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The change alone does not identify a cause or establish competitive harm.","researchQuestion":"Which participant-share changes account for the structural movement, and are the denominator and coverage stable across both anchors?","signalGuardrail":"This is a within-profile comparison governed by the documented statcounter search engine referral usage share boundary. It is not annualized and should not be compared as a common national series with differently defined markets.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. Usage and referral shares are proxies inside separately defined systems. The dispatch does not add shares across products, resolve legal market definition, or infer a common competitive cause.","entityHref":"/markets/us-search-engine-usage","explorerHref":"/trends?markets=us-search-engine-usage&metric=leaderShare","monitorHref":"/economy/monitor?signal=market-leader-share%3Aus-search-engine-usage#competition-monitor-console"},{"dispatchId":"digital-gateways-change","dispatchSlug":"digital-gateways-change","dispatchTitle":"Four digital usage systems traced four different structural paths.","dispatchScope":"focused-note","dispatchDomain":"markets","dispatchUpdatedThrough":"2026-07-20","dispatchHref":"/insights/digital-gateways-change","publicationSeriesNumber":"AR-CI-2026-02","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"market-cr4:us-social-media-referral-traffic","signalDomain":"markets","signalMetricId":"market-cr4","signalMetricLabel":"Four-participant concentration ratio","entityId":"mkt-social-referral","entityCode":"us-social-media-referral-traffic","entityLabel":"Social referrals","unit":"percentage_points","priorPeriod":"2025","priorYear":2025,"priorValue":95.09,"latestPeriod":"2026","latestYear":2026,"latestValue":94.38,"delta":-0.71,"deltaPercent":-0.7,"direction":"decreased","sourceIds":["statcounter-social-referral-us-2026"],"sourcePublishers":["StatCounter Global Stats"],"observation":"Social referrals moved from 95.1% in 2025 to 94.4% in 2026 (-0.71 percentage points).","interpretation":"The latest encoded CR4 anchor is lower within this documented market series. The change alone does not identify a cause or establish competitive harm.","researchQuestion":"Which participant-share changes account for the structural movement, and are the denominator and coverage stable across both anchors?","signalGuardrail":"This is a within-profile comparison governed by the documented statcounter all-platform social-media referral share boundary. It is not annualized and should not be compared as a common national series with differently defined markets.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. Usage and referral shares are proxies inside separately defined systems. The dispatch does not add shares across products, resolve legal market definition, or infer a common competitive cause.","entityHref":"/markets/us-social-media-referral-traffic","explorerHref":"/trends?markets=us-social-media-referral-traffic&metric=cr4","monitorHref":"/economy/monitor?signal=market-cr4%3Aus-social-media-referral-traffic#competition-monitor-console"},{"dispatchId":"digital-gateways-change","dispatchSlug":"digital-gateways-change","dispatchTitle":"Four digital usage systems traced four different structural paths.","dispatchScope":"focused-note","dispatchDomain":"markets","dispatchUpdatedThrough":"2026-07-20","dispatchHref":"/insights/digital-gateways-change","publicationSeriesNumber":"AR-CI-2026-02","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"market-hhi:us-social-media-referral-traffic","signalDomain":"markets","signalMetricId":"market-hhi","signalMetricLabel":"Herfindahl-Hirschman Index","entityId":"mkt-social-referral","entityCode":"us-social-media-referral-traffic","entityLabel":"Social referrals","unit":"hhi_points","priorPeriod":"2025","priorYear":2025,"priorValue":3804,"latestPeriod":"2026","latestYear":2026,"latestValue":4995,"delta":1191,"deltaPercent":31.3,"direction":"increased","sourceIds":["statcounter-social-referral-us-2026"],"sourcePublishers":["StatCounter Global Stats"],"observation":"Social referrals moved from 3,804 in 2025 to 4,995 in 2026 (+1,191.0 HHI points).","interpretation":"The latest encoded HHI anchor is higher within this documented market series. The change alone does not identify a cause or establish competitive harm.","researchQuestion":"Which entry, exit, share, switching, price, quality, or capacity evidence can explain the movement inside this exact market boundary?","signalGuardrail":"This is a within-profile comparison governed by the documented statcounter all-platform social-media referral share boundary. It is not annualized and should not be compared as a common national series with differently defined markets.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. Usage and referral shares are proxies inside separately defined systems. The dispatch does not add shares across products, resolve legal market definition, or infer a common competitive cause.","entityHref":"/markets/us-social-media-referral-traffic","explorerHref":"/trends?markets=us-social-media-referral-traffic&metric=hhi","monitorHref":"/economy/monitor?signal=market-hhi%3Aus-social-media-referral-traffic#competition-monitor-console"},{"dispatchId":"digital-gateways-change","dispatchSlug":"digital-gateways-change","dispatchTitle":"Four digital usage systems traced four different structural paths.","dispatchScope":"focused-note","dispatchDomain":"markets","dispatchUpdatedThrough":"2026-07-20","dispatchHref":"/insights/digital-gateways-change","publicationSeriesNumber":"AR-CI-2026-02","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"market-leader-share:us-social-media-referral-traffic","signalDomain":"markets","signalMetricId":"market-leader-share","signalMetricLabel":"Leading-participant share","entityId":"mkt-social-referral","entityCode":"us-social-media-referral-traffic","entityLabel":"Social referrals","unit":"percentage_points","priorPeriod":"2025","priorYear":2025,"priorValue":57.45,"latestPeriod":"2026","latestYear":2026,"latestValue":68.94,"delta":11.49,"deltaPercent":20,"direction":"increased","sourceIds":["statcounter-social-referral-us-2026"],"sourcePublishers":["StatCounter Global Stats"],"observation":"Social referrals moved from 57.5% in 2025 to 68.9% in 2026 (+11.49 percentage points).","interpretation":"The latest encoded Leader share anchor is higher within this documented market series. The change alone does not identify a cause or establish competitive harm.","researchQuestion":"Which participant-share changes account for the structural movement, and are the denominator and coverage stable across both anchors?","signalGuardrail":"This is a within-profile comparison governed by the documented statcounter all-platform social-media referral share boundary. It is not annualized and should not be compared as a common national series with differently defined markets.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. Usage and referral shares are proxies inside separately defined systems. The dispatch does not add shares across products, resolve legal market definition, or infer a common competitive cause.","entityHref":"/markets/us-social-media-referral-traffic","explorerHref":"/trends?markets=us-social-media-referral-traffic&metric=leaderShare","monitorHref":"/economy/monitor?signal=market-leader-share%3Aus-social-media-referral-traffic#competition-monitor-console"},{"dispatchId":"industry-concentration-shifts","dispatchSlug":"industry-concentration-shifts-2017-2022","dispatchTitle":"Broad-sector concentration medians did not move as one economy.","dispatchScope":"domain-readout","dispatchDomain":"industries","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/industry-concentration-shifts-2017-2022","publicationSeriesNumber":"AR-CI-2026-03","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"industry-median-hhi:72","signalDomain":"industries","signalMetricId":"industry-median-hhi","signalMetricLabel":"Median detailed-industry HHI","entityId":"naics-sector-72","entityCode":"72","entityLabel":"Accommodation and food services","unit":"hhi_points","priorPeriod":"2017","priorYear":2017,"priorValue":14.9,"latestPeriod":"2022","latestYear":2022,"latestValue":14.3,"delta":-0.6,"deltaPercent":-4,"direction":"decreased","sourceIds":["census-ecnsize-concentration-2017","census-ecnsize-concentration-2022"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Accommodation and food services moved from a paired-universe median HHI of 14.9 in 2017 to 14.3 in 2022 (-0.6 HHI points).","interpretation":"The 2022 median is lower than the 2017 median across the same published strict-match screen. Sector medians are orientation statistics, not sector HHI values or legal market findings.","researchQuestion":"Which six-digit industries drive the sector shift, and where do product, geography, entry, conduct, price, quality, or enforcement records justify deeper market-level research?","signalGuardrail":"Sector rows summarize strict six-digit NAICS matches. Their medians are not sector HHI values, legal antitrust markets, liability findings, or causal estimates. Vintage medians and the median of row-level changes are distinct distribution statistics and need not reconcile. Publication coverage varies by metric, and revenue changes are nominal.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. 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It is not a sector HHI, a legal market, a weighted economy-wide change, or evidence that concentration caused an outcome.","entityHref":"/industries/56","explorerHref":"/trends/industries?sector=56#industry-history-workbench","monitorHref":"/economy/monitor?signal=industry-median-hhi%3A56#competition-monitor-console"},{"dispatchId":"industry-concentration-shifts","dispatchSlug":"industry-concentration-shifts-2017-2022","dispatchTitle":"Broad-sector concentration medians did not move as one economy.","dispatchScope":"domain-readout","dispatchDomain":"industries","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/industry-concentration-shifts-2017-2022","publicationSeriesNumber":"AR-CI-2026-03","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"industry-median-hhi:71","signalDomain":"industries","signalMetricId":"industry-median-hhi","signalMetricLabel":"Median detailed-industry HHI","entityId":"naics-sector-71","entityCode":"71","entityLabel":"Arts, entertainment, and recreation","unit":"hhi_points","priorPeriod":"2017","priorYear":2017,"priorValue":132.2,"latestPeriod":"2022","latestYear":2022,"latestValue":113.7,"delta":-18.5,"deltaPercent":-14,"direction":"decreased","sourceIds":["census-ecnsize-concentration-2017","census-ecnsize-concentration-2022"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Arts, entertainment, and recreation moved from a paired-universe median HHI of 132.2 in 2017 to 113.7 in 2022 (-18.5 HHI points).","interpretation":"The 2022 median is lower than the 2017 median across the same published strict-match screen. Sector medians are orientation statistics, not sector HHI values or legal market findings.","researchQuestion":"Which six-digit industries drive the sector shift, and where do product, geography, entry, conduct, price, quality, or enforcement records justify deeper market-level research?","signalGuardrail":"Sector rows summarize strict six-digit NAICS matches. Their medians are not sector HHI values, legal antitrust markets, liability findings, or causal estimates. Vintage medians and the median of row-level changes are distinct distribution statistics and need not reconcile. Publication coverage varies by metric, and revenue changes are nominal.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. 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A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. A sector median is an orientation statistic over a strict matched Census screen. It is not a sector HHI, a legal market, a weighted economy-wide change, or evidence that concentration caused an outcome.","entityHref":"/industries/62","explorerHref":"/trends/industries?sector=62#industry-history-workbench","monitorHref":"/economy/monitor?signal=industry-median-hhi%3A62#competition-monitor-console"},{"dispatchId":"industry-concentration-shifts","dispatchSlug":"industry-concentration-shifts-2017-2022","dispatchTitle":"Broad-sector concentration medians did not move as one economy.","dispatchScope":"domain-readout","dispatchDomain":"industries","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/industry-concentration-shifts-2017-2022","publicationSeriesNumber":"AR-CI-2026-03","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"industry-median-hhi:51","signalDomain":"industries","signalMetricId":"industry-median-hhi","signalMetricLabel":"Median detailed-industry HHI","entityId":"naics-sector-51","entityCode":"51","entityLabel":"Information","unit":"hhi_points","priorPeriod":"2017","priorYear":2017,"priorValue":568.5,"latestPeriod":"2022","latestYear":2022,"latestValue":741.4,"delta":172.9,"deltaPercent":30.4,"direction":"increased","sourceIds":["census-ecnsize-concentration-2017","census-ecnsize-concentration-2022"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Information moved from a paired-universe median HHI of 568.5 in 2017 to 741.4 in 2022 (+172.9 HHI points).","interpretation":"The 2022 median is higher than the 2017 median across the same published strict-match screen. Sector medians are orientation statistics, not sector HHI values or legal market findings.","researchQuestion":"Which six-digit industries drive the sector shift, and where do product, geography, entry, conduct, price, quality, or enforcement records justify deeper market-level research?","signalGuardrail":"Sector rows summarize strict six-digit NAICS matches. Their medians are not sector HHI values, legal antitrust markets, liability findings, or causal estimates. Vintage medians and the median of row-level changes are distinct distribution statistics and need not reconcile. Publication coverage varies by metric, and revenue changes are nominal.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. A sector median is an orientation statistic over a strict matched Census screen. It is not a sector HHI, a legal market, a weighted economy-wide change, or evidence that concentration caused an outcome.","entityHref":"/industries/51","explorerHref":"/trends/industries?sector=51#industry-history-workbench","monitorHref":"/economy/monitor?signal=industry-median-hhi%3A51#competition-monitor-console"},{"dispatchId":"industry-concentration-shifts","dispatchSlug":"industry-concentration-shifts-2017-2022","dispatchTitle":"Broad-sector concentration medians did not move as one economy.","dispatchScope":"domain-readout","dispatchDomain":"industries","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/industry-concentration-shifts-2017-2022","publicationSeriesNumber":"AR-CI-2026-03","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"industry-median-hhi:31","signalDomain":"industries","signalMetricId":"industry-median-hhi","signalMetricLabel":"Median detailed-industry HHI","entityId":"naics-sector-31","entityCode":"31","entityLabel":"Manufacturing","unit":"hhi_points","priorPeriod":"2017","priorYear":2017,"priorValue":415,"latestPeriod":"2022","latestYear":2022,"latestValue":435.6,"delta":20.6,"deltaPercent":5,"direction":"increased","sourceIds":["census-ecnsize-concentration-2017","census-ecnsize-concentration-2022"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Manufacturing moved from a paired-universe median HHI of 415 in 2017 to 435.6 in 2022 (+20.6 HHI points).","interpretation":"The 2022 median is higher than the 2017 median across the same published strict-match screen. Sector medians are orientation statistics, not sector HHI values or legal market findings.","researchQuestion":"Which six-digit industries drive the sector shift, and where do product, geography, entry, conduct, price, quality, or enforcement records justify deeper market-level research?","signalGuardrail":"Sector rows summarize strict six-digit NAICS matches. Their medians are not sector HHI values, legal antitrust markets, liability findings, or causal estimates. Vintage medians and the median of row-level changes are distinct distribution statistics and need not reconcile. Publication coverage varies by metric, and revenue changes are nominal.