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The Small Business Sector in Urban America

Growth and Vitality in 25 Cities


Small businesses are one of the pillars of urban economies, making substantial contributions to economic growth and dynamism. However, the fragility of the small business sector is an ongoing challenge that limits how much it contributes to economic growth in cities. Nine out of ten cities in the United States are losing businesses faster than they are creating them. Understanding the drivers of growth and failure in the small business sector—and the variation of these drivers across cities—is critical to the development of policies that promote small business survival and growth.

This report leverages high-frequency, de-identified financial data from a sample of 290,000 small operating businesses to identify differences and similarities in small business financial outcomes across 25 US cities. A follow-up from the JPMorgan Chase Institute 2018 report on small business growth, vitality, and cash flows, this report provides a lens into the composition and contributions of different types of firms to aggregate revenue growth and exit rates of the small business sector.

View the Report Small Business Financial Outcomes in Cities

On the Rise: Out-of-Pocket Healthcare Spending in 2017

In this new report, we describe the enhancements to, and key findings from, the updated JPMCI Healthcare-Out-of-Pocket Spending Panel that includes the first available estimates of 2017 healthcare out-of-pocket spending trends, as well as a first-ever look at year-over-year trends at the state and county level for different demographic groups. We also reflect these updates in interactive HOSP Geographic Data Visualization tool, which allows exploration of further detail and insights.

View the Report  “On the Rise” View the Data Visualization  “for HOSP”

The Online Platform Economy in 27 Metro Areas

JPMorgan Chase Conference Panel

A significant and growing fraction of families generate income through the Online Platform Economy. Prior JPMorgan Chase Institute research tracking supply-side participation and revenues in the Online Platform Economy observed strong secular trends in two sectors: transportation and leasing. Participation on transportation platforms increased by more than a factor of 20, while average monthly revenues declined by half. Participation on leasing platforms tripled, while average monthly revenue doubled. In this follow-up research, we use geographic and temporal variation to explore these dynamics in more detail.

Read the Report  “The Online Platform Economy in 27 Metro Areas”


Tax Time: How Families Manage Tax Refunds and Payments

Swiss Franc

In previous JPMorgan Chase Institute research, we reported that out-of-pocket spending on healthcare services jumps by 60 percent in the week a tax refund is received and remains elevated for 75 days. This report builds on that research, investigating more comprehensively how families manage the positive cash flow from tax refunds and negative cash flow from tax payments. We analyze daily financial flows and balances for one million families who receive tax refunds or make tax payments, and find that tax reconciliation has a significant and long-lasting impact on spending and saving patterns of some, but not all of them.

Read the Report about the hedge fund trading in EUR/CHF during the Minimum Exchange Rate policy period.

Gender, Age, and Small Business Financial Outcomes

JPMorgan Chase Conference Panel

Leveraging high-frequency transaction data from a sample of 1.3 million small operating businesses, this new research from the JPMorgan Chase Institute focuses on small business financial performance, with specific emphasis on differences in outcomes by owner age and gender. Our unique data illustrates the wide diversity among small business owners, providing insights into small business financial health and performance, including survival, cash liquidity, revenues, and revenue growth.

Read the Report  “JPMorgan Chase Institute 2018 Inaugural Conference on Economic Research”

Spotlight: Profiles of Local Consumer Commerce

It’s time to use hard data and smart insights to address the complex problems that affect us all.

That’s why we established the JPMorgan Chase Institute.

The JPMorgan Chase Institute aims to help decision makers – policymakers, businesses, and nonprofit leaders – appreciate the scale, granularity, diversity, and interconnectedness of the global economic system and use better facts, timely data and thoughtful analysis to make smarter decisions to advance global prosperity.

Learn more about the JPMorgan Chase Institute