America is forming businesses at a record pace, but almost none of them are creating jobs: US monthly business applications are up to ~500,000, near their highest since the post-pandemic peak in 2020 and 2021. However, high-propensity applications, those likely to result in hiring employees, now account for just ~30% of the total. This percentage has HALVED over the last 20 years, down from ~60%. Furthermore, only 1 in 3 of those high-propensity applications ultimately result in a business with actual employees. This means the vast majority of new businesses being formed today are one-person operations, with most never providing full-time work even for their founders, and contributing little to employment or economic growth. America is experiencing a boom in jobless business creation.(The Kobeissi Letter)