Employment & Business Statistics

Reliable data is one of the most underused tools in small business planning. Whether you’re determining fair wages for a new hire, understanding your industry’s survival rate, or benchmarking your business against competitors, the sources below provide free, authoritative data to inform your decisions.

Note: Statistics update regularly. Always check the source directly for the most current figures rather than relying on numbers quoted elsewhere.

Live Economic Data

The charts below pull live data directly from the Federal Reserve Bank of St. Louis (FRED) and update automatically. Together they provide a real-time snapshot of the economic conditions most relevant to anyone starting or running a small business — labor market conditions, hiring competition, inflation, and entrepreneurial activity nationwide.

Unemployment Rate

The unemployment rate measures the percentage of the labor force actively seeking work but unable to find it. For a business owner, this number tells two stories simultaneously — a low unemployment rate means a strong economy with more consumer spending, but also a more competitive hiring environment where finding and retaining good employees is harder and wages are higher. A rising unemployment rate may signal economic softening but also a larger pool of available candidates. Understanding where the unemployment rate is trending helps you time hiring decisions and set realistic compensation expectations.

Source: U.S. Bureau of Labor Statistics via FRED, Federal Reserve Bank of St. Louis

Consumer Price Index (CPI)

The Consumer Price Index measures the average change over time in the prices paid by urban consumers for a representative basket of goods and services — in simple terms, it tracks inflation. For a business owner, CPI is one of the most important economic indicators to watch because inflation directly affects your operating costs, your pricing strategy, and your customers' purchasing power. When CPI rises sharply, as it did between 2021 and 2023, businesses face pressure from increasing costs for supplies, rent, and labor while customers become more price-sensitive. Understanding inflation trends helps you price your products and services appropriately and plan for cost increases before they arrive.

Source: U.S. Bureau of Labor Statistics via FRED, Federal Reserve Bank of St. Louis

Job Openings: Total Nonfarm

This chart tracks the total number of unfilled job positions across the U.S. economy at any given time. For a business owner planning to hire, job openings data is one of the most practical indicators available — a high number of openings relative to available workers means you are competing against thousands of other employers for the same candidates, which drives up wages and lengthens the time it takes to fill a position. The dramatic surge in job openings after 2020 directly explains why so many small businesses struggled to hire during that period. Tracking this trend helps you anticipate how difficult and expensive your hiring process is likely to be and whether now is a good or challenging time to bring on staff.

Source: U.S. Bureau of Labor Statistics via FRED, Federal Reserve Bank of St. Louis

New Business Applications

This chart tracks the number of new business applications filed with the IRS each week — one of the most direct real-time measures of entrepreneurial activity in the United States. The spike beginning in mid-2020 represents one of the largest surges in new business formation in recorded history, as millions of Americans used the disruption of the pandemic as an opportunity to start something of their own. While that surge has moderated, new business formation remains elevated compared to the pre-2020 baseline, reflecting a lasting shift in how Americans think about work and financial independence. If you are considering starting a business, you are part of one of the most significant entrepreneurial moments in modern American history — and the competition for customers, talent, and market share reflects that.

Source: U.S. Census Bureau via FRED, Federal Reserve Bank of St. Louis

Find the Data You Need

The charts above give you a real-time snapshot of broad economic conditions, but most business decisions require more specific data — wages for a particular job title in your city, survival rates for businesses in your industry, or employment trends in your specific sector. The sources below are the most reliable free resources available for that kind of targeted research, organized by what you are most likely to need them for.

Labor Market & Employment Data

U.S. Bureau of Labor Statistics (BLS) The primary federal source for employment data in the United States. Use the BLS to find: current unemployment rates by state and industry, average wages by occupation and location, job openings and hiring rates by sector, employee turnover and quit rates, and monthly and annual employment trend reports. Particularly useful when budgeting for hiring and understanding labor market conditions in your industry. Visit BLS.gov

Specific BLS tools worth bookmarking:

Indeed Salary Data Real-time salary data drawn from millions of job postings and employee-reported salaries. More current than BLS wage data and searchable by specific job title, location, and experience level. Useful for setting competitive pay when hiring and understanding what candidates in your market expect. Visit Indeed Salary Search

