While the U.S. economy has shed more than 11.5 million jobs and $2 trillion in output during the coronavirus pandemic and its aftermath. Americans aren’t giving up. It appears that applications to form businesses have surged since lockdowns lifted.  Could it be desperation.  Business formation statistics signal a degree of confidence that might not be apparent in many surveys—setting up a business requires some optimism about the future. The figures also suggest the gig economy is growing as people look to diversify their sources of income with tiny startups in areas like online retail. “Such businesses may not replace paid employment. Instead, they are likely to become part of a portfolio of different household income sources,”  U.S. business applications so far this year are up almost 14% compared to the same period in 2019, but the trend is global: Business formation is rising in the U.K., France, Singapore and Japan. Perhaps the media is misleading us again  as to how bad things are. Source: Wallstreet Journal