In addition to releasing the quarterly Business Formation Statistics (BFS), the Census Bureau will now release weekly business application data at the national regional, and state levels. The BFS, which was first released in February 2018, tracks trends in business applications and formations at the state, regional and national levels.
The weekly data provide timely and granular information on the state of the economy but appropriate caution is required in interpreting fluctuations since high-frequency weekly data are subject to fluctuations from seasonal factors including holidays and beginning and end of calendar year effects.
After its initial publication on April 8, 2020, the weekly BFS series will be published each Thursday by 12 pm EDT. The weekly data will be available for a limited time and we will assess the demand for these data on an ongoing basis.
The weekly BFS consists of four business application series derived from administrative data from the IRS, specifically the data on applications for an Employer Identification Number (EIN) via IRS Form SS-4, to determine the number of business applications submitted in a quarter. The quarterly BFS also includes projections for business formations in the near future.
Benefits of BFS include: