New business openings in the second quarter of 2022 were down almost 50 per cent compared with a year ago as economic pressures rise, says credit reporting agency Equifax Inc.
The sharp pullback in openings, which is also down by almost 49 per cent compared to the same quarter in 2019, marks a shift from the sense of optimism last year among consumers and business owners as vaccines were rolled out and restrictions eased, said Jeff Brown, Equifax's head of commercial solutions.
There is normally a large uptick in business openings in the second quarter of the year as businesses gear up for the summer, said Brown, a combination of new businesses registering and existing ones becoming financially active.
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