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May 1, 2024 | 
washingtonpost.com | Luke Pardue
Luke Pardue is policy director of the Aspen Economic Strategy Group. The business world is brimming with optimism over the potential of artificial intelligence. The consulting firm McKinsey & Co. declared in a 2023 report that “Generative AI is poised to unleash the next wave of productivity,” adding value roughly the size of the U.K.’s economy to global growth each year.
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Dec 19, 2023 | 
gusto.com | Luke Pardue
As 2023 comes to a close, the job market has remained more resilient than many predicted it would at the start of the year – and SMBs are a big reason why. Amid still-high prices and a large degree of economic uncertainty, small and midsized businesses are driving the economy to a historic degree: by September, the smallest firms accounted for a larger share of job openings than larger companies for the first time on record.
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Nov 9, 2023 | 
gusto.com | Luke Pardue
Military veterans play a significant role in the US economy – one important role, as Gusto and public data find, is their role as entrepreneurs. Census data shows that in 2021 veterans owned 305,000 businesses that collectively employed 3.3 million workers, contributing, $180 million in annual wages to those workers.
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Nov 9, 2023 | 
gusto.com | Luke Pardue
The job market cooldown of the past year has been proceeding much more slowly over the past few months, according to platform data from 300,000+ businesses. Gusto’s New Hires Pay Index, a leading indicator of competition in the job market, shows that small business owners paid 2.4% less for new workers in October 2023 compared to one year ago.
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Nov 8, 2023 | 
economicstrategygroup.org | Henry M. Paulson |Timothy F. Geithner |Melissa S. Kearney |Luke Pardue
The Aspen Economic Strategy Group’s sixth annual policy volume, Building a More Resilient US Economy, considers some of the most pressing economic challenges facing the United States. The book’s publication comes as the US faces historically high levels of debt that threaten the resiliency of the nation’s economy, including the ability to invest in key priorities and adapt to changing global economic conditions.
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Oct 13, 2023 | 
gusto.com | Luke Pardue
As fall begins, the US economy also appears to be entering a new stage of labor market dynamics, where job growth remains more resilient than many predicted. One reason we may be seeing this change in the labor market is that wage growth has slowed so significantly that employers previously unable to afford new talent can afford to hire. Gusto’s New Hire Pay Index shows that, overall, companies are paying 3.5% less for new hires than they were this time last year.
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Oct 2, 2023 | 
gusto.com | Luke Pardue
October is , a time to highlight the benefits that women bring to entrepreneurship. This year’s celebration comes at a pivotal time: as Gusto data shows, women have fueled the post-pandemic surge in entrepreneurship across the country, bringing benefits to their workers and their communities. But female business owners also face unique challenges, and they both need and deserve additional support.
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Sep 11, 2023 | 
gusto.com | Luke Pardue
Skip to content Company News Luke Pardue Economist, Gusto As summer ends, the recent slowdown in hiring may soon be coming to a close as well, according to platform data from 300,000+ businesses. Gusto’s New Hires Pay Index, a leading indicator of competition in the job market, has rebounded from its recent low for the second straight month, a sign that the job market is not longer cooling down at the pace we’ve seen throughout 2023. In August, pay among newly hired workers was 4.2% lower...
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Aug 7, 2023 | 
gusto.com | Luke Pardue
Skip to content Company News Luke Pardue Economist, Gusto Gusto’s economic research team has a podcast! Listen and subscribe to The Gustonomics Podcast here. The gradual slowdown in job growth from the rapid post-pandemic pace continued in July, according to platform data from 300,000+ small and midsize businesses. Employment grew at about half the pace of last July, without any increase in layoffs, and companies are paying 5.1% less for new hires – all a sign that the job market continues to...
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Jul 31, 2023 | 
gusto.com | Luke Pardue
Key FindingsThe US has experienced a surge in entrepreneurship since 2020, reflected in the elevated rate of new business creation that has maintained itself three years after the onset of COVID-19: in 2022, 5.1 million new applications for new business were filed, 44% higher than 3.5 million submitted in 2019. Though this increase has leveled off, there are little signs the US will return to the pre-pandemic rates of new business creation.
