Public Markets Are a Shrinking Part of the US Economy | Torsten Slok's 'The Daily Spark' | February 7, 2026

Most of the time in financial markets is spent on discussing Nvidia, Apple and Coca-Cola, but these firms and the rest of the S&P 500 companies only make up a very small part of the US economy, see our chart book available here. For example, employment in S&P 500 companies is only 18% of total US employment. Similarly, capex by S&P 500 companies is only 21% of total capex in the US economy.

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Facts about public markets and private markets

• Employment in S&P 500 companies is 18% of total US employment
• Employment in firms with more than 500 employees is 24.9 million, and total US employment is 160 million
• Privately owned firms account for almost 80% of job openings
• 81% of firms with revenues greater than $100 million are private
• Less than half of all corporate debt outstanding is from S&P 500 companies