Small business profits sink as gasoline prices soar
Small business profits have declined significantly due to rising energy and labor costs, with profitability dropping 1.3% in April. This squeeze is attributed to increased gasoline prices, which have surged 43% year-over-year, partly due to geopolitical events impacting oil supply routes. Despite these pressures, the rate of new business applications remains historically high, indicating continued entrepreneurial activity in the U.S. AI
