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63-512: Anthropologie is an American retailer operating in the U.S., Canada, France, Germany and the UK that sells clothing, jewelry, home furniture, decorations, beauty products, and gifts. Anthropologie is part of URBN brands, which includes Urban Outfitters , Free People , BHLDN , and Terrain. In 1970, former Lehigh University roommates and later University of Pennsylvania Wharton Business School classmates Richard Hayne and Scott Belair needed

126-753: A legal right , with the others being Papua New Guinea , Suriname and Liberia . In 2014 and again in 2020, the International Trade Union Confederation graded the U.S. a 4   out of   5+, its third-lowest score, on the subject of powers and rights granted to labor unions . Similarly, a 2023 study published by Oxfam found that the United States ranks among the worst among developed countries for labor protections . Some scholars, including business theorist Jeffrey Pfeffer and political scientist Daniel Kinderman, posit that contemporary employment practices in

189-585: A fifth of the global total. The U.S. not only has the largest internal market for goods, but also dominates the services trade. Total U.S. trade was $ 4.2   trillion in 2018. Of the world's 500 largest companies , 121 are headquartered in the U.S. The U.S. has the world's highest number of billionaires , with total wealth of $ 3.0   trillion. U.S. commercial banks had $ 22.9   trillion in assets in December 2022. U.S. global assets under management had more than $ 30   trillion in assets. During

252-422: A hire-and-fire policy, and job security is relatively low. Among OECD nations, the U.S. has a highly efficient and strong social security system ; social expenditure stood at roughly 30% of GDP . The United States is the world's largest producer of petroleum and natural gas . In 2016, it was the world's largest trading country and second largest manufacturer , with American manufacturing making up

315-593: A measure of both production and income, grew by 2.3% in 2017, vs. 1.5% in 2016 and 2.9% in 2015. Real GDP grew at a quarterly annualized rate of 2.2% in Q1 2018, 4.2% in Q2 2018, 3.4% in Q3 2018, and 2.2% in Q4 2018; the Q2 rate was the best growth rate since Q3 2014, and the overall yearly GDP growth of 2.9% in 2018 was the best performance of the economy in a decade. In 2020, the growth rate of

378-418: A project for an entrepreneurial class. They decided to open a retail store called Free People . According to some sources, Hayne's ex-wife Judy Wicks co-founded the company with him. After opening another store, Urban Outfitters , Hayne worked the concept behind Anthropologie, aiming to sell products targeting 30 to 45-year-old women. In the autumn of 1992, Anthropologie opened its first free-standing store in

441-605: A recession in 2001 with an unusually slow jobs recovery, with the number of jobs not regaining the February 2001 level until January 2005. This "jobless recovery" overlapped with the building of a housing bubble and arguably a wider debt bubble, as the ratio of household debt to GDP rose from a record level of 70% in Q1 2001 to 99% in Q1 2008. Homeowners were borrowing against their bubble-priced homes to fuel consumption, driving up their debt levels while providing an unsustainable boost to GDP. When housing prices began falling in 2006,

504-672: A refurbished automobile shop in Wayne, Pennsylvania . In 1998, the brand launched a mail-order catalog. Anthropologie launched a website that same year. In 2009, Anthropologie opened its first international store in London, England . It followed the other brands in URBN in expanding to the United Kingdom . Also in 2009, Anthropologie opened its first Canadian outlet at the Shops at Don Mills ,

567-539: A result of the worldwide pandemic. Social distancing measures which took effect in March 2020, and which negatively impacted the demand for goods and services, resulted in the US GDP declining at a 4.8% annualized rate in the first quarter, the steepest pace of contraction in output since the fourth quarter of 2008. US retails sales dropped a record 8.7% in March alone. The US airline industry had also been hit hard, seeing

630-697: A sharp decline in its revenues. The COVID-19 recession has been widely described as the most severe global economic downturn since the Great Depression and "far worse" than the Great Recession . In May 2020, CNN gave an analysis based on unemployment data that the US economy was perhaps the worst that it had been since the 1930s. By May 8, the US had reached a record 14.7 percent unemployment, with 20.5 million jobs lost in April. The Chairman of

