How big is the service industry in the US?

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In 2020, the value of services exported from the United States stayed above 50 billion U.S. dollars every month. With this in mind, it is easy to see how the service sector has become the most valuable part of the American economy.

Is the US an industry or a service?

A) Introduction Already in 1940 the U.S. became a so called “service economy” meaning that more than half of its work force is employed in producing intangibles.

How much of the US economy is the service industry?

Last year, the services sector—a broad category of the economy that now includes financial services, media, transportation and technology—accounted for 67 percent of GDP in the United States.

What is the main industry in US?

The retail industry is the largest employer in the United States economy with the sector being responsible for 10% of the total employment in the country. Data from the National Retail Federation shows that the industry accounts directly or indirectly for over 15 million jobs.

How important are services in the US economy?

The services sector has become the most important driver of US economic activity in terms of employment, value added, and trade. In 2016, the services-producing industries contributed 68.9 percent of US GDP, amounting to $12.9 trillion, and 83.8 percent of total private employment, representing 102 million employees.

What is the biggest industry in the US?

The 10 Biggest Industries by Revenue in the US

Health & Medical Insurance in the US.
Hospitals in the US.
New Car Dealers in the US.
Life Insurance & Annuities in the US.
Pharmaceuticals Wholesaling. $868.8B.
Public Schools in the US. $791.0B.
Supermarkets & Grocery Stores in the US. $758.4B.
Commercial Banking in the US. $703.4B.

What percent of US jobs are service industry?

The statistic shows the distribution of the workforce across economic sectors in the United States from 2009 to 2019. In 2019, 1.36 percent of the workforce in the US was employed in agriculture, 19.91 percent in industry and 78.74 percent in services.

How important is the service industry in the US economy?

What are examples of service industry?

Service industries include everything else: banking, communications, wholesale and retail trade, all professional services such as engineering, computer software development, and medicine, nonprofit economic activity, all consumer services, and all government services, including defense and administration of justice.