The US has the strongest economy in the world evident in its economic growth, low inflation, low unemployment, gross domestic product and high salaries. US income tax is also considerably lower than the rest of the Western world. The US is a mixed economy that operates as a free market economy in consumer goods and business services with government regulations for protection.

Employment: A minimum wage and overtime pay of one and a half times the regular rate of pay (after 40 hours work per week) exists for salaries based on hours worked. There is no requirement of severance pay, sick leave, or vacations. The professional employment market is very competitive, and employees generally work very long hours in the bigger cities. 

Personal Tax rate: Personal income tax is levied at progressive tax rates between 10-37%. The maximum income rate of 37% is paid on all income over $US500,000.

Cost of Living: The US Bureau of Labor Statistics estimates that the average yearly cost of living for an American is $US20,194 per person in 2017. Furthermore, the average household size is 2.5 persons. However, there are geographic variations in the cost of living, specifically the child-rearing costs. Expenses are highest for families living in the urban West, followed by the urban Northeast and urban South. Families living in the urban Midwest and rural areas have the lowest living costs.

Inflation: Currently at the rate of 1.9% (as at April 2018).

Unemployment: Currently at 3.8% (as at April2018).

GDP Growth Rate: currently at 2.7% (as at April 2018).

Interest Rates: 1.5-2.1% (as at April 2018)

Main Industries: computers, pharmaceuticals, manufacturer of medial, aerospace and military equipment.

Research and Development: world leader.



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