693-617: A shopping centre in Toronto . In 2018, following an exposé of the mohair industry in South Africa, Anthropologie joined other fashion retailers in banning the sale of products containing goat-derived fur. In October 2019, Urban Outfitters announced the opening of Anthropologie Home Outlet in Pittsburgh , which focuses only on home furnishings. In 2020, Anthropologie became a target of protests when it ignored calls from PETA to ban

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756-626: A substitute for the highly inflated Venezuelan bolívar. The disputed territories of Abkhazia and South Ossetia and Crimea have the Russian ruble as their de facto currency. Due to hyperinflation in Zimbabwe in 2006 to 2008, the government of Zimbabwe has allowed circulation of foreign currency since September 2008 and local currency became obsolete since 12 April 2009. Both South African rand and Botswana pula circulate in Zimbabwe. The small French island of St. Pierre and Miquelon has

819-477: A tool for regulating the overall pace of economic activity. The U.S. economy grew by an average of 3.8% from 1946 to 1973, while real median household income surged by 74% (or 2.1% a year). Since the 1970s, several emerging countries have begun to close the economic gap with the United States. In most cases, this has been due to moving the manufacture of goods formerly made in the U.S. to countries where they could be made for sufficiently less money to cover

882-578: Is acceptable in many places, including airports to pay temporary visa fees for non-US/Dominican visits; Iraq , where United States commercial, governmental and military involvement due to the Iraq War and the Iraqi Dinar 's low value has made the US dollar highly preferred; Timor-Leste , Lebanon , El Salvador , Ecuador and Panama ; Venezuela where they accept the USD for practically everything as

945-409: Is also the world's fourth largest high-technology exporter . The U.S. ranks second in the world by number of patent applications . Consumer spending comprised 68% of the U.S. economy in 2022, while its labor share of income was 44% in 2021. The U.S. has the world's largest consumer market . The nation's labor market has attracted immigrants from all over the world and its net migration rate

1008-680: Is among the highest in the world. The U.S. is one of the top-performing economies in studies such as the Ease of Doing Business Index , the Global Competitiveness Report , and others. The economic history of the United States began with British settlements along the Eastern seaboard in the 17th and 18th centuries. After 1700, the United States gained population rapidly, and imports as well as exports grew along with it. Africa, Asia, and most frequently Europe, contributed to

1071-519: Is both the largest company and the largest private sector employer in the world. Walmart employs 2.1 million people worldwide and 1.4 million in the U.S. alone. There are nearly thirty million small businesses in the U.S.. Minorities such as Hispanics , African Americans, Asian Americans, and Native Americans (35% of the country's population), own 4.1 million of the nation's businesses. Minority-owned businesses generate almost $ 700   billion in revenue, and they employ almost five million workers in

1134-481: Is fueled by high productivity , well developed transportation infrastructure , and extensive natural resources . Americans have the sixth highest average household and employee income among OECD member states. In 2021, they had the highest median household income . The U.S. has one of the world's highest income inequalities among the developed countries . The largest U.S. trading partners are Canada , Mexico , China , Japan , Germany , South Korea ,

1197-671: Is often called '不補水' in Chinese. If merchandise priced in Patacas is paid for in Hong Kong Dollars, and if merchants practice '不補水', prices in Patacas may be rounded up to the equivalent in Hong Kong Dollars, and merchants would offer change in Hong Kong dollars or the amount of Hong Kong Dollars paid would be automatically converted into Patacas and merchants would then offer change in Patacas. This economics -related article

1260-526: Is the currency of record most used in international transactions and is the world's reserve currency , backed by a large U.S. treasuries market , its role as the reference standard for the petrodollar system , and its linked eurodollar . Several countries use it as their official currency and in others it is the de facto currency . Since the end of World War II , the economy has achieved relatively steady growth, low unemployment and inflation, and rapid advances in technology . The American economy

1323-480: The British Empire at the top. The economy maintained high wages, attracting immigrants by the millions from all over the world. In the 1820s and 1830s, mass production shifted much of the economy from artisans to factories. New government regulations strengthened patents. Early in the 19th century, more than 80 percent of Americans engaged in farming. Most of the manufacturing centered on the first stages of

