Smallest U.S. Firms Lost Revenue Last Year, Fed Survey Finds
- 76% of the firms with no employees suffered a decline
- The annual Fed survey was led by Cleveland Fed researchers
This article is for subscribers only.
The smallest U.S. businesses -- those with no employees other than the owner -- struggled during the past year with 76% of the firms suffering a decline in revenue over 12 months, a new survey by regional Federal Reserve banks found.
Just 13% reported revenue growth in the survey, which was led by Cleveland Fed researchers and published on Monday. The result showed that the smallest firms suffered more than large firms during the Covid-19 pandemic, the Fed research found.