Fewer than 200,000 businesses failed during lockdown, says Fed russiaherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from russiaherald.com Daily Mail and Mail on Sunday newspapers.
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Fewer than 200,000 US businesses closed in the first year of the pandemic, Fed data show.
That number is lower than what was originally feared, according to the Federal Reserve.
The closures do not appear to represent a large share of US employment, researchers said.
WASHINGTON (Reuters) - Fewer than 200,000 businesses in the United States may have failed during the first year of the COVID-19 pandemic, a lighter toll than initially feared and one that may have had relatively little impact on unemployment, according to Federal Reserve research.
The figure contrasts with the early forecasts that the pandemic would leave America s Main Street desolate as well as with polls that continue to show large percentages of U.S. small business owners are worried about their survival.
Pandemic destroyed fewer U S businesses than feared, Fed study shows marketscreener.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketscreener.com Daily Mail and Mail on Sunday newspapers.
Pandemic destroyed fewer U.S. businesses than feared, Fed study shows
By Howard Schneider
Reuters
WASHINGTON (Reuters) -Fewer than 200,000 businesses in the United States may have failed during the first year of the COVID-19 pandemic, a lighter toll than initially feared and one that may have had relatively little impact on unemployment, according to Federal Reserve research.
The figure contrasts with the early forecasts that the pandemic would leave America s Main Street desolate as well as with polls that continue to show large percentages of U.S. small business owners are worried about their survival.
Perhaps 600,000 businesses, most of them small firms, fail in any given year, and U.S. central bank researchers estimated that from March 2020 through February of this year the figure has been perhaps a quarter to a third higher.