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Business: Upbeat business creation report

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Despite labor shortages, high inflation and supply chain issues, business creation is alive and well. Yelp says 637,000 new businesses opened their doors across the nation last year, up 12% from pre-pandemic 2019.

The growth was driven largely by new home and local services businesses.  Hotel and travel businesses saw 28% growth, while auto services grew 25%.  Beauty services were up 17%.  Meanwhile, new restaurants, shopping and nightlife business openings fell behind pre-pandemic levels.


Newbuilding order volumes for vessels shrank by 39% last year, despite record ordering of LNG carriers. Tanker orders dropped by 64%, while bulker orders fell 54%. Orders in 2022 were dominated by LNG carriers with a record 182 vessels.

Futures are Down after stocks closed mixed yesterday.  The Dow Industrials gained 104, but the NASDAQ fell 30 and the S&P 500 slipped 2.