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Census Bureau Wants ‘Economic Indicator’ Designation for Business Formation Statistics

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The Census Bureau is seeking “economic indicator” status from the Office of Management and Budget for one of its experimental data products created using new data methods and sources to address gaps in the agency’s understanding of the U.S. economy, FedScoop reported Thursday.

The Business Formation Statistics is an experimental data product and a series of measures of quarterly business applications, projections and formations that started in July as a partnership of the bureau’s Center for Economic Studies with the Board of Governors of the Federal Reserve System, University of Notre Dame, University of Maryland and Federal Reserve Bank of Atlanta.

“Understanding that finding new and innovative ways to provide our data users with the information they need, but doing it without the added expense or burden of traditional surveys, has kind of really motivated a lot of the work,” Rebecca Hutchinson, big data lead at the Census Bureau, said of experimental data products during a Data Coalition webinar.

Dispersion Statistics on Productivity, Post-Secondary Employment Outcomes and Supplemental Quarterly E-Commerce Table are the three other experimental statistical data products.