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United States economy

he United States’ economic freedom score is 76.8, making its economy the 12th freest in the 2019 Index. Its overall score has increased by 1.1 points, with significant improvements in scores for tax burden and government integrity far outpacing modest declines in fiscal health, labor freedom, monetary freedom, and trade freedom. The United States is ranked 2nd among 32 countries in the Americas region, and its overall score is above the regional and world averages.

The U.S.’s economic freedom ranking has risen six places, and its overall score in the 2019 Index is the highest recorded since 2011. This improvement reflects the impact of major regulatory and tax reforms on economic growth, investment, and business confidence. In 2018, the unemployment rate fell to its lowest point since 1969. New protectionist policies that have raised tariffs and disrupted established manufacturing supply chains are just beginning to affect consumer prices and investment decisions.

The United States has one of the world’s wealthiest and most diversified economies. President Donald Trump fulfilled his campaign pledge to reduce burdensome regulations and signed a major tax reform bill into law at the end of 2017, but he also adopted protectionist trade policies. Although it held a slim majority in Congress until 2019, the Republican Party was unable to fulfill such other promises as the dismantling of the Affordable Care Act. With control of the House of Representatives passing to the Democratic Party, prospects for major legislation affecting economic policy have dimmed. Although services account for about 80 percent of GDP, the U.S. remains the world’s second-largest producer of manufactured goods and the leader in research and development.