Business Applications for May 2024, adjusted for seasonal variation, were 423,945, marking a decrease of 1.5 percent compared to April 2024.
Projected Business Formations within four quarters for May 2024, also adjusted for seasonal variation, were 27,898—an increase of 0.5 percent compared to April 2024. This means the Census Bureau anticipates 27,898 new business startups with payroll tax liabilities will form within four quarters of application from May 2024 business applications.
The projection aspect illustrates the forward-looking nature of the statistics, indicating new businesses that are expected to emerge based on applications filed in May 2024 rather than showing the total of startups that appeared within the month itself.
In summary, for May 2024, there will be 0.5 percent more businesses projected to form within four quarters of application compared to April 2024.
