Washington DC – Ahead of tomorrow’s State of American Business event, the US Chamber of Commerce has launched today State of American Business Data Center to capture the economic challenges facing the business community and reinforce the need for government to seek solutions to the impasse.
Companies face numerous economic challenges: threat of recession, lack of workers, overregulation, geopolitical uncertainty. Amid these challenges, confidence in the government to do what it can to help is low.
At the Chamber’s 2023 State of American Business event on January 12, 2023 at 11 a.m. ET, Chamber President and CEO Suzanne P. Clark will detail how despite economic uncertainty, American business is strong and optimistic and will continue to lead the country forward this year. The event will highlight the role of business-led innovation and the role of government in advancing smart policy to chart a safer and stronger economic future for our nation. Register here.
The data center analyzes 12 economic indicators by business theme, including workers, IPOs, consumers, supply chains, energy and innovation to diagnose the health of the business community and the economy.
At the beginning of 2023, the data give a mixed picture:
- The shortage of workers is close to an all-time record: The Chamber’s labor shortage index is close to an all-time low of 0.73, meaning that there are only 73 job vacancies for every 100 jobs.
- The decline of the IPO market and the loan market: The number of IPOs coming to market fell below average with 180 new IPOs in 2022.
- Consumption is high: While inflation is near 40-year highs, consumption is also high, growing by 8.2% annually in 2022.
- Supply chain tension eases: The New York Federal Reserve’s Global Supply Chain Stress Index stands at 1.0, down from a pandemic peak of more than 4.0 in 2021.
- Energy prices are falling: Energy prices were at record highs during the Russian invasion of Ukraine, but are now starting to stabilize.
- Uneven innovation ecosystem: The US still churns out a large number of patents, but less than half go to US residents.
The State of American Business Data Center builds on the expansion of the Chamber’s portfolio content of economic data covering labor shortages, immigration, equality of opportunity, competition and more.
Register for the State of American Business event on January 12th at 11:00 AM here.