Startup nation

Last month, The Conference Board in the US reported “Confidence retreated further in April, reaching its lowest level since July 2022 as consumers became less positive about the current labor market situation, and more concerned about future business conditions, job availability, and income.” Entrepreneurs however appear to have a somewhat different view of the opportunity ahead. In 2023, applications to form new business in the US grew 8% year on year to 5.5 million, a record figure. Although applications in first four months of 2024 were down 1.5% from 2023, the result remains 50% above pre-pandemic figures.

Source: U.S. Census Bureau, May 2024