Summary3 min read

Your Money Minute – "Strong New Business Creation" (May 5, 2026)

Host: Jessica Ettinger (CNBC)
Guest: Torsten Slok (Chief Economist, Apollo Global)

Episode Overview

This brief episode of Your Money Minute focuses on a striking trend: Americans are launching new businesses at record-setting rates in 2026. Against a backdrop of job displacement—due to economic shifts, automation, and AI—the episode explores how entrepreneurial ambitions are rising, especially among younger generations.

Key Discussion Points and Insights

1. Surge in New Business Applications

Record Growth: Americans are applying to start new businesses at unprecedented levels.
- Quote:
  
  "We have seen the biggest number of applications to open a new business in the US in US history."
  — Torsten Slok, 00:07

2. Economic Shifts: Job Loss and Entrepreneurship

Economic changes, including AI-driven job displacement, are creating both challenges and new opportunities.
- People who lose jobs or are unable to find traditional employment are turning to entrepreneurship.
- Quote:
  
  "While some people are losing jobs in this economy, or as new college grads can't find an entry level job, or as others are displaced from their roles by artificial intelligence, many people are also getting entrepreneurial."
  — Jessica Ettinger, 00:13

3. The Role of Artificial Intelligence

AI's impact is complex: while it displaces certain jobs, it also enables new business creation.
- AI lowers barriers to starting a business, fostering overall job growth.
- Quote:
  
  "We will see some displacement of workers in AI, but the key issue in AI is likely that we're also going to see a lot of job growth because it becomes so much easier to open a business."
  — Torsten Slok, 00:32

4. Recent Statistics: Snapshot of 2026

Business Formation Data:
- The U.S. Census Bureau reports 1.6 million new applications for employer identification numbers just in Q1.
- These numbers reflect the intent to start a business, not the actual openings.
Generational Ambition:
- A Wells Fargo Money study reveals strong entrepreneurial aspirations:
  - 74% of Gen Zers want to start a business
  - 58% of Millennials share this ambition
  - A "majority" see business ownership as integral to the American Dream
- Quote:
  
  "A recent Wells Fargo Money study shows that 74% of Gen Zers and 58% of millennials want to start their own businesses, with a majority calling business ownership part of the American dream."
  — Jessica Ettinger, 00:42

Notable Quotes & Memorable Moments

On unprecedented business creation:

"We have seen the biggest number of applications to open a new business in the US in US history."
— Torsten Slok, 00:07
On AI and job creation through entrepreneurship:

"The key issue in AI is likely that we're also going to see a lot of job growth because it becomes so much easier to open a business."
— Torsten Slok, 00:32
On the American Dream and new generations:

"A majority [of Gen Z and Millennials are] calling business ownership part of the American dream."
— Jessica Ettinger, 00:42

Timestamps for Important Segments

00:07 – Torsten Slok highlights a historic spike in new business applications
00:13 – Jessica Ettinger discusses economic pressures driving entrepreneurship
00:32 – Slok explains how AI facilitates easier business creation and job growth
00:42 – Ettinger provides recent statistics on business formation and generational trends

For further insights on current business trends, the episode refers listeners to CNBC’s coverage at cnbc.com.

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Transcript6 lines

[00:00]
A
With a CNBC you Money minute. I'm Jessica Ettinger. Americans are creating new businesses like never before.
[00:07]
B
Over the last few weeks, we have seen the biggest number of applications to open a new business in the US In US History.
[00:14]
A
That's Apollo Global's chief economist Torsten Slok on cnbc. So while some people are losing jobs in this economy, or as new college grads can't find an entry level job, or as others are displaced from their roles by artificial intelligence, many people are also getting entrepreneurial.
[00:32]
B
We will see some displacement of workers in AI, but the key issue in AI is likely that we're also going to see a lot of job growth because it becomes so much easier to open a business.
[00:42]
A
U.S. census Bureau business formation statistics for the first quarter of this year Show A strong 1.6 million applications for new employer identification numbers from the IRS measuring the intent to start a business, not the actual startup. Yet a recent Wells Fargo Money study shows that 74% of Gen Zers and 58% of millennials want to start their own businesses, with a majority calling business ownership part of the American dream. More on business trends@cnbc.com I'm Jessica Ettinger, CNBC.
[01:18]
C
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