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. A sector median is an orientation statistic over a strict matched Census screen. It is not a sector HHI, a legal market, a weighted economy-wide change, or evidence that concentration caused an outcome.","entityHref":"/industries/31-33","explorerHref":"/trends/industries?sector=31#industry-history-workbench","monitorHref":"/economy/monitor?signal=industry-median-hhi%3A31#competition-monitor-console"},{"dispatchId":"industry-concentration-shifts","dispatchSlug":"industry-concentration-shifts-2017-2022","dispatchTitle":"Broad-sector concentration medians did not move as one economy.","dispatchScope":"domain-readout","dispatchDomain":"industries","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/industry-concentration-shifts-2017-2022","publicationSeriesNumber":"AR-CI-2026-03","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"industry-median-hhi:21","signalDomain":"industries","signalMetricId":"industry-median-hhi","signalMetricLabel":"Median detailed-industry HHI","entityId":"naics-sector-21","entityCode":"21","entityLabel":"Mining, quarrying, and oil and gas extraction","unit":"hhi_points","priorPeriod":"2017","priorYear":2017,"priorValue":349.5,"latestPeriod":"2022","latestYear":2022,"latestValue":390.8,"delta":41.3,"deltaPercent":11.8,"direction":"increased","sourceIds":["census-ecnsize-concentration-2017","census-ecnsize-concentration-2022"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Mining, quarrying, and oil and gas extraction moved from a paired-universe median HHI of 349.5 in 2017 to 390.8 in 2022 (+41.3 HHI points).","interpretation":"The 2022 median is higher than the 2017 median across the same published strict-match screen. Sector medians are orientation statistics, not sector HHI values or legal market findings.","researchQuestion":"Which six-digit industries drive the sector shift, and where do product, geography, entry, conduct, price, quality, or enforcement records justify deeper market-level research?","signalGuardrail":"Sector rows summarize strict six-digit NAICS matches. Their medians are not sector HHI values, legal antitrust markets, liability findings, or causal estimates. Vintage medians and the median of row-level changes are distinct distribution statistics and need not reconcile. Publication coverage varies by metric, and revenue changes are nominal.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. A sector median is an orientation statistic over a strict matched Census screen. It is not a sector HHI, a legal market, a weighted economy-wide change, or evidence that concentration caused an outcome.","entityHref":"/industries/21","explorerHref":"/trends/industries?sector=21#industry-history-workbench","monitorHref":"/economy/monitor?signal=industry-median-hhi%3A21#competition-monitor-console"},{"dispatchId":"industry-concentration-shifts","dispatchSlug":"industry-concentration-shifts-2017-2022","dispatchTitle":"Broad-sector concentration medians did not move as one economy.","dispatchScope":"domain-readout","dispatchDomain":"industries","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/industry-concentration-shifts-2017-2022","publicationSeriesNumber":"AR-CI-2026-03","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"industry-median-hhi:81","signalDomain":"industries","signalMetricId":"industry-median-hhi","signalMetricLabel":"Median detailed-industry HHI","entityId":"naics-sector-81","entityCode":"81","entityLabel":"Other services (except public administration)","unit":"hhi_points","priorPeriod":"2017","priorYear":2017,"priorValue":66.1,"latestPeriod":"2022","latestYear":2022,"latestValue":77.7,"delta":11.6,"deltaPercent":17.5,"direction":"increased","sourceIds":["census-ecnsize-concentration-2017","census-ecnsize-concentration-2022"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Other services (except public administration) moved from a paired-universe median HHI of 66.1 in 2017 to 77.7 in 2022 (+11.6 HHI points).","interpretation":"The 2022 median is higher than the 2017 median across the same published strict-match screen. Sector medians are orientation statistics, not sector HHI values or legal market findings.","researchQuestion":"Which six-digit industries drive the sector shift, and where do product, geography, entry, conduct, price, quality, or enforcement records justify deeper market-level research?","signalGuardrail":"Sector rows summarize strict six-digit NAICS matches. Their medians are not sector HHI values, legal antitrust markets, liability findings, or causal estimates. Vintage medians and the median of row-level changes are distinct distribution statistics and need not reconcile. Publication coverage varies by metric, and revenue changes are nominal.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. A sector median is an orientation statistic over a strict matched Census screen. It is not a sector HHI, a legal market, a weighted economy-wide change, or evidence that concentration caused an outcome.","entityHref":"/industries/81","explorerHref":"/trends/industries?sector=81#industry-history-workbench","monitorHref":"/economy/monitor?signal=industry-median-hhi%3A81#competition-monitor-console"},{"dispatchId":"industry-concentration-shifts","dispatchSlug":"industry-concentration-shifts-2017-2022","dispatchTitle":"Broad-sector concentration medians did not move as one economy.","dispatchScope":"domain-readout","dispatchDomain":"industries","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/industry-concentration-shifts-2017-2022","publicationSeriesNumber":"AR-CI-2026-03","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"industry-median-hhi:54","signalDomain":"industries","signalMetricId":"industry-median-hhi","signalMetricLabel":"Median detailed-industry HHI","entityId":"naics-sector-54","entityCode":"54","entityLabel":"Professional, scientific, and technical services","unit":"hhi_points","priorPeriod":"2017","priorYear":2017,"priorValue":98.4,"latestPeriod":"2022","latestYear":2022,"latestValue":85.6,"delta":-12.8,"deltaPercent":-13,"direction":"decreased","sourceIds":["census-ecnsize-concentration-2017","census-ecnsize-concentration-2022"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Professional, scientific, and technical services moved from a paired-universe median HHI of 98.4 in 2017 to 85.6 in 2022 (-12.8 HHI points).","interpretation":"The 2022 median is lower than the 2017 median across the same published strict-match screen. Sector medians are orientation statistics, not sector HHI values or legal market findings.","researchQuestion":"Which six-digit industries drive the sector shift, and where do product, geography, entry, conduct, price, quality, or enforcement records justify deeper market-level research?","signalGuardrail":"Sector rows summarize strict six-digit NAICS matches. Their medians are not sector HHI values, legal antitrust markets, liability findings, or causal estimates. Vintage medians and the median of row-level changes are distinct distribution statistics and need not reconcile. Publication coverage varies by metric, and revenue changes are nominal.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. A sector median is an orientation statistic over a strict matched Census screen. It is not a sector HHI, a legal market, a weighted economy-wide change, or evidence that concentration caused an outcome.","entityHref":"/industries/54","explorerHref":"/trends/industries?sector=54#industry-history-workbench","monitorHref":"/economy/monitor?signal=industry-median-hhi%3A54#competition-monitor-console"},{"dispatchId":"industry-concentration-shifts","dispatchSlug":"industry-concentration-shifts-2017-2022","dispatchTitle":"Broad-sector concentration medians did not move as one economy.","dispatchScope":"domain-readout","dispatchDomain":"industries","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/industry-concentration-shifts-2017-2022","publicationSeriesNumber":"AR-CI-2026-03","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"industry-median-hhi:53","signalDomain":"industries","signalMetricId":"industry-median-hhi","signalMetricLabel":"Median detailed-industry HHI","entityId":"naics-sector-53","entityCode":"53","entityLabel":"Real estate and rental and leasing","unit":"hhi_points","priorPeriod":"2017","priorYear":2017,"priorValue":93.2,"latestPeriod":"2022","latestYear":2022,"latestValue":103.8,"delta":10.6,"deltaPercent":11.4,"direction":"increased","sourceIds":["census-ecnsize-concentration-2017","census-ecnsize-concentration-2022"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Real estate and rental and leasing moved from a paired-universe median HHI of 93.2 in 2017 to 103.8 in 2022 (+10.6 HHI points).","interpretation":"The 2022 median is higher than the 2017 median across the same published strict-match screen. Sector medians are orientation statistics, not sector HHI values or legal market findings.","researchQuestion":"Which six-digit industries drive the sector shift, and where do product, geography, entry, conduct, price, quality, or enforcement records justify deeper market-level research?","signalGuardrail":"Sector rows summarize strict six-digit NAICS matches. Their medians are not sector HHI values, legal antitrust markets, liability findings, or causal estimates. Vintage medians and the median of row-level changes are distinct distribution statistics and need not reconcile. Publication coverage varies by metric, and revenue changes are nominal.