The US Census has started releasing an experimental data set that shows the quarterly rate of new business start-ups based on tax filing data. As shown in the chart below, while the total number of businesses started in the US reached a record in the fourth quarter of 2019, they did so thanks entirely to applications which did not include planned wage outlays. In other words, most new businesses don’t plan to immediately employ people, which is part of the explanation of weaker business dynamism in the United States. Instead of businesses starting up and immediately ramping up, the vast majority of new businesses don’t actually hire workers. In short, there are a lot of businesses being started, but they’re on average having a much smaller impact than has historically been the case.  Get access to all of Bespoke’s research with a two-week free trial to Bespoke Institutional.  You won’t be disappointed!