LinkedIn Salary Insights Salary data reported by LinkedIn members, searchable by job title, location, industry, and experience level. Particularly useful for professional and white-collar roles. Requires a free LinkedIn account to access. Visit LinkedIn Salary

Glassdoor Provides salary data, employee reviews, and company culture insights reported by workers. Useful for understanding what competitors are paying, what employees value in your industry, and what candidates may already know about your sector before they apply. Visit Glassdoor

Small Business Data

U.S. Small Business Administration (SBA) The SBA publishes extensive data on small businesses in the United States — including the number of small businesses by state and industry, their contribution to employment and GDP, survival rates over time, and access to capital. A critical resource for understanding the landscape you’re entering. Visit SBA.gov

Key SBA resources:

U.S. Census Bureau — Business Formation Statistics Tracks new business applications filed with the IRS on a weekly and monthly basis, providing a real-time picture of entrepreneurial activity in the United States. Also publishes data on business survival, revenue, and employment through the Annual Business Survey and Economic Census. Visit Census Business Formation Statistics

SCORE Small Business Statistics SCORE, a nonprofit partner of the SBA, publishes annual research and survey data on small business trends, challenges, financing, and demographics. Their reports are written specifically for small business owners and are more accessible than raw government data. Visit SCORE Research

Industry Classification & Research

NAICS (North American Industry Classification System) The official system used by the U.S. government to classify businesses by industry. Understanding your NAICS code is important for tax filings, applying for certain licenses and permits, accessing industry-specific statistics, and qualifying for some loan programs. Use the NAICS search tool to find the code that best describes your business. Visit NAICS.com

Statista An aggregator of statistics from thousands of sources covering industries, markets, consumer behavior, and economic trends worldwide. Many reports require a paid subscription, but a significant amount of data is freely accessible. Useful for finding industry-specific statistics to include in a business plan or pitch. Visit Statista

IBISWorld A leading provider of industry research reports covering market size, competition, trends, and outlook for thousands of industries. Reports require a subscription or per-report purchase, but many public libraries provide free access. Worth checking if you need in-depth industry data for a business plan or investor presentation. Visit IBISWorld

State-Level Resources

State Labor Departments Every state maintains its own department of labor or workforce development agency that publishes state-specific employment statistics — including local unemployment rates, wage data by occupation, and labor force demographics. State-level data is often more relevant than national figures for understanding your specific market.

Find your state’s labor department through the U.S. Department of Labor’s directory: Find Your State Labor Department (DOL)

State Small Business Development Centers (SBDCs) A national network of centers funded by the SBA that provide free or low-cost consulting and research resources to small business owners. Many SBDCs have access to industry research databases and can help you interpret employment and market data for your specific business plan. Find Your Local SBDC

Using These Resources Effectively

Statistics are most useful when they inform a specific decision. Here are the most common ways business owners use employment and industry data:

Setting wages — Use BLS OEWS, Indeed, and LinkedIn Salary data together to triangulate a competitive pay range for a specific role in your location. BLS data is comprehensive but can lag; Indeed and LinkedIn reflect current market conditions more accurately.

Writing a business plan — Use SBA survival rates, Census formation data, and IBISWorld or Statista industry reports to support your market analysis and demonstrate that you understand the landscape you’re entering.

Understanding your industry — Use NAICS to identify your industry classification, then search BLS and Census data filtered to that classification for the most relevant employment and economic figures.

Planning for hiring — Use JOLTS data to understand how competitive hiring is in your industry and how much turnover to expect, then use wage data to budget accurately for compensation.

Benchmarking — Use Glassdoor and industry-specific SCORE reports to understand how your business compares to peers in terms of compensation, culture, and operational practices.

Employment and business statistics are tools for planning, not guarantees of outcomes. Every business and market is different. Use data to inform your decisions, not to make them for you.

Our Starting Your Own Business course covers market research, financial planning, and hiring in depth — providing step-by-step guidance on how to interpret employment and industry data, create realistic budgets, plan for competitive wages, and forecast staffing needs.