1. INTRODUCTION As one of the developed countries in worldwide, United States of America is well-known as one of the leaders in economy and global trader. The country is located in North America and consists of 50 states with its capital in Washington, D.C. It is the third largest country by size and population in the world which are 9,833,517 square km and 326,625,791 people respectively (Central Intelligence Agency, 2017). Despite to have strong economy power, the country has also experienced issues in its GDP, inflation and unemployment rates. In this assignment, it will focus on the past events of its GDP, inflation and unemployment rates in U.S. from 2004 to 2014. 2. MACROECONOMICS VARIABLES In this section, it will discuss about the macroeconomics events during 2004-2014 in respect of U.S. GDP and inflation rates. 2.1. U.S. GDP Year Nominal GDP (USD Trillions) GDP Growth Rate (%) 2004 12.2749 3.79 2005 13.0937 3.35 2006 13.8559 2.67 2007 14.4776 1.78 2008 14.7186 -0.29 2009 14.4187 -2.78 2010 14.9644 2.53 2011 15.5179 1.60 2012 16.1553 2.22 2013 16.6915 1.68 2014 17.3931 2.37 Figure 1: U.S. GDP Growth Table 2004-2014 Figure 2: U.S. Nominal GDP (USD Trillions) (Source: World Bank Group, 2017) …show more content…
It can determine the condition of country’s economy which a lower rate shows a good economic performance of the country. In the recent events, U.S has been improving its economic performance by decreasing the unemployment rate to 4.4%, where it increased jobs in several industries, such as construction, health care, mining, factory, as well as professional and technical services (U.S. Bureau of Labor Statistics, 2017). However, this country had also experienced high unemployment rate over this decade where it reached to 10% during financial crisis in 2009 (Amadeo, 2017)