Entrepreneurs face persistent concerns about labor availability, inflation, and uncertainty about the economic outlook. Small business profitability declined 1.3% in April, the biggest drop in two years. Small businesses spent 31% more on gasoline in April than a year earlier. Small business sales appear to be slowing despite strong consumer spending growth. Americans are starting businesses at a record pace, with about 470,000 applications a month in 2025, roughly 66% above pre-pandemic norms. Entrepreneurial capacity remains strong but is coming under pressure.
"Entrepreneurs are dealing with “persistent concerns around labor availability, inflation and uncertainty about the economic outlook,” according to a new report from the Bank of America Institute. Small business profitability in April suffered its biggest decline in two years, falling 1.3%, according to the report. Small businesses spent 31% more on gasoline in April than they did a year earlier, according to the BofA Institute report."
"“Small business sales appear to be slowing despite strong consumer spending growth,” the analysts reported. Americans are starting businesses at a record pace—an entrepreneurial hot streak that helps set the U.S. apart from the rest of the global economy. Americans are filing paperwork to start new businesses at near-record rates—averaging 470,000 applications a month in 2025."
"“The bottom line: America’s capacity for entrepreneurialism remains strong but is coming under pressure.” Americans are filing paperwork to start new businesses at near-record rates—averaging 470,000 applications a month in 2025. That’s about 66% above pre-pandemic norms."
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