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. A sector median is an orientation statistic over a strict matched Census screen. It is not a sector HHI, a legal market, a weighted economy-wide change, or evidence that concentration caused an outcome.","entityHref":"/industries/53","explorerHref":"/trends/industries?sector=53#industry-history-workbench","monitorHref":"/economy/monitor?signal=industry-median-hhi%3A53#competition-monitor-console"},{"dispatchId":"industry-concentration-shifts","dispatchSlug":"industry-concentration-shifts-2017-2022","dispatchTitle":"Broad-sector concentration medians did not move as one economy.","dispatchScope":"domain-readout","dispatchDomain":"industries","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/industry-concentration-shifts-2017-2022","publicationSeriesNumber":"AR-CI-2026-03","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"industry-median-hhi:44","signalDomain":"industries","signalMetricId":"industry-median-hhi","signalMetricLabel":"Median detailed-industry HHI","entityId":"naics-sector-44","entityCode":"44","entityLabel":"Retail trade","unit":"hhi_points","priorPeriod":"2017","priorYear":2017,"priorValue":14,"latestPeriod":"2022","latestYear":2022,"latestValue":25.4,"delta":11.4,"deltaPercent":81.4,"direction":"increased","sourceIds":["census-ecnsize-concentration-2017","census-ecnsize-concentration-2022"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Retail trade moved from a paired-universe median HHI of 14 in 2017 to 25.4 in 2022 (+11.4 HHI points).","interpretation":"The 2022 median is higher than the 2017 median across the same published strict-match screen. Sector medians are orientation statistics, not sector HHI values or legal market findings.","researchQuestion":"Which six-digit industries drive the sector shift, and where do product, geography, entry, conduct, price, quality, or enforcement records justify deeper market-level research?","signalGuardrail":"Sector rows summarize strict six-digit NAICS matches. Their medians are not sector HHI values, legal antitrust markets, liability findings, or causal estimates. Vintage medians and the median of row-level changes are distinct distribution statistics and need not reconcile. Publication coverage varies by metric, and revenue changes are nominal.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. A sector median is an orientation statistic over a strict matched Census screen. It is not a sector HHI, a legal market, a weighted economy-wide change, or evidence that concentration caused an outcome.","entityHref":"/industries/44-45","explorerHref":"/trends/industries?sector=44#industry-history-workbench","monitorHref":"/economy/monitor?signal=industry-median-hhi%3A44#competition-monitor-console"},{"dispatchId":"industry-concentration-shifts","dispatchSlug":"industry-concentration-shifts-2017-2022","dispatchTitle":"Broad-sector concentration medians did not move as one economy.","dispatchScope":"domain-readout","dispatchDomain":"industries","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/industry-concentration-shifts-2017-2022","publicationSeriesNumber":"AR-CI-2026-03","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"industry-median-hhi:48","signalDomain":"industries","signalMetricId":"industry-median-hhi","signalMetricLabel":"Median detailed-industry HHI","entityId":"naics-sector-48","entityCode":"48","entityLabel":"Transportation and warehousing","unit":"hhi_points","priorPeriod":"2017","priorYear":2017,"priorValue":259,"latestPeriod":"2022","latestYear":2022,"latestValue":251,"delta":-8,"deltaPercent":-3.1,"direction":"decreased","sourceIds":["census-ecnsize-concentration-2017","census-ecnsize-concentration-2022"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Transportation and warehousing moved from a paired-universe median HHI of 259 in 2017 to 251 in 2022 (-8.0 HHI points).","interpretation":"The 2022 median is lower than the 2017 median across the same published strict-match screen. Sector medians are orientation statistics, not sector HHI values or legal market findings.","researchQuestion":"Which six-digit industries drive the sector shift, and where do product, geography, entry, conduct, price, quality, or enforcement records justify deeper market-level research?","signalGuardrail":"Sector rows summarize strict six-digit NAICS matches. Their medians are not sector HHI values, legal antitrust markets, liability findings, or causal estimates. Vintage medians and the median of row-level changes are distinct distribution statistics and need not reconcile. Publication coverage varies by metric, and revenue changes are nominal.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. A sector median is an orientation statistic over a strict matched Census screen. It is not a sector HHI, a legal market, a weighted economy-wide change, or evidence that concentration caused an outcome.","entityHref":"/industries/48-49","explorerHref":"/trends/industries?sector=48#industry-history-workbench","monitorHref":"/economy/monitor?signal=industry-median-hhi%3A48#competition-monitor-console"},{"dispatchId":"industry-concentration-shifts","dispatchSlug":"industry-concentration-shifts-2017-2022","dispatchTitle":"Broad-sector concentration medians did not move as one economy.","dispatchScope":"domain-readout","dispatchDomain":"industries","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/industry-concentration-shifts-2017-2022","publicationSeriesNumber":"AR-CI-2026-03","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"industry-median-hhi:22","signalDomain":"industries","signalMetricId":"industry-median-hhi","signalMetricLabel":"Median detailed-industry HHI","entityId":"naics-sector-22","entityCode":"22","entityLabel":"Utilities","unit":"hhi_points","priorPeriod":"2017","priorYear":2017,"priorValue":692.4,"latestPeriod":"2022","latestYear":2022,"latestValue":602,"delta":-90.4,"deltaPercent":-13.1,"direction":"decreased","sourceIds":["census-ecnsize-concentration-2017","census-ecnsize-concentration-2022"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Utilities moved from a paired-universe median HHI of 692.4 in 2017 to 602 in 2022 (-90.4 HHI points).","interpretation":"The 2022 median is lower than the 2017 median across the same published strict-match screen. Sector medians are orientation statistics, not sector HHI values or legal market findings.","researchQuestion":"Which six-digit industries drive the sector shift, and where do product, geography, entry, conduct, price, quality, or enforcement records justify deeper market-level research?","signalGuardrail":"Sector rows summarize strict six-digit NAICS matches. Their medians are not sector HHI values, legal antitrust markets, liability findings, or causal estimates. Vintage medians and the median of row-level changes are distinct distribution statistics and need not reconcile. Publication coverage varies by metric, and revenue changes are nominal.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. A sector median is an orientation statistic over a strict matched Census screen. It is not a sector HHI, a legal market, a weighted economy-wide change, or evidence that concentration caused an outcome.","entityHref":"/industries/22","explorerHref":"/trends/industries?sector=22#industry-history-workbench","monitorHref":"/economy/monitor?signal=industry-median-hhi%3A22#competition-monitor-console"},{"dispatchId":"industry-concentration-shifts","dispatchSlug":"industry-concentration-shifts-2017-2022","dispatchTitle":"Broad-sector concentration medians did not move as one economy.","dispatchScope":"domain-readout","dispatchDomain":"industries","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/industry-concentration-shifts-2017-2022","publicationSeriesNumber":"AR-CI-2026-03","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"industry-median-hhi:42","signalDomain":"industries","signalMetricId":"industry-median-hhi","signalMetricLabel":"Median detailed-industry HHI","entityId":"naics-sector-42","entityCode":"42","entityLabel":"Wholesale trade","unit":"hhi_points","priorPeriod":"2017","priorYear":2017,"priorValue":324.8,"latestPeriod":"2022","latestYear":2022,"latestValue":322,"delta":-2.8,"deltaPercent":-0.9,"direction":"decreased","sourceIds":["census-ecnsize-concentration-2017","census-ecnsize-concentration-2022"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Wholesale trade moved from a paired-universe median HHI of 324.8 in 2017 to 322 in 2022 (-2.8 HHI points).","interpretation":"The 2022 median is lower than the 2017 median across the same published strict-match screen. Sector medians are orientation statistics, not sector HHI values or legal market findings.","researchQuestion":"Which six-digit industries drive the sector shift, and where do product, geography, entry, conduct, price, quality, or enforcement records justify deeper market-level research?","signalGuardrail":"Sector rows summarize strict six-digit NAICS matches. Their medians are not sector HHI values, legal antitrust markets, liability findings, or causal estimates. Vintage medians and the median of row-level changes are distinct distribution statistics and need not reconcile. Publication coverage varies by metric, and revenue changes are nominal.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. A sector median is an orientation statistic over a strict matched Census screen. It is not a sector HHI, a legal market, a weighted economy-wide change, or evidence that concentration caused an outcome.","entityHref":"/industries/42","explorerHref":"/trends/industries?sector=42#industry-history-workbench","monitorHref":"/economy/monitor?signal=industry-median-hhi%3A42#competition-monitor-console"},{"dispatchId":"geographic-screen-divergence","dispatchSlug":"geographic-concentration-screen-divergence","dispatchTitle":"Geographic concentration screens point in different directions at different scales.","dispatchScope":"domain-readout","dispatchDomain":"geographies","dispatchUpdatedThrough":"2026-07-21","dispatchHref":"/insights/geographic-concentration-screen-divergence","publicationSeriesNumber":"AR-CI-2026-04","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"fixed-broadband-hhi:tract-median","signalDomain":"geographies","signalMetricId":"fixed-broadband-hhi","signalMetricLabel":"Residential fixed broadband Tract median","entityId":"fixed-broadband-tract-median","entityCode":"tract-median","entityLabel":"Median census tract","unit":"hhi_points","priorPeriod":"Dec 2023","priorYear":2023,"priorValue":5859,"latestPeriod":"Dec 2024","latestYear":2024,"latestValue":5504,"delta":-355,"deltaPercent":-6.1,"direction":"decreased","sourceIds":["fcc-internet-access-dec-2024"],"sourcePublishers":["Federal Communications Commission"],"observation":"Median census tract moved from HHI 5,859 in Dec 2023 to 5,504 in Dec 2024 (-355 HHI points).","interpretation":"The December 2024 tract median is lower than its December 2023 anchor. This geographic summary does not define a legal broadband market or identify why provider shares changed.","researchQuestion":"Which areas and provider-share changes account for movement in the tract median, and how wide is the distribution hidden by the median?","signalGuardrail":"The FCC series reports HHI for residential fixed connections of at least 100 Mbps downstream and 20 Mbps upstream. The national value and medians across states, counties, and census tracts describe different geographic summaries; they are not interchangeable legal market definitions, and a median does not describe the full distribution within or across areas.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. FCC broadband summaries and FDIC branch-deposit screens use different sectors, units, ownership rules, and periods. Their directions are not combined into a geographic competition index.","entityHref":"/geographies/broadband?scope=tract-median","explorerHref":"/geographies/broadband?scope=tract-median&period=2024-12#fixed-broadband-atlas","monitorHref":"/economy/monitor?signal=fixed-broadband-hhi%3Atract-median#competition-monitor-console"},{"dispatchId":"geographic-screen-divergence","dispatchSlug":"geographic-concentration-screen-divergence","dispatchTitle":"Geographic concentration screens point in different directions at different scales.","dispatchScope":"domain-readout","dispatchDomain":"geographies","dispatchUpdatedThrough":"2026-07-21","dispatchHref":"/insights/geographic-concentration-screen-divergence","publicationSeriesNumber":"AR-CI-2026-04","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"fixed-broadband-hhi:county-median","signalDomain":"geographies","signalMetricId":"fixed-broadband-hhi","signalMetricLabel":"Residential fixed broadband County median","entityId":"fixed-broadband-county-median","entityCode":"county-median","entityLabel":"Median county","unit":"hhi_points","priorPeriod":"Dec 2023","priorYear":2023,"priorValue":5356,"latestPeriod":"Dec 2024","latestYear":2024,"latestValue":4599,"delta":-757,"deltaPercent":-14.1,"direction":"decreased","sourceIds":["fcc-internet-access-dec-2024"],"sourcePublishers":["Federal Communications Commission"],"observation":"Median county moved from HHI 5,356 in Dec 2023 to 4,599 in Dec 2024 (-757 HHI points).","interpretation":"The December 2024 county median is lower than its December 2023 anchor. This geographic summary does not define a legal broadband market or identify why provider shares changed.","researchQuestion":"Which areas and provider-share changes account for movement in the county median, and how wide is the distribution hidden by the median?","signalGuardrail":"The FCC series reports HHI for residential fixed connections of at least 100 Mbps downstream and 20 Mbps upstream. The national value and medians across states, counties, and census tracts describe different geographic summaries; they are not interchangeable legal market definitions, and a median does not describe the full distribution within or across areas.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. FCC broadband summaries and FDIC branch-deposit screens use different sectors, units, ownership rules, and periods. Their directions are not combined into a geographic competition index.","entityHref":"/geographies/broadband?scope=county-median","explorerHref":"/geographies/broadband?scope=county-median&period=2024-12#fixed-broadband-atlas","monitorHref":"/economy/monitor?signal=fixed-broadband-hhi%3Acounty-median#competition-monitor-console"},{"dispatchId":"geographic-screen-divergence","dispatchSlug":"geographic-concentration-screen-divergence","dispatchTitle":"Geographic concentration screens point in different directions at different scales.","dispatchScope":"domain-readout","dispatchDomain":"geographies","dispatchUpdatedThrough":"2026-07-21","dispatchHref":"/insights/geographic-concentration-screen-divergence","publicationSeriesNumber":"AR-CI-2026-04","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"fixed-broadband-hhi:state-median","signalDomain":"geographies","signalMetricId":"fixed-broadband-hhi","signalMetricLabel":"Residential fixed broadband State median","entityId":"fixed-broadband-state-median","entityCode":"state-median","entityLabel":"Median state","unit":"hhi_points","priorPeriod":"Dec 2023","priorYear":2023,"priorValue":2994,"latestPeriod":"Dec 2024","latestYear":2024,"latestValue":2937,"delta":-57,"deltaPercent":-1.9,"direction":"decreased","sourceIds":["fcc-internet-access-dec-2024"],"sourcePublishers":["Federal Communications Commission"],"observation":"Median state moved from HHI 2,994 in Dec 2023 to 2,937 in Dec 2024 (-57 HHI points).","interpretation":"The December 2024 state median is lower than its December 2023 anchor. This geographic summary does not define a legal broadband market or identify why provider shares changed.","researchQuestion":"Which areas and provider-share changes account for movement in the state median, and how wide is the distribution hidden by the median?","signalGuardrail":"The FCC series reports HHI for residential fixed connections of at least 100 Mbps downstream and 20 Mbps upstream. The national value and medians across states, counties, and census tracts describe different geographic summaries; they are not interchangeable legal market definitions, and a median does not describe the full distribution within or across areas.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. FCC broadband summaries and FDIC branch-deposit screens use different sectors, units, ownership rules, and periods. Their directions are not combined into a geographic competition index.","entityHref":"/geographies/broadband?scope=state-median","explorerHref":"/geographies/broadband?scope=state-median&period=2024-12#fixed-broadband-atlas","monitorHref":"/economy/monitor?signal=fixed-broadband-hhi%3Astate-median#competition-monitor-console"},{"dispatchId":"geographic-screen-divergence","dispatchSlug":"geographic-concentration-screen-divergence","dispatchTitle":"Geographic concentration screens point in different directions at different scales.","dispatchScope":"domain-readout","dispatchDomain":"geographies","dispatchUpdatedThrough":"2026-07-21","dispatchHref":"/insights/geographic-concentration-screen-divergence","publicationSeriesNumber":"AR-CI-2026-04","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"state-bank-median-hhi","signalDomain":"geographies","signalMetricId":"state-bank-median-hhi","signalMetricLabel":"Median statewide bank-deposit HHI","entityId":"state-banking-screen","entityCode":"state-banking-screen","entityLabel":"Statewide branch-deposit screens","unit":"hhi_points","priorPeriod":"2015","priorYear":2015,"priorValue":958,"latestPeriod":"2025","latestYear":2025,"latestValue":903,"delta":-55,"deltaPercent":-5.7,"direction":"decreased","sourceIds":["fdic-sod-2025"],"sourcePublishers":["Federal Deposit Insurance Corporation"],"observation":"The annual 51-jurisdiction median branch-deposit HHI moved from 958 in 2015 to 903 in 2025 (-55.0 HHI points).","interpretation":"The later branch-deposit screen is lower than the 2015 anchor. This descriptive movement does not define a legal banking market, identify a cause, or measure every banking product.","researchQuestion":"Which state-specific paths, ownership-reporting changes, branch-booking patterns, entry, exit, or consolidation events account for movement beneath the cross-sectional median?","signalGuardrail":"Annual statewide and national rows are independent June 30 branch-deposit screens, not interpolated observations or legal market definitions. Reported ownership structures, branch booking, and jurisdiction coverage can change between vintages; deposit values are nominal and should not be read as inflation-adjusted growth.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. FCC broadband summaries and FDIC branch-deposit screens use different sectors, units, ownership rules, and periods. Their directions are not combined into a geographic competition index.","entityHref":"/geographies#state-competition-systems","explorerHref":"/geographies?bankYear=2025&bankMetric=hhi#state-banking-history","monitorHref":"/economy/monitor?signal=state-bank-median-hhi#competition-monitor-console"},{"dispatchId":"geographic-screen-divergence","dispatchSlug":"geographic-concentration-screen-divergence","dispatchTitle":"Geographic concentration screens point in different directions at different scales.","dispatchScope":"domain-readout","dispatchDomain":"geographies","dispatchUpdatedThrough":"2026-07-21","dispatchHref":"/insights/geographic-concentration-screen-divergence","publicationSeriesNumber":"AR-CI-2026-04","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"fixed-broadband-hhi:nation","signalDomain":"geographies","signalMetricId":"fixed-broadband-hhi","signalMetricLabel":"Residential fixed broadband National HHI","entityId":"fixed-broadband-nation","entityCode":"nation","entityLabel":"U.S. fixed broadband connections","unit":"hhi_points","priorPeriod":"Dec 2023","priorYear":2023,"priorValue":1195,"latestPeriod":"Dec 2024","latestYear":2024,"latestValue":1501,"delta":306,"deltaPercent":25.6,"direction":"increased","sourceIds":["fcc-internet-access-dec-2024"],"sourcePublishers":["Federal Communications Commission"],"observation":"United States moved from HHI 1,195 in Dec 2023 to 1,501 in Dec 2024 (+306 HHI points).","interpretation":"The December 2024 national hhi is higher than its December 2023 anchor. This geographic summary does not define a legal broadband market or identify why provider shares changed.","researchQuestion":"What provider-share, technology, speed-tier, entry, and geographic composition changes explain the rise in national HHI while median subnational HHIs declined?","signalGuardrail":"The FCC series reports HHI for residential fixed connections of at least 100 Mbps downstream and 20 Mbps upstream. The national value and medians across states, counties, and census tracts describe different geographic summaries; they are not interchangeable legal market definitions, and a median does not describe the full distribution within or across areas.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. FCC broadband summaries and FDIC branch-deposit screens use different sectors, units, ownership rules, and periods. Their directions are not combined into a geographic competition index.","entityHref":"/geographies/broadband?scope=nation","explorerHref":"/geographies/broadband?scope=nation&period=2024-12#fixed-broadband-atlas","monitorHref":"/economy/monitor?signal=fixed-broadband-hhi%3Anation#competition-monitor-console"},{"dispatchId":"geographic-screen-divergence","dispatchSlug":"geographic-concentration-screen-divergence","dispatchTitle":"Geographic concentration screens point in different directions at different scales.","dispatchScope":"domain-readout","dispatchDomain":"geographies","dispatchUpdatedThrough":"2026-07-21","dispatchHref":"/insights/geographic-concentration-screen-divergence","publicationSeriesNumber":"AR-CI-2026-04","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"national-bank-deposit-hhi","signalDomain":"geographies","signalMetricId":"national-bank-deposit-hhi","signalMetricLabel":"National bank-deposit HHI","entityId":"us-bank-branch-deposits","entityCode":"us-bank-branch-deposits","entityLabel":"United States branch-deposit screen","unit":"hhi_points","priorPeriod":"2015","priorYear":2015,"priorValue":410,"latestPeriod":"2025","latestYear":2025,"latestValue":401,"delta":-9,"deltaPercent":-2.2,"direction":"decreased","sourceIds":["fdic-sod-2025"],"sourcePublishers":["Federal Deposit Insurance Corporation"],"observation":"The national branch-deposit HHI moved from 410 in 2015 to 401 in 2025 (-9.0 HHI points).","interpretation":"The later branch-deposit screen is lower than the 2015 anchor. This descriptive movement does not define a legal banking market, identify a cause, or measure every banking product.","researchQuestion":"How can the nearly stable national aggregate be reconciled with state-level movement, organization turnover, branch change, and nominal deposit growth?","signalGuardrail":"Annual statewide and national rows are independent June 30 branch-deposit screens, not interpolated observations or legal market definitions. Reported ownership structures, branch booking, and jurisdiction coverage can change between vintages; deposit values are nominal and should not be read as inflation-adjusted growth.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. FCC broadband summaries and FDIC branch-deposit screens use different sectors, units, ownership rules, and periods. Their directions are not combined into a geographic competition index.","entityHref":"/geographies#state-competition-systems","explorerHref":"/geographies?bankYear=2025&bankMetric=hhi#state-banking-history","monitorHref":"/economy/monitor?signal=national-bank-deposit-hhi#competition-monitor-console"},{"dispatchId":"fixed-broadband-scale-divergence","dispatchSlug":"fixed-broadband-scale-divergence-2024","dispatchTitle":"National fixed-broadband HHI rose while three geographic medians fell.","dispatchScope":"focused-note","dispatchDomain":"geographies","dispatchUpdatedThrough":"2026-07-21","dispatchHref":"/insights/fixed-broadband-scale-divergence-2024","publicationSeriesNumber":"AR-CI-2026-05","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"fixed-broadband-hhi:tract-median","signalDomain":"geographies","signalMetricId":"fixed-broadband-hhi","signalMetricLabel":"Residential fixed broadband Tract median","entityId":"fixed-broadband-tract-median","entityCode":"tract-median","entityLabel":"Median census tract","unit":"hhi_points","priorPeriod":"Dec 2023","priorYear":2023,"priorValue":5859,"latestPeriod":"Dec 2024","latestYear":2024,"latestValue":5504,"delta":-355,"deltaPercent":-6.1,"direction":"decreased","sourceIds":["fcc-internet-access-dec-2024"],"sourcePublishers":["Federal Communications Commission"],"observation":"Median census tract moved from HHI 5,859 in Dec 2023 to 5,504 in Dec 2024 (-355 HHI points).","interpretation":"The December 2024 tract median is lower than its December 2023 anchor. This geographic summary does not define a legal broadband market or identify why provider shares changed.","researchQuestion":"Which areas and provider-share changes account for movement in the tract median, and how wide is the distribution hidden by the median?","signalGuardrail":"The FCC series reports HHI for residential fixed connections of at least 100 Mbps downstream and 20 Mbps upstream. The national value and medians across states, counties, and census tracts describe different geographic summaries; they are not interchangeable legal market definitions, and a median does not describe the full distribution within or across areas.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. The state, county, and tract rows are medians of separate area HHIs, not components that average to the national HHI. Reporting geographies are screening units, not presumed legal broadband markets.","entityHref":"/geographies/broadband?scope=tract-median","explorerHref":"/geographies/broadband?scope=tract-median&period=2024-12#fixed-broadband-atlas","monitorHref":"/economy/monitor?signal=fixed-broadband-hhi%3Atract-median#competition-monitor-console"},{"dispatchId":"fixed-broadband-scale-divergence","dispatchSlug":"fixed-broadband-scale-divergence-2024","dispatchTitle":"National fixed-broadband HHI rose while three geographic medians fell.","dispatchScope":"focused-note","dispatchDomain":"geographies","dispatchUpdatedThrough":"2026-07-21","dispatchHref":"/insights/fixed-broadband-scale-divergence-2024","publicationSeriesNumber":"AR-CI-2026-05","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"fixed-broadband-hhi:county-median","signalDomain":"geographies","signalMetricId":"fixed-broadband-hhi","signalMetricLabel":"Residential fixed broadband County median","entityId":"fixed-broadband-county-median","entityCode":"county-median","entityLabel":"Median county","unit":"hhi_points","priorPeriod":"Dec 2023","priorYear":2023,"priorValue":5356,"latestPeriod":"Dec 2024","latestYear":2024,"latestValue":4599,"delta":-757,"deltaPercent":-14.1,"direction":"decreased","sourceIds":["fcc-internet-access-dec-2024"],"sourcePublishers":["Federal Communications Commission"],"observation":"Median county moved from HHI 5,356 in Dec 2023 to 4,599 in Dec 2024 (-757 HHI points).","interpretation":"The December 2024 county median is lower than its December 2023 anchor. This geographic summary does not define a legal broadband market or identify why provider shares changed.","researchQuestion":"Which areas and provider-share changes account for movement in the county median, and how wide is the distribution hidden by the median?","signalGuardrail":"The FCC series reports HHI for residential fixed connections of at least 100 Mbps downstream and 20 Mbps upstream. The national value and medians across states, counties, and census tracts describe different geographic summaries; they are not interchangeable legal market definitions, and a median does not describe the full distribution within or across areas.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. The state, county, and tract rows are medians of separate area HHIs, not components that average to the national HHI. Reporting geographies are screening units, not presumed legal broadband markets.","entityHref":"/geographies/broadband?scope=county-median","explorerHref":"/geographies/broadband?scope=county-median&period=2024-12#fixed-broadband-atlas","monitorHref":"/economy/monitor?signal=fixed-broadband-hhi%3Acounty-median#competition-monitor-console"},{"dispatchId":"fixed-broadband-scale-divergence","dispatchSlug":"fixed-broadband-scale-divergence-2024","dispatchTitle":"National fixed-broadband HHI rose while three geographic medians fell.","dispatchScope":"focused-note","dispatchDomain":"geographies","dispatchUpdatedThrough":"2026-07-21","dispatchHref":"/insights/fixed-broadband-scale-divergence-2024","publicationSeriesNumber":"AR-CI-2026-05","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"fixed-broadband-hhi:state-median","signalDomain":"geographies","signalMetricId":"fixed-broadband-hhi","signalMetricLabel":"Residential fixed broadband State median","entityId":"fixed-broadband-state-median","entityCode":"state-median","entityLabel":"Median state","unit":"hhi_points","priorPeriod":"Dec 2023","priorYear":2023,"priorValue":2994,"latestPeriod":"Dec 2024","latestYear":2024,"latestValue":2937,"delta":-57,"deltaPercent":-1.9,"direction":"decreased","sourceIds":["fcc-internet-access-dec-2024"],"sourcePublishers":["Federal Communications Commission"],"observation":"Median state moved from HHI 2,994 in Dec 2023 to 2,937 in Dec 2024 (-57 HHI points).","interpretation":"The December 2024 state median is lower than its December 2023 anchor. This geographic summary does not define a legal broadband market or identify why provider shares changed.","researchQuestion":"Which areas and provider-share changes account for movement in the state median, and how wide is the distribution hidden by the median?","signalGuardrail":"The FCC series reports HHI for residential fixed connections of at least 100 Mbps downstream and 20 Mbps upstream. The national value and medians across states, counties, and census tracts describe different geographic summaries; they are not interchangeable legal market definitions, and a median does not describe the full distribution within or across areas.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. The state, county, and tract rows are medians of separate area HHIs, not components that average to the national HHI. Reporting geographies are screening units, not presumed legal broadband markets.","entityHref":"/geographies/broadband?scope=state-median","explorerHref":"/geographies/broadband?scope=state-median&period=2024-12#fixed-broadband-atlas","monitorHref":"/economy/monitor?signal=fixed-broadband-hhi%3Astate-median#competition-monitor-console"},{"dispatchId":"fixed-broadband-scale-divergence","dispatchSlug":"fixed-broadband-scale-divergence-2024","dispatchTitle":"National fixed-broadband HHI rose while three geographic medians fell.","dispatchScope":"focused-note","dispatchDomain":"geographies","dispatchUpdatedThrough":"2026-07-21","dispatchHref":"/insights/fixed-broadband-scale-divergence-2024","publicationSeriesNumber":"AR-CI-2026-05","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"fixed-broadband-hhi:nation","signalDomain":"geographies","signalMetricId":"fixed-broadband-hhi","signalMetricLabel":"Residential fixed broadband National HHI","entityId":"fixed-broadband-nation","entityCode":"nation","entityLabel":"U.S. fixed broadband connections","unit":"hhi_points","priorPeriod":"Dec 2023","priorYear":2023,"priorValue":1195,"latestPeriod":"Dec 2024","latestYear":2024,"latestValue":1501,"delta":306,"deltaPercent":25.6,"direction":"increased","sourceIds":["fcc-internet-access-dec-2024"],"sourcePublishers":["Federal Communications Commission"],"observation":"United States moved from HHI 1,195 in Dec 2023 to 1,501 in Dec 2024 (+306 HHI points).","interpretation":"The December 2024 national hhi is higher than its December 2023 anchor. This geographic summary does not define a legal broadband market or identify why provider shares changed.","researchQuestion":"What provider-share, technology, speed-tier, entry, and geographic composition changes explain the rise in national HHI while median subnational HHIs declined?","signalGuardrail":"The FCC series reports HHI for residential fixed connections of at least 100 Mbps downstream and 20 Mbps upstream. The national value and medians across states, counties, and census tracts describe different geographic summaries; they are not interchangeable legal market definitions, and a median does not describe the full distribution within or across areas.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. The state, county, and tract rows are medians of separate area HHIs, not components that average to the national HHI. Reporting geographies are screening units, not presumed legal broadband markets.","entityHref":"/geographies/broadband?scope=nation","explorerHref":"/geographies/broadband?scope=nation&period=2024-12#fixed-broadband-atlas","monitorHref":"/economy/monitor?signal=fixed-broadband-hhi%3Anation#competition-monitor-console"},{"dispatchId":"business-dynamism-pulse","dispatchSlug":"business-dynamism-pulse-2023","dispatchTitle":"Every national business-flow rate in the monitor was lower in 2023 than in 2022.","dispatchScope":"domain-readout","dispatchDomain":"dynamism","dispatchUpdatedThrough":"2026-07-19","dispatchHref":"/insights/business-dynamism-pulse-2023","publicationSeriesNumber":"AR-CI-2026-06","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"business-dynamism:establishment-entry-rate","signalDomain":"dynamism","signalMetricId":"establishment-entry-rate","signalMetricLabel":"Establishment entry rate","entityId":"us-business-dynamics","entityCode":"us-business-dynamics","entityLabel":"United States business dynamics","unit":"percentage_points","priorPeriod":"2022","priorYear":2022,"priorValue":11.651,"latestPeriod":"2023","latestYear":2023,"latestValue":10.608,"delta":-1.043,"deltaPercent":-9,"direction":"decreased","sourceIds":["census-business-dynamics-2023"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Establishment entry rate moved from 11.7% in 2022 to 10.6% in 2023 (-1.043 percentage points).","interpretation":"The latest published national entry rate is lower than the prior annual BDS record. This business-flow movement does not measure concentration, market power, or a competitive cause.","researchQuestion":"Which sectors, firm-age groups, places, financing conditions, or policy changes account for the latest national entry-rate movement?","signalGuardrail":"Business Dynamics Statistics measure establishment, firm, and job flows within published national and NAICS-sector universes. They do not measure concentration, market power, legal antitrust markets, or the competitive cause of entry, exit, creation, or destruction.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. BDS rates describe flows across the private-sector economy. Lower entry, exit, creation, destruction, net creation, or reallocation does not independently identify reduced competition or its cause.","entityHref":"/economy/dynamism","explorerHref":"/economy/dynamism?metric=establishment-entry-rate&from=2013&to=2023&view=trend#dynamism-workspace","monitorHref":"/economy/monitor?signal=business-dynamism%3Aestablishment-entry-rate#competition-monitor-console"},{"dispatchId":"business-dynamism-pulse","dispatchSlug":"business-dynamism-pulse-2023","dispatchTitle":"Every national business-flow rate in the monitor was lower in 2023 than in 2022.","dispatchScope":"domain-readout","dispatchDomain":"dynamism","dispatchUpdatedThrough":"2026-07-19","dispatchHref":"/insights/business-dynamism-pulse-2023","publicationSeriesNumber":"AR-CI-2026-06","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"business-dynamism:establishment-exit-rate","signalDomain":"dynamism","signalMetricId":"establishment-exit-rate","signalMetricLabel":"Establishment exit rate","entityId":"us-business-dynamics","entityCode":"us-business-dynamics","entityLabel":"United States business dynamics","unit":"percentage_points","priorPeriod":"2022","priorYear":2022,"priorValue":9.512,"latestPeriod":"2023","latestYear":2023,"latestValue":9.396,"delta":-0.116,"deltaPercent":-1.2,"direction":"decreased","sourceIds":["census-business-dynamics-2023"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Establishment exit rate moved from 9.5% in 2022 to 9.4% in 2023 (-0.116 percentage points).","interpretation":"The latest published national exit rate is lower than the prior annual BDS record. This business-flow movement does not measure concentration, market power, or a competitive cause.","researchQuestion":"Which sectors, firm-age groups, places, closures, or ownership transitions account for the latest national exit-rate movement?","signalGuardrail":"Business Dynamics Statistics measure establishment, firm, and job flows within published national and NAICS-sector universes. They do not measure concentration, market power, legal antitrust markets, or the competitive cause of entry, exit, creation, or destruction.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. BDS rates describe flows across the private-sector economy. Lower entry, exit, creation, destruction, net creation, or reallocation does not independently identify reduced competition or its cause.","entityHref":"/economy/dynamism","explorerHref":"/economy/dynamism?metric=establishment-exit-rate&from=2013&to=2023&view=trend#dynamism-workspace","monitorHref":"/economy/monitor?signal=business-dynamism%3Aestablishment-exit-rate#competition-monitor-console"},{"dispatchId":"business-dynamism-pulse","dispatchSlug":"business-dynamism-pulse-2023","dispatchTitle":"Every national business-flow rate in the monitor was lower in 2023 than in 2022.","dispatchScope":"domain-readout","dispatchDomain":"dynamism","dispatchUpdatedThrough":"2026-07-19","dispatchHref":"/insights/business-dynamism-pulse-2023","publicationSeriesNumber":"AR-CI-2026-06","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"business-dynamism:job-creation-rate","signalDomain":"dynamism","signalMetricId":"job-creation-rate","signalMetricLabel":"Job creation rate","entityId":"us-business-dynamics","entityCode":"us-business-dynamics","entityLabel":"United States business dynamics","unit":"percentage_points","priorPeriod":"2022","priorYear":2022,"priorValue":16.577,"latestPeriod":"2023","latestYear":2023,"latestValue":13.592,"delta":-2.985,"deltaPercent":-18,"direction":"decreased","sourceIds":["census-business-dynamics-2023"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Job creation rate moved from 16.6% in 2022 to 13.6% in 2023 (-2.985 percentage points).","interpretation":"The latest published national job creation is lower than the prior annual BDS record. This business-flow movement does not measure concentration, market power, or a competitive cause.","researchQuestion":"Which opening and expanding establishments, sectors, places, or firm-age groups account for the change in gross job creation?","signalGuardrail":"Business Dynamics Statistics measure establishment, firm, and job flows within published national and NAICS-sector universes. They do not measure concentration, market power, legal antitrust markets, or the competitive cause of entry, exit, creation, or destruction.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. BDS rates describe flows across the private-sector economy. Lower entry, exit, creation, destruction, net creation, or reallocation does not independently identify reduced competition or its cause.","entityHref":"/economy/dynamism","explorerHref":"/economy/dynamism?metric=job-creation-rate&from=2013&to=2023&view=trend#dynamism-workspace","monitorHref":"/economy/monitor?signal=business-dynamism%3Ajob-creation-rate#competition-monitor-console"},{"dispatchId":"business-dynamism-pulse","dispatchSlug":"business-dynamism-pulse-2023","dispatchTitle":"Every national business-flow rate in the monitor was lower in 2023 than in 2022.","dispatchScope":"domain-readout","dispatchDomain":"dynamism","dispatchUpdatedThrough":"2026-07-19","dispatchHref":"/insights/business-dynamism-pulse-2023","publicationSeriesNumber":"AR-CI-2026-06","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"business-dynamism:job-destruction-rate","signalDomain":"dynamism","signalMetricId":"job-destruction-rate","signalMetricLabel":"Job destruction rate","entityId":"us-business-dynamics","entityCode":"us-business-dynamics","entityLabel":"United States business dynamics","unit":"percentage_points","priorPeriod":"2022","priorYear":2022,"priorValue":11.153,"latestPeriod":"2023","latestYear":2023,"latestValue":11.059,"delta":-0.094,"deltaPercent":-0.8,"direction":"decreased","sourceIds":["census-business-dynamics-2023"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Job destruction rate moved from 11.2% in 2022 to 11.1% in 2023 (-0.094 percentage points).","interpretation":"The latest published national job destruction is lower than the prior annual BDS record. This business-flow movement does not measure concentration, market power, or a competitive cause.","researchQuestion":"Which closing and contracting establishments, sectors, places, or firm-age groups account for the change in gross job destruction?","signalGuardrail":"Business Dynamics Statistics measure establishment, firm, and job flows within published national and NAICS-sector universes. They do not measure concentration, market power, legal antitrust markets, or the competitive cause of entry, exit, creation, or destruction.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. BDS rates describe flows across the private-sector economy. Lower entry, exit, creation, destruction, net creation, or reallocation does not independently identify reduced competition or its cause.","entityHref":"/economy/dