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What’s That Again? ...or Census Data Reveals Surprising Economic Insight into U.S. Businesses and Job Creation
Citing U.S Census Bureau data, according to a new report out by the Kauffman Foundation, job creation in the United States hit a 29-year low in 2009 at the height of the Great Recession. That takes us back to 1980 when the U.S was in the midst of another recession when interest rate rose and farming, not automobile manufacturing, was particularly hard hit.
The report is based on Business Dynamics Statistics (BDS) which are “a product of the U.S. Census Bureau that measures business openings and closings, startups, job creation, and job destruction by firm size, age, industrial sector, and state.” More information about BDS can be found at http://www.ces.census.gov/index.php/bds/bds_home.In short, however, the BDS monitors the six million entities – companies and other organizations -- with paid employees and tracks which ones are growing, which ones are declining and which ones simply cease to be, and then provides “a picture of the dynamics underlying aggregate net employment growth.”
As Rapid Response practitioners, having access to business and economic data gives us perspective and helps us understand what is happening – or has happened -- and why. Recognizing trends and determining where job growth is occurring and where it is not is an important aspect of our jobs, it helps us identify challenges and figure out solutions that benefit workers and business and helps guide them through economic transitions.
The BDS data from the Census Bureau summarized in the Kauffman brief is just another example of the kinds of information that is available to us and that can provide a sound foundation for planning and addressing workforce challenges.
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