US business formation soared 77 per cent in the third quarter, hitting the highest level on record despite the coronavirus pandemic, according to government data released Wednesday.[WASHINGTON] US business formation soared 77 per cent 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 per cent.
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.
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