Business Applications
Business Applications for October 2023, adjusted for seasonal variation, were 472,993, virtually unchanged from September 2023.
Z = absolute value < 0.05.
Business Formations
Projected Business Formations (within 4 quarters) for October 2023, adjusted for seasonal variation, were 28,679, a decrease of 4.0 percent compared to September 2023. The projected business formations are forward looking, providing an estimate of the number of new business startups that will appear from the cohort of business applications in a given month. It does not provide an estimate of the total number of business startups that appeared within a specific month. In other words, the Census Bureau is projecting that 28,679 new business startups with payroll tax liabilities will form within 4 quarters of application from all the business applications filed during October 2023. The 4.0 percent decrease indicates that for October 2023 there will be 4.0 percent fewer businesses projected to form within 4 quarters of application, compared to the analogous projections for September 2023.
The Census Bureau has reviewed the monthly data product to ensure appropriate access, use, and disclosure avoidance protection of the confidential source data (Project No. P-7515311, Disclosure Review Board (DRB) approval number: CBDRB-FY23-0139).
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