Covid Recession Spawning Entrepreneurs in U.S. Amid Joblessness

Americans continue to create new businesses in surprising numbers, a potential tailwind for an economy that this spring saw its highest jobless rate since the Great Depression.

The number of Employer Identification Number applications, which new businesses file with the IRS, fell sharply in March as the Covid-19 pandemic forced business shutdowns in many states. However, applications began rebounding by early summer especially in the South, which initially had a milder outbreak, and by now the growth has spread nationwide.