The business opening rate decreased from 4.7% in May to 4.2% in June 2022. This was the largest drop in the opening rate since August 2020 and its lowest level since March 2020. The opening rate was below its 2015-to-2019 historical average (4.7%) for the first time since June 2021. The business closure rate contracted slightly and settled 0.1 percentage points (pp) below its historical average of 4.6%. The number of active businesses remained relatively unchanged from May to June.
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