A Look at America's GDP and National Income

 Jason Finney has served as a credit analyst with RJ O’Brien and Associates in Chicago since 2018. Shortly before completing his BA in economics and German at the University of Michigan, Jason Finney performed macroeconomic data analysis as an intern with the German Institute for Economic Research.

Macroeconomics is a field of economics that deals with the behavior of large-scale economic systems, including various elements of national productivity such as gross domestic product (GDP) and national income.

GDP can be defined as a nation's overall mark value based on all goods and services produced within its borders. When combined with overall data points, such as national income, GDP can provide a broad overview of national productivity and economic health. In 2021, America's GDP approached $23 trillion. In the third quarter of 2022, the US GDP increased by 2.6 percent, compared to a 0.6 percent decrease in the prior quarter. The GDP has increased by roughly $6.25 trillion since 2012.

Gross national income (GNI), meanwhile, represents the total amount of money earned by a country's residents and businesses. Like the GDP, America's national income experienced a small dip in 2020, falling about 3.58 percent, but finished 2021 at an all time high of $23.39 trillion, or $70,430 per capita. America's GNI has more than doubled since 2005.

An Introduction to Credit Scores

 Jason Finney has served as a credit analyst with RJ O’Brien and Associates in Chicago since 2018. As a member of the nation’s oldest and largest independent futures brokerage firm, Jason Finney provides credit analysis support for brokers and commercial, institutional, and individual investors.

Credit scores represent numerical values ranging from 300 to 850 that denote an individual’s ability to repay loans and other lines of credit. The higher a credit score, the easier it becomes to secure loans for significant purchases such as automobiles and real estate.

Any score below 629 is not ideal for analysts and loan officers. However, individuals can take steps to improve it. Credit scores between 630 and 689 receive an average rating, while scores between 690 and 719 are above average. Credit scores of 720 or higher have an excellent rating and access to various loan options or credit cards with favorable terms and interest rates.

According to The VantageScore and FICO, the average American has a credit score between 695 and 719. Paying bills on time and keeping outstanding debts low as possible help improve scores. Credit scores also depend on credit age. Therefore, individuals benefit from start building a credit history as early as possible.

Two in three Americans have a good FICO score, while about 21 percent of Americans have a score of 800 or higher.