U.S. business formation drop in February
10/03/2021 15:18
WASHINGTON, March 10 (Reuters) - Applications to start new
U.S. businesses fell in February even as economic activity
picked up amid an improving public health situation, government
data showed on Wednesday.
The Commerce Department said business applications decreased
13.4% to a seasonally adjusted 423,095 last month. The data is
derived from business applications for tax identifications.
There were a seasonally adjusted 48,749 applications from
corporations down 10.4% from January. Applications for
businesses with planned wages totaled 51,071, a decrease of
12.9% from the prior month.
Overall, business applications fell in all four regions last
month. The COVID-19 pandemic has decimated businesses in the
services sector, especially restaurants and bars, leaving
millions unemployed.
(Reporting By Lucia Mutikani)
((Lucia.Mutikani@thomsonreuters.com; 1 202 898 8315; Reuters
Messaging: lucia.mutikani.thomsonreuters.com@reuters.net))