Top Public Datasets to Study the Economy
Are you a researcher interested in studying the connection between demographic factors and outcomes in the United States? Then you have come to the right place. Below is a list of data sources you may use.
American Community Survey (ACS)
The ACS is an ongoing survey conducted by the United States Census Bureau. It provides vital information on a yearly basis about the demographic and economic information of the U.S. population. You can use ACS microdata at the county and metropolitan statistical area level through the IPUMS USA website to analyze variables including age, race, ethnicity, median household income, household characteristics, and household composition.
Survey of Income and Program Participation (SIPP)
The SIPP is a household-based survey designed as a continuous series of national panels. Each panel features a nationally representative sample interviewed over a multi-year period lasting approximately four years. The SIPP collects data on household wealth, assets, and liabilities. The SIPP is the only available data source large enough to produce state-level estimates of net worth and asset poverty. However, the sample size for the SIPP is relatively small. This is particularly impactful in states with smaller populations and for sub-populations such as households of color or single-parent households. A small sample size means that estimates produced from the data are more likely to be imprecise. As such, an estimate of household wealth may not accurately represent the true wealth that households.
National Survey of Unbanked and Underbanked Households
The National Survey of Unbanked and Underbanked Households is a survey conducted by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency created by the U.S. Congress to maintain stability and public confidence in the nation’s financial system. The FDIC works to fill the research and data gap regarding household participation in mainstream banking and the use of alternative financial services. This data is useful for understanding the banking status of U.S. households, by household characteristics, the incidence of life events, and more.
Survey of Consumer Finances (SCF)
The SCF is normally a triennial cross-sectional survey of U.S. families. The survey data include information on families’ balance sheets, pensions, income, and demographic characteristics. Information is also included from related surveys of pension providers and the earlier such surveys conducted by the Federal Reserve Board. No other study for the country collects comparable information. Data from the SCF are widely used, from analysis at the Federal Reserve and other branches of government to scholarly work at the major economic research centers.
The survey has contained a panel element over two periods. Respondents to the 1983 survey were re-interviewed in 1986 and 1989. Respondents to the 2007 survey were re-interviewed in 2009.
The study is sponsored by the Federal Reserve Board in cooperation with the Department of the Treasury. Since 1992, data have been collected by the NORC at the University of Chicago.
Bureau of Labor Statistics (BLS)
The BLS website has data on inflation and prices, employment, unemployment, employment projections, pay and benefits, spending and time use, productivity, workplace inquiries, occupational requirements, regional resources, import/export price indexes, historical tables, and more. It is a wealth of knowledge for studying factors related to economic development.
Annual Business Survey (ABS)
The Annual Business Survey (ABS) is another source of information on economic and demographic characteristics for businesses and business owners. It does this by gender, ethnicity, race, and veteran status. The survey measures research and development (for microbusinesses), new business topics such as innovation and technology, as well as other business characteristics. The ABS is conducted jointly by the U.S. Census Bureau and the National Center for Science and Engineering Statistics within the National Science Foundation. The ABS replaces the five-year Survey of Business Owners (SBO) for employer businesses, the Annual Survey of Entrepreneurs (ASE), the Business R&D and Innovation for Microbusinesses survey (BRDI-M), and the innovation section of the Business R&D and Innovation Survey (BRDI-S).
Historical Data
Surveys of Business Owners (SBO)
Prior to its replacement, the SBO provided the only comprehensive, regularly collected source of information on businesses and business owners. Title 13 of the United States Code authorized this survey and provided for mandatory responses. The survey included all nonfarm businesses filing Internal Revenue Service tax forms as individual proprietorships, partnerships, or any type of corporation, and with receipts of $1,000 or more. The SBO covered both firms with paid employees and firms with no paid employees. While no longer in use, it is helpful in studying businesses.
Annual Survey of Entrepreneurs (ASE)
Also prior to replacement, the ASE provided information on selected economic and demographic characteristics for businesses and business owners by gender, ethnicity, race, and veteran status. Title 13 of the United States Code authorized this survey and provided for mandatory responses. The ASE represented an exciting public-private partnership between the Census Bureau, the Ewing Marion Kauffman Foundation and the Minority Business Development Agency (MBDA). The partnership with the Kauffman Foundation and the MBDA helped cover the costs of designing and implementing the survey. The Census Bureau collaborated with the Kauffman Foundation to use their expertise in entrepreneurship research to develop new relevant content and the resulting data products. The Census Bureau also collaborated with the MBDA to help complete the picture of business ownership.
If there are any additional ones you have used or would like others to know about, please comment below.