Entrepreneurship on the Decline According to Cleveland Fed

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The Cleveland Fed reports that it's not just established businesses that are hurting from the recession, it's also start-ups, which makes sense.

A recent report on entrepreneurship pegs population-adjusted business stats that show, A) The number began falling before the official onset of the recession, and B) A fall-off-the-cliff dive in recent years.

The New York Times passes on notes from the report's author, Scott Shane, who says, "68,490 more businesses closed in 2009 than in 2007, an 11.6 percent increase in the business closure rate. But in 2009, 115,795 fewer employer businesses were founded than in 2007, a 17.3 percent decline in firm formation."

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Vince Grzegorek

Vince Grzegorek has been with Scene since 2007 and editor-in-chief since 2012. He previously worked at Discount Drug Mart and Texas Roadhouse.
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