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
RANK_REASON The article discusses economic trends affecting small businesses, including profitability and costs, but does not report on a specific new event or release.
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