The U.S. Chamber of Commerce today unveiled the State of American Business Data Center in advance of tomorrow’s event, which aims to document the economic difficulties faced by the business sector and highlight the need for government to find answers rather than become bogged down in them.
The U.S. Chamber’s President and CEO Suzanne P. Clark will discuss how, despite the economic unpredictability, American business is strong and hopeful and will continue to drive the country ahead this year at the 2023 State of American Business event on January 12, 2023 at 11 AM ET. The occasion will highlight the importance of government advancement of sound policy and business-led innovation in paving the way for a more stable and prosperous economic future for our country.
Businesses are dealing with a wide range of economic issues, including the possibility of a recession, a workforce scarcity, excessive regulation, and geopolitical unpredictability. In the face of these difficulties, there is little faith in the government to provide assistance.
To assess the state of the business sector and economy, the data centre examines 12 economic indicators covering a range of business-related themes, such as employees, IPOs, consumers, supply chains, energy, and innovation.
The Chamber’s Worker Shortage Index rating of 0.73 indicates that there are only 73 people available for every 100 job postings, which is close to a record low.
Beginning in 2023, the data present a complex picture:
The number of IPOs entering to market has decreased below average with 180 new IPOs in 2022. The lending market is also lagging.
Although inflation is close to 40-year highs, consumer expenditure has been high, increasing 8.2% yearly in 2022.
Strains on the supply chain are easing: The Global Supply Chain Pressure Index published by the New York Federal Reserve is currently at 1.0, down from a pandemic high of nearly 4.0 in 2021. Energy costs are decreasing: During Russia’s invasion of Ukraine, energy costs reached all-time highs, but they are finally starting to level off.
Uneven innovation ecosystem: The United States continues to produce a large number of patents, yet fewer than half go to citizens of the country.
The State of American Business Data Center adds to the Chamber’s growing library of economic data articles on topics like immigration, competition, equal opportunity, and the labour shortage.
- Economic Challenges for Business in 2023 are Highlighted by a New U.S. Chamber of Commerce Data Center
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