior executive at a multinational tech firm.
Secretary of State Mike Pompeo told FOX Business’ Maria Bartiromo that Huawei Technologies' ties to the Chinese Communist Party pose the greatest threat to America’s economic and national security. “Huawei is an instrument of the Chinese government. They’re deeply connected. It’s something that hard for Americans to understand,..."
In the U.S., apparently not every dollar is equal. The value of $1 varies depending on where you go. According to new data compiled by 24/7 Wall Street from the Bureau of Economic Analysis (BEA), a dollar goes the furthest in America's "poorest states," such as Mississippi and Alabama.
As regulators prepare to tighten U.S. export controls with an eye toward restricting technology transfers to China, industry groups are pushing back, arguing that overly restrictive rules would cost U.S. industry hundreds of billions in export sales.
It has been more than 10 years since the collapse of Lehman Brothers, which began a global financial crisis and an economic recession - a period of time that fundamentally changed the American economy. Although the data today shows that the country overall has seen economic improvement, the reality is that rural America hasn’t seen the same benefits as urban areas.
The United States has agreed to lift its tariffs on industrial metals from Mexico and Canada, clearing a major obstacle to congressional passage of President Trump's new North American trade deal. The bargain calls for Mexico and Canada to adopt tough new monitoring and enforcement measures to prevent Chinese steel from being shipped to the U.S. via their territory.