Figure 2. Nonemployer-type business applications, indexed to Q1 2022

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Source: Author’s calculations using US Census Bureau, “Monthly Not-Seasonally-Adjusted Business Applications (BA) and High-Propensity Business Applications (HBA) by NAICS Sector,” Business Formation Statistics, accessed April 7, 2026, https://www.census.gov/econ/bfs/index.html.

Note: Both groups indexed to 100 at Q1 2022. AI-exposed: Professional Services, Information, Education, Finance & Insurance. Comparison: Construction + Wholesale Trade only. Vertical line at Q1 2024.