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The Surge in New Businesses is One of the Big and Surprisingly Sticky Changes Coming Out of the Pandemic Economy

April 18, 2023

by Wolf Richter Wolf Street

And yet, the Pandemic Money is long gone.

New business formations in March, based on applications for a federal Employer Identification Number (EIN) with the IRS, jumped by 4.5% from February, by 10% from the already high levels a year ago, and by 50% from March 2019, according to the Census Bureau today.

The three-month moving average, which irons out some of the month-to-month ups and downs, rose by 3.7% from a year ago, and by 50% from the same period in 2019.