<Tr> <Td_colspan="2"> Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars . </Td> </Tr> <P> The economy of the United States is a highly developed mixed economy . It is the world's largest economy by nominal GDP and the second - largest by purchasing power parity (PPP). It also has the world's seventh - highest per capita GDP (nominal) and the eleventh - highest per capita GDP (PPP) in 2016 . The US has a highly diversified, world - leading industrial sector . It is also a high - technology innovator with the second - largest industrial output in the world . The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency, backed by its science and technology, its military, the full faith of the U.S. government to reimburse its debts, its central role in a range of international institutions since World War II, and the petrodollar system . Several countries use it as their official currency, and in many others, it is the de facto currency . Its largest trading partners are China, Canada, Mexico, Japan, Germany, South Korea, United Kingdom, France, India, and Taiwan . </P> <P> The nation's economy is fueled by abundant natural resources, a well - developed infrastructure, and high productivity . It has the second - highest total - estimated value of natural resources, valued at $45 trillion in 2016 . Americans have the highest average household and employee income among OECD nations, and in 2010, they had the fourth - highest median household income, down from second - highest in 2007 . The United States has held the world's largest national economy (not including colonial empires) since at least the 1890s . It is the world's third - largest producer of oil and natural gas . In 2016, it was the world's largest trading nation as well as its second - largest manufacturer, representing a fifth of the global manufacturing output . The U.S. also has both the largest economy and the largest industrial sector, at 2005 prices according to the UNCTAD . The U.S. not only has the largest internal market for goods, but also dominates the trade in services . U.S. total trade amounted to $4.92 trillion in 2016 . Of the world's 500 largest companies, 134 are headquartered in the US . </P> <P> The U.S. has one of the world's largest and most influential financial markets . The New York Stock Exchange is by far the world's largest stock exchange by market capitalization . Foreign investments made in the U.S. total almost $2.4 trillion, while American investments in foreign countries total to over $3.3 trillion . The U.S. economy is ranked first in international ranking on venture capital and Global Research and Development funding . Consumer spending comprised 71% of the U.S. economy in 2013 . The U.S. has the world's largest consumer market, with a household final consumption expenditure five times larger than that of Japan . The nation's labor market has attracted immigrants from all over the world and its net migration rate 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 . </P>

When did america become world's largest economy