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1386-597: The Canadian dollar as its de facto currency. The Hong Kong Dollar is widely accepted in Macau, even though it has not gained official recognition from Autoridade Monetária de Macau (AMCM) as legal tender in Macau. The Macauese Pataca is pegged to the Hong Kong Dollar at 1.029(buy)/1.032(sell). However, many merchants who accept Hong Kong Dollars may offer to pay the difference between two currencies, such practice

1449-498: The Great Recession of 2008, the U.S. economy suffered a significant decline. The American Reinvestment and Recovery Act was enacted by the United States Congress, and in the ensuing years the U.S. experienced the longest economic expansion on record by July 2019. The New York Stock Exchange and Nasdaq are the world's largest stock exchanges by market capitalization and trade volume . The U.S. has

1512-501: The U.S. president and Congress . The "Baby Boom" saw a dramatic increase in fertility in the period 1942–1957; it was caused by delayed marriages and childbearing during the depression years, a surge in prosperity, a demand for suburban single-family homes (as opposed to inner city apartments), and new optimism about the future. The boom peaked around 1957 and then began to fade. A period of high inflation, interest rates, and unemployment after 1973 weakened confidence in fiscal policy as

1575-488: The US Federal Reserve , Jerome Powell , warned that it may take "an extended time" before the US economy fully recovers from weak economic growth, due to the pandemic, and that in the foreseeable future the US can expect "low productivity growth and stagnant incomes". By May 31, 2020, more than forty million Americans had filed for unemployment benefits. By June 2020, the slump in US continental flights due to

1638-460: The United Kingdom , Taiwan , India , and Vietnam . The U.S. is the world's largest importer and second largest exporter . It has free trade agreements with several countries , including Canada and Mexico (through the USMCA ), Australia, South Korea, Israel, and several others that are in effect or under negotiation. The U.S. has a highly flexible labor market , where the industry adheres to

1701-410: The financial crisis of 2007–2008 , when GDP fell by 5.0% from the spring of 2008 to the spring of 2009. Other significant recessions took place in 1957–1958, when GDP fell 3.7% following the 1973 oil crisis , with a 3.1% fall from late 1973 to early 1975, and in the 1981–1982 recession, when GDP dropped by 2.9%. Recent, mild recessions have included the 1990–1991 downturn, when output fell by 1.3%, and

1764-538: The 1960s, 2.1% in the 1970s, 2.4% in the 1980s, 2.2% in the 1990s, 0.7% in the 2000s, and 0.9% from 2010 to 2017. Reasons for slower growth since 2000 are debated by economists and may include aging demographics, slower population and growth in labor force, slower productivity growth, reduced corporate investment, greater income inequality reducing demand, lack of major innovations, and reduced labor power. The U.S. ranked 20th out of 220 countries in GDP per capita in 2017. Among

1827-437: The 19th century, recessions frequently coincided with financial crises . The Panic of 1837 was followed by a five-year depression, marked by bank failures and unprecedented unemployment. Because of the great changes in the economy over the centuries, it is difficult to compare the severity of modern recessions to that of early recessions. Recessions after World War II appear to have been less severe than earlier recessions, but

1890-417: The 2001 recession, in which GDP slid by 0.3%; the 2001 downturn lasted just eight months. The most vigorous, sustained periods of growth, on the other hand, took place from early 1961 to mid-1969, with an expansion of 53% (5.1% a year), from mid-1991 to late 2000, at 43% (3.8% a year), and from late 1982 to mid-1990, at 37% (4% a year). Debt held by the public, a measure of national debt, has risen throughout

1953-525: The 21st century. Rising from 31% in 2000 to 52% in 2009, and reaching 77% of GDP in 2017, the U.S. ranked 43rd highest in debt out of 207 countries. In the first two quarters of 2020 amid Donald Trump 's presidency, the U.S. economy suffered major setbacks beginning in March 2020, due to the novel coronavirus and having to "shut-down" major sectors of the American economy. As of March 2020, US exports of automobiles and industrial machines had plummeted as

