Breaking Down the Latest US Census Business Trends and Outlook Survey
The US Census Bureau’s latest Business Trends and Outlook Survey provides valuable insights for businesses planning for the future. The survey, conducted in 2020, examines various aspects of businesses in the United States, ranging from finances to employment. In this article, we will break down the latest US Census Business Trends and Outlook Survey to provide you with all the important details.
Business Performance
The survey revealed that the majority of businesses experienced an increase in revenue in 2019. Nearly 70% of respondents reported an increase in revenue compared to 2018, while only 6% reported a decrease. This positive trend continued into 2020, with over 50% of businesses reporting they expected an increase in revenue.
However, the survey also revealed a divide between smaller and larger businesses. Small businesses with fewer than 20 employees were less likely to report an increase in revenue than larger ones. Cash flow also emerged as a critical issue for small businesses, with 24% indicating a concern about meeting their financial obligations.
Employment
The US Census Business Trends and Outlook Survey indicated a slightly positive outlook for employment in 2020. Despite a slight increase in the percentage of businesses that expected to see layoffs, more than 60% of businesses planned to maintain their current employee levels or hire additional staff in 2020.
The survey also highlighted a potential skills gap, with 25% of businesses indicating that they had difficulty hiring employees with the necessary skills for their specific roles.
Technology
Technology continues to be a significant factor for businesses in the United States, with 28% of survey respondents citing it as the most important a factor in their operations. The survey also revealed a trend towards increased investment in technology, with 57% of respondents indicating that they planned to spend more on technology in 2020.
Conclusion
The US Census Business Trends and Outlook Survey offers valuable insights for businesses planning for the future. The positive outlook for revenue and employment is encouraging, but small businesses must be proactive in managing their financial obligations. The potential skills gap highlights the need for businesses to invest in training and development for current and future employees. And finally, the trend towards increased investment in technology reinforces the importance of staying up-to-date with the latest tools and software.
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