From AEA Stat:
Census Bureau seeks ‘economic indicator’ status for experimental data product
The Census Bureau is pursuing an “economic indicator” designation for its Business Formation Statistics (BFS), in what would be a win for the agency’s experimental data products concept. https://www.census.gov/programs-surveys/bfs.html
In an effort to provide more timely, relevant data, the bureau introduced its experimental data products in 2019. These products are created using new data sources and methods to fill gaps in the bureau’s understanding of the evolving U.S. economy.
One such product is the BFS, a series of quarterly business applications, formations and projections measures begun in July as a Center for Economic Studies collaboration with the Board of Governors of the Federal Reserve System, Federal Reserve Bank of Atlanta, University of Maryland, and University of Notre Dame.
Before the BFS was created, there was a two-year lag in the previous measure used to monitor U.S. and state business creation. Now the lag between data collection and release is two weeks.
If the Office of Management and Budget designates them as an economic indicator, the BFS will be the first measures to receive that distinction since the Quarterly Services Survey in 2004.
The Census Bureau's request was discussed last week in a webinar hosted by the Data Coalition https://www.datacoalition.org/event/webinar-innovating-with-open-government-data/