Page plan · 17 pages

Written for: journalists, students and policy readers

1. 1

   The US economy in 2025, from federal statistics

   • This briefing summarizes the US economy in 2025 using federal statistical releases.
   • It is written for journalists, students and policy readers.
   • Each figure comes from an official agency release, listed on the last page.
   • We cover growth, jobs, trade, energy and household well-being.
2. 2

   Growth, jobs, trade and energy: the year in one view

   • The year in one view: output, employment, trade and energy.
   • Growth was uneven, with sharp swings between quarters.
   • The labor market and consumer spending shaped the overall picture.
   • Trade and energy flows connect the US economy to the rest of the world.
3. 3

   Real GDP growth quarter by quarter in 2025

   • Real GDP grew 0.1% at an annual rate in Q1 2025.
   • Growth jumped to 4.0% in Q2 and stayed strong at 3.9% in Q3.
   • Q4 slowed sharply to 0.2%.
   • Figures are seasonally adjusted annual rates, from the Bureau of Economic Analysis.

   Column chart: Real GDP growth by quarter, 2025 (% at an annual rate). Source: NIPA quarterly data, series A191RL (Table 1.1.1) · checked 2026-10-10

4. 4

   Which industries make up the economy

   • GDP by industry shows where value added is produced.
   • Services-providing industries make up the large majority of US output.
   • Goods-producing sectors such as manufacturing are smaller but important for trade.
   • Government is also counted as its own sector in the accounts (illustrative framing).
5. 5

   Consumer spending drove most of 2025's growth

   • Consumer spending contributed 1.77 percentage points to 2025 real GDP growth.
   • Private investment added 0.56 points.
   • Government added 0.28 points.
   • Net exports subtracted 0.27 points.

   Bar chart: Contributions to 2025 real GDP growth (percentage points). Source: NIPA annual data, series DPCERY, A006RY, A822RY, A019RY (Table 1.1.2) · checked 2026-10-10

6. 6

   The population by age group

   • Population estimates are split by age group, from children to older adults.
   • The age mix affects the labor force, school enrollment and retirement programs.
   • An aging population is a long-running trend in Census Bureau data.
   • Journalists should check which estimate vintage a figure comes from.
7. 7

   How the population changed in 2025

   • Population change comes from births, deaths and net migration.
   • Natural increase is the gap between births and deaths.
   • Net international migration can swing the total from year to year.
   • These components feed into labor force and housing demand.
8. 8

   Jobs and earnings through the year

   • Payroll employment and the unemployment rate track labor market health.
   • Earnings data show whether pay kept pace with prices.
   • Monthly jobs figures are revised, so early readings can change.
   • Read the trend over several months, not a single release.
9. 9

   Where households spent their money

   • Personal consumption expenditures split into goods and services.
   • Services such as health care and housing make up the larger share of spending.
   • Durable goods spending is more sensitive to interest rates.
   • Spending patterns explain why consumers drove most 2025 growth.
10. 10

    Business investment and housing

    • Business investment covers equipment, structures and intellectual property.
    • Residential investment tracks home building and improvements.
    • Mortgage rates and construction costs influence housing activity.
    • Private investment added 0.56 points to growth in 2025.
11. 11

    Exports, imports and the trade balance

    • Exports are goods and services sold abroad; imports are those bought from abroad.
    • The trade balance is exports minus imports.
    • A wider deficit subtracts from GDP, as net exports did in 2025.
    • Tariffs and shifting demand can move trade flows between months.
12. 12

    The largest US trading partners

    • Canada, Mexico and China are among the largest US trading partners.
    • Trade is measured as goods and services moving in both directions.
    • Partner rankings can shift with trade policy and supply chains.
    • Census and BEA publish country-level trade data.
13. 13

    Petroleum and natural gas still supply most US energy

    • Petroleum supplied 36.1 quadrillion Btu of US energy in 2025.
    • Natural gas followed at 34.6 quadrillion Btu.
    • Renewables supplied 8.8, coal 8.7 and nuclear 8.2 quadrillion Btu.
    • Petroleum and natural gas together supply most US primary energy.

    Pie chart: US primary energy consumption by source, 2025 (quadrillion Btu). Source: Monthly Energy Review, Table 1.3: Primary Energy Consumption by Source · checked 2026-10-10

14. 14

    Research and the digital economy

    • Research and development spending drives long-run productivity.
    • The digital economy includes software, data and online services.
    • BEA tracks digital activity as a share of GDP in satellite accounts.
    • Intellectual property investment is a growing part of private investment.
15. 15

    Household income and well-being

    • Median household income summarizes typical living standards.
    • Poverty and inequality measures add context to averages.
    • Income should be compared in inflation-adjusted dollars.
    • Well-being also depends on health, housing and job security.
16. 16

    What 2025's numbers add up to

    • 2025 growth was volatile by quarter but supported by consumers.
    • Net exports were a drag while investment and government added modestly.
    • Petroleum and natural gas remain the backbone of energy supply.
    • Readers should treat early estimates as revisable.
17. 17

    The federal releases behind each figure

    • The Bureau of Economic Analysis supplies GDP and its components.
    • The Energy Information Administration supplies energy consumption data.
    • The Census Bureau and Bureau of Labor Statistics supply population, trade and jobs data.
    • Each chart page lists its table, publisher and access date.