WASHINGTON — The U.S. Chamber of Commerce recently launched the State of American Business Data Center, a service intended to capture “the economic challenges facing the businesses community and reinforce the need for government to pursue solutions over gridlock.”
The data center analyzes 12 economic indicators across business topics, including workers, IPOs, consumers, supply chains, energy, and innovation, to diagnose the health of the business community and economy.
According to the Chamber, at the start of 2023, the data paints a mixed picture:
- Worker shortage near record: The Chamber’s Worker Shortage Index reading is near an all-time low at 0.73, meaning for every 100 job openings there are only 73 available workers.
- IPO market and loan markets sagging: The number of initial public offerings (IPOs) coming to market has dropped below average with 180 new IPOs in 2022.
- Consumer spending is strong: Even though inflation is near 40-year highs, spending has also been high, up 8.2% annually in 2022.
- Supply chain strains are easing: The New York Federal Reserve’s Global Supply Chain Pressure Index is at 1.0, down from a pandemic high exceeding 4.0 in 2021.
- Energy prices are coming down: Energy prices have been at record highs during the Russian invasion of Ukraine but are now beginning to stabilize.
- An uneven innovation ecosystem: The U.S. continues to churn out patents in strong numbers, but less than half go to U.S. residents.
The State of American Business Data Center builds on the Chamber’s expanding portfolio of economic data content covering worker shortage, immigration, equality of opportunity, competition, and more.
Have a question or comment? E-mail our editor Bruce Beggs at [email protected].
