American economy today Essay Example | Topics and Well Written Essays - 250 words

American economy today - Essay Example r of the unemployed people in the US, which initially stood at 12.1 million, was decreased by around 0.5 million in September, leaving the unemployed people totaling to 11.6 million (Rugaber, 2012). Additionally, there was an overall economic growth of 0.7%, raising the annual economic growth rate to 2% from an initial 1.3%, during the quarter of April-June 2012 (Rugaber, 2012). The state of deficit and debt is not promising, since the US deficits and debt is growing at a higher rate than the GDP. This has the impact of requiring a substantial amount of revenue to be used in covering the interests payable to these debts (Rugaber, 2012). The inflation rate has been on the decline, standing at 2% from the historical average of 3.3% by September 2012 (Rugaber, 2012). The prices of commodities have been increasing constantly but at a lower margin of 0.6 by September of this year. Foreign trade has constantly decreased, marked by a reduction in US exports, while competition for foreign tr ade has significantly grown, notably from the Asian giants (Rugaber, 2012). The wages and income distribution has continuously recorded a great deal of inequality, with the gap between the highest and the lowest earners significantly increasing (Rugaber,