Washington, D.C. – Ahead of tomorrow’s State of American Business event, the U.S. Chamber of Commerce today launched the State of American Business Data Center to capture the economic challenges facing the businesses community and reinforce the need for government to pursue solutions over gridlock.
Businesses are facing a multitude of economic challenges: the threat of a recession, the worker shortage, overregulation, geopolitical uncertainty. Amid these challenges, confidence in government to do what it can to help is low.
At the U.S. Chamber's 2023 State of American Business event on January 12, 2023 at 11 AM ET, Chamber President and CEO Suzanne P. Clark will detail how despite the 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 more secure and robust economic future for our nation. Register here.
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.
At the start of 2023, the data paints a mixed picture:
- Worker shortage near all-time 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 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 over more than 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 the worker shortage, immigration, equality of opportunity, competition, and more.
Register for the State of American Business event on Jan. 12 at 11:00 AM here.