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2016-676: The Federal Reserve's 2% target rate. The following table shows the main economic indicators in 1980–2023 (with IMF staff estimates in 2024–2028). Inflation below 5% is in green. (in Bil. US$ PPP) (in US$ PPP) (in Bil. US$ nominal) (in US$ nominal) (real) (in Percent) (in Percent) (in % of GDP) U.S. nominal GDP was $ 19.5   trillion in 2017,

2079-513: The GDP has started to drop as a result of the COVID-19 pandemic , resulting in the GDP shrinking at a quarterized annual growth rate of −5.0% in Q1 2020 and −32.9% in Q2 2020, respectively. As of 2014, China passed the U.S. as the largest economy in GDP (PPP) terms, measured at purchasing power parity conversion rates. The U.S. had the highest GDP (PPP) figures for more than a century prior to that milestone; China has more than tripled

2142-400: The U.S. Americans have the highest average employee income among OECD nations. The median household income in the U.S. as of 2008 is $ 52,029. About 284,000 working people in the U.S. have two full-time jobs and 7.6 million have part-time ones in addition to their full-time employments. Out of all working individuals in the U.S. , 12% belong to a labor union and most union members work for

2205-506: The U.S. growth rate for each of the past 40 years. As of 2017, the European Union as an aggregate had a GDP roughly 5% larger than the U.S., although the former is a political union not a country. The United States', however, remained the world's largest economy with the highest nominal GDP. Real GDP per capita (measured in 2009 dollars) was $ 52,444 in 2017 and has been growing each year since 2010. It grew 3.0% per year on average in

2268-426: The U.S. labor force in 2017, the fourth largest labor force in the world behind China, India, and the European Union. The government (federal, state and local) employed 22 million in 2010. Small businesses are the nation's largest employer, representing 37% of American workers. The second-largest share of employment belongs to large businesses employing 36% of the U.S. workforce. White collar workers comprise 44% of

2331-631: The United States Employment The United States is a highly developed mixed economy . It is the world's largest economy by nominal GDP ; it is also the second largest by purchasing power parity (PPP), behind China . It has the world's sixth highest per capita GDP (nominal) and the eighth highest per capita GDP (PPP) as of 2024. The U.S. accounted for 26% of the global economy in 2023 in nominal terms, and about 15.5% in PPP terms. The U.S. dollar

2394-477: The United States relating to the increased performance pressure from management, and the hardships imposed on employees such as toxic working environments, precarity , and long hours, could be responsible for 120,000 excess deaths annually, making the workplace the fifth leading cause of death in the United States. As of December 2017, the unemployment rate in the U.S. was 4.1% or 6.6 million people. The government's broader U-6 unemployment rate, which includes

2457-406: The bankruptcy of Lehman Brothers and bailouts of several other financial institutions. The Bush administration (2001–2009) and Obama administrations (2009–2017) applied banking bailout programs and Keynesian stimulus via high government deficits, while the Federal Reserve maintained near-zero interest rates. These measures helped the economy recover, as households paid down debts in 2009–2012,

2520-457: The coronavirus pandemic had resulted in the US government temporarily halting service of fifteen US airlines to 75 domestic airports. The New York Times reported on June 10, 2020, that "the United States budget deficit grew to a record $ 1.88   trillion for the first eight months of this fiscal year ." The US economy recovered from the COVID-19 pandemic in 2021, growing by 5.7%, which

2583-434: The cost of shipping plus a higher profit. In other cases, some countries have gradually learned to produce the same products and services that previously only the U.S. and a few other countries could produce. Real income growth in the U.S. has slowed. In the 1970s and 1980s, it was popular in the U.S. to believe that Japan's economy would surpass that of the U.S., but this did not occur. The United States economy experienced

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2646-438: The government. The decline of union membership in the U.S. over the last several decades parallels that of labor's share of the economy. The World Bank ranks the United States first in the ease of hiring and firing workers. The United States is the only advanced economy that does not legally guarantee its workers paid vacation or paid sick days , and is one of just a few countries in the world without paid family leave as

2709-432: The largest in the world. Annualized, nominal GDP reached $ 20.1   trillion in Q1 2018, the first time it exceeded $ 20   trillion. About 70% of U.S. GDP is personal consumption, with business investment 18%, government 17% (federal, state and local but excluding transfer payments such as Social Security, which is in consumption) and net exports a negative 3% due to the U.S. trade deficit. Real gross domestic product ,

2772-409: The last decade. The proportion of Americans employed by small business versus large business has remained relatively the same year by year as some small businesses become large businesses and just over half of small businesses survive for more than five years. Amongst large businesses, several of the largest companies and employers in the world are American companies. Amongst them are Walmart , which

2835-572: The modern U.S. Presidents, Bill Clinton had the highest cumulative percent real GDP increase during his two terms, Reagan second and Obama third. The development of the nation's GDP according to World Bank : U.S. real GDP grew by an average of 1.7% from 2000 to the first half of 2014, a rate around half the historical average up to 2000. Nominal GDP sector composition, 2015 (in millions of dollars) at 2005 constant prices Nominal GDP Sector Composition, 2016 (in millions of dollars) at current prices. There were approximately 160.4 million people in

2898-546: The money supply, which also encouraged more spending. Ideas about the best tools for stabilizing the economy changed substantially between the 1930s and the 1980s. From the New Deal era that began in 1933 to the Great Society initiatives of the 1960s, national policymakers relied principally on fiscal policy to influence the economy. During the world wars of the twentieth century, the United States fared better than

2961-516: The only years since 1947 where this occurred, presenting a significant barrier to recovery. Real GDP regained its pre-crisis (late 2007) peak by 2011, household net worth by Q2 2012, non-farm payroll jobs by May 2014, and the unemployment rate by September 2015. Each of these variables continued into post-recession record territory following those dates, with the U.S. recovery becoming the second longest on record in April 2018. A significant recession, as defined lost economic output, occurred during

3024-602: The part-time underemployed , was 8.1% or 8.2 million people. These figures were calculated with a civilian labor force of approximately 160.6 million people, relative to a U.S. population of approximately 327 million people. Between 2009 and 2010, following the Great Recession, the emerging problem of jobless recoveries resulted in record levels of long-term unemployment with more than six million workers looking for work for more than six months as of January 2010. This particularly affected older workers. A year after

3087-588: The reasons for this are unclear. At the beginning of the century, new innovations and improvements in existing innovations opened the door for improvements in the standard of living among American consumers. Many firms grew large by taking advantage of economies of scale and better communication to run nationwide operations. Concentration in these industries raised fears of monopolies that would drive prices higher and output lower, but many of these firms were cutting costs so fast that trends were towards lower prices and more output in these industries. Many workers shared

3150-619: The recession ended in June 2009, immigrants gained 656,000 jobs in the U.S., while U.S.-born workers lost more than a million jobs, due in part to an aging country (relatively more white retirees) and demographic shifts. In April 2010, the official unemployment rate was 9.9%, but the government's broader U-6 unemployment rate was 17.1%. Between February 2008 and February 2010, the number of people working part-time for economic reasons (i.e., would prefer to work full-time) increased by 4.0 million to 8.8 million, an 83% increase in part-time workers during

3213-607: The rest of the combatants because none of the First World War and relatively little of the Second World War were fought on American territory (and none on the then-48 states). Yet, even in the United States, the wars meant sacrifice. During the peak of Second World War activity, nearly 40 percent of U.S. GDP was devoted to war production. Decisions about large swaths of the economy were largely made for military purposes, and nearly all relevant inputs were allocated to

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3276-624: The rising eurozone unemployment rate in the mid-1980s and has remained significantly lower almost continuously since. In 1955, 55% of Americans worked in services, between 30% and 35% in industry, and between 10% and 15% in agriculture . By 1980, over 65% were employed in services, between 25% and 30% in industry, and less than 5% in agriculture. Male unemployment continued to be significantly higher than those of females (at 9.8% vs. 7.5% in 2009). The unemployment among Caucasians continues being much lower than those for African-Americans (at 8.5% vs. 15.8% also in 2009). The youth unemployment rate

3339-562: The sale of items made with alpaca hair. In April 2021, Hillary Super stepped down as CEO of Anthropologie, and Tricia D. Smith, who had served 26 years at Nordstrom , took over as Anthropologie’s global CEO. Anthropologie had partners with various artists and designers worldwide for its products. Collaborators have included Tracy Reese , Peter Som , Collette Dinnigan , Mara Hoffman, Liya Kebede , Byron Lars , Ekaterina Kukhareva , Chris Benz , Kit Kemp , Vera Neumann , Amber Lewis, Joanna Gaines and Claire Desjardins. Economy of

3402-460: The success of these large firms, which typically offered the highest wages in the world. The United States has been the world's largest national economy in terms of GDP since around 1890. For many years following the Great Depression of the 1930s, when the danger of recession appeared most serious, the government strengthened the economy by spending heavily itself or cutting taxes so that consumers would spend more and by fostering rapid growth in

3465-448: The trade of the colonies. These 13 colonies gained independence from the British Empire in the late 18th century and quickly grew from colonial economies towards an economy focused on agriculture . In 180 years, the United States grew to become a huge, integrated, and industrialized economy, which made up about a fifth of the world economy . In that process, the U.S. GDP per capita rose past that of many other countries, supplanting

3528-455: The transformation of raw materials, with lumber and sawmills, textiles, and boots and shoes leading the way. The rich natural resources contributed to the rapid economic expansion of the nineteenth century. Ample land allowed the number of farmers to keep growing; but activity in manufacturing, services, transportation, and other sectors grew much faster, so that by 1860 the population was only about 50 percent rural, down from over 80 percent. In

3591-426: The two-year period. By 2013, although the unemployment rate had fallen below 8%, the record proportion of long term unemployed and continued decreasing household income remained indicative of a jobless recovery. However, the number of payroll jobs returned to its pre-recession (November 2007) level by May 2014 as the economy recovered. After being higher in the post-war period, the U.S. unemployment rate fell below

3654-472: The value of securities backed by mortgages fell dramatically, causing the equivalent of a bank run in the essentially unregulated non-depository banking system, which had outgrown the traditional, regulated depository banking system. Many mortgage companies and other non-depository banks (e.g., investment banks) faced a worsening crisis in 2007–2008, with the banking crisis peaking in September 2008, with

3717-443: The war effort. Many goods were rationed, prices and wages controlled, and many durable consumer goods were no longer produced. Large segments of the workforce were inducted into the military and paid half their wages; roughly half of those were sent into harm's way. The approach, advanced by British economist John Maynard Keynes , gave elected officials a leading role in directing the economy since spending and taxes are controlled by

3780-427: The workforce as of 2022, up from 34% in 2000. The nation's private sector employs 85% of working Americans. Government accounts for 14% of all U.S. workers. Over 99% of all private employing organizations in the U.S. are small businesses. The 30 million small businesses in the U.S. account for 64% of newly created jobs (those created minus those lost). Jobs in small businesses accounted for 70% of those created in

3843-423: The world's largest gold reserve , with over 8,000 tonnes of gold. In 2014, the U.S. economy was ranked first in international ranking on venture capital and global research and development funding. The U.S. spends around 3.46% of GDP on cutting-edge research and development across various sectors of the economy. The U.S. has produced the world's highest number of Nobel laureates in the economics field. It

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3906-709: Was 18.5% in July 2009, the highest rate in that month since 1948. The unemployment rate of young African Americans was 28.2% in May 2013. De facto currency Andorra used the euro unofficially prior to June 2013, at which point the euro became its official currency. The euro remains the de facto currency in Kosovo and Montenegro . Countries using the United States dollar as their de facto currency include Aruba and Cambodia , where most hotels, restaurants, and transportation are priced in dollars; Dominican Republic where it

3969-554: Was its best performance since Ronald Reagan 's presidency (1981–1989). 2021–2022 marked a historical inflation surge in the United States, with the Consumer Price Index inflation rate hitting 9.1% higher in June 2022 than June 2021, constituting a 41-year high inflation rate with critics blaming the Federal Reserve among other factors. Inflation rate reached 4.9% in April 2023, which was roughly 3% above

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