The Office of Advocacy’s quarterly Economic Bulletin analyzes the state of the small business economy. Recent data indicates that new business applications remain high, but business closures continue to increase. Additionally, new manufacturing business applications remain above pre-pandemic levels, but fell at the end of 2024. Small business employment fell at the midpoint of 2024, the second quarterly drop since 2020. Finance indicators show rising business loan demand and an improved outlook from community bankers.
