Listen Now: Entrepreneurship and the Pandemic
The pandemic is forcing many business to close their doors, but it’s opening a few as well.
The Capital Note, a newsletter about finance and economics, recently took a look at entrepreneurship in the middle of a global pandemic. You might think that with massive layoffs, rising unemployment and furloughed workers, people would be hesitant to jump into the market. Turns out, you’d be wrong.
According to The Capital Note, the Department of Commerce is reporting a big spike in new business applications in the third quarter. Some of these are from the backlog that began earlier in the year, but experts say its a hopeful sign.
During the 2008 recession, new business growth was down by 2.5%. But according to Goldman Sachs research, new business applications from July to October 1st reached their highest quarterly level on record.
Experts say near-zero interest rates and an increase in personal income, thanks to the Cares Act, put more money in people’s pockets.
Looks like some people are putting all their extra down time to good use.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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