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New York Fed EHIs Reveal Small Business Struggles

February 03, 2026Will Aarons, Asani Sarkar Federal Reserve Bank of New York
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Using annual survey data, researchers at the New York Fed report on national and regional small business Economic Heterogeneity Indicators (EHIs) from 2019 to 2024. The findings emphasize the increasing fragility of the very smallest US firms when responding to economic and technological challenges.