The U.S. Census Bureau recently released new data from the Business Trends and Outlook Survey (BTOS), a survey that measures business conditions and projections on an ongoing basis. The BTOS now includes data for multiunit/multilocation businesses. BTOS collects data complementary to key items found on other economic surveys, such as revenues, employees, hours, and inventories. Content inquiring about the use of artificial intelligence or the plan to use artificial intelligence is now available. Additional details on artificial intelligence use and types used will be released in March 2024.
BTOS data are representative of all employer businesses in the U.S. economy, excluding farms. BTOS provides insight into the state of the economy by providing continuous, timely data for key economic measures every two weeks. By providing continuous data with geographic and subsector detail, BTOS captures the impact of events like natural disasters and economic crises and assists in monitoring recovery efforts.
The BTOS sample consists of approximately 1.2 million businesses with biweekly data collection. Selected businesses are split into six panels (approximately 200,000 cases per panel) that will be asked to report every 12 weeks for a year. The Census Bureau estimates it takes the average respondent approximately nine minutes to complete the survey, including the time for reviewing the instructions and answers.
The first publication of BTOS with the updated sample and content started today. Data will be released biweekly and available by sector, state and the 25 most populous metropolitan statistical areas. Survey results give local, state and federal officials essential, real-time data to aid in policymaking and decision-making. In addition, the information aids businesses in making economic decisions.
For more information, visit the U.S. Census Bureau website at https://www.census.gov/newsroom/press-releases/2024/business-trends-outlook-survey-data-feb15.html.
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