Too little too late: 2007 Economic Census data released today
Today, as stock markets around the world have tumbled and the state of industry in America is at its worst since the Great Depression, the U.S. Census Bureau released its first report from the 2007 Economic Census. Unfortunately, the two year lag between data collection and releasing the numbers means that many of the results no longer have significant value to American business interests.
From the report:
- Wholesale trade, manufacturing, and retail trade remained the largest sectors in the U.S. economy. Wholesale trade businesses reported more than $5.9 trillion in receipts in 2007. This was an increase of nearly 28 percent from the $4.6 trillion reported in 2002.
- Manufacturers reported shipments of more than $5.3 trillion in 2007, an increase of more than $1.4 trillion from the $3.9 trillion reported in 2002. This was the largest increase among all sectors covered in the economic census. Over the same period, the manufacturing sector experienced a loss of more than 1.3 million jobs, falling to 13.3 million; this was the second largest decrease of any sector.
- Food, petroleum and chemicals accounted for more than 56 percent of the growth in the manufacturing sector ($812 billion of the $1.4 trillion increase) from 2002 to 2007. Apparel, plastics and rubber products, and computers and electronic products made up more than 36 percent (478,574) of the 1.3 million-person decline in manufacturing employment from 2002 to 2007.
- The health care and social assistance sector continued to have the most employees with nearly 17 million in 2007, an increase of more than 12 percent from 2002.
- Among the service-related sectors, employees in the information sector earned the highest average payroll per employee in 2007 ($64,871). The accommodation and food services sector reported the lowest payroll per employee in 2007 ($14,649).
Data from the 2007 Economic Census will be released over a two-year period, through June 2011, and will be available in American FactFinder, the Census Bureau’s online data access tool. These data primarily cover the nation’s 7 million businesses with paid employees. Separate data on the 21 million businesses without paid employees will be released in mid-2009.