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About: http://data.cimple.eu/news-article/d53f04154362d9c4e7de64ea85e39ccf5e60a3436a149499d49da508 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	US business formation soared 77 percent in the third quarter, hitting the highest level on record despite the coronavirus pandemic, according to government data released Wednesday. Applications for tax identification numbers surged to 1.6 million in the period from July to September, the highest posted since the government began keeping records in 2004, the Commerce Department said. The biggest increases were in the country's Northeast and Midwest, while the West lagged but still saw a jump of 60 percent. The gains were all the more remarkable because applications increased in the second quarter as well, during the height of the Covid-19 shutdowns, so the surge was not a rebound from a bad period. Randal Quarles, the Federal Reserve's vice chair for supervision, noted the positive data report in a speech Wednesday where he gave an upbeat view of the economic recovery. "I attribute a good portion of that strength to the inherent dynamism and flexibility of the American economy," Quarles said. And though he noted the "deeply depressed" labor market, with unemployment falling hardest on low-income households, he said, "I am optimistic that the recovery from the COVID event will continue to be robust." The report does not break down the type of businesses being created, but more than a third were companies highly likely to pay wages. hs/cs
schema:headline	US business creation soars to record in Q3
schema:mentions	Midwestern United States ReMarkable Federal Reserve Pandemic Coronavirus disease United States Severe acute respiratory syndrome coronavirus 2 Coronavirus disease 2019 Randal Quarles United States Department of Commerce
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-10-14 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	83 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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