Ufuk is a Professor of Economics at The University of Chicago. As a macroeconomist, his research centers on economic growth, productivity, firm dynamics, and economics of innovation. Ufuk was an Assistant Professor at the University of Pennsylvania from 2009 to 2015, and at the University of Chicago from 2015 to 2018.
Small and young businesses are essential for employment and productivity growth. During COVID-19, the US economy experienced a surge in small business growth as many adapted to start new businesses. Employment growth associated with this surge peaked toward the end of 2021 and began to decline at an average monthly rate of roughly -0.15% since then.
In the U.S., the Intuit QuickBooks Small Business Index shows the number of people employed by small businesses with 1-9 employees in the previous month and how that number has changed since the month before.