The U.S. saw its largest ever decline in the number of business owners between February and April, as at least 3.3 million shut their doors, a new paper from the National Bureau of Economic Research using the Census Bureau’s Current Population Survey found.
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What it means: The record wave of closures was widespread but disproportionately hit minority- and immigrant-owned firms, and “may portend longer-term ramifications for job losses and economic inequality,” the study found.
African American businesses were the hardest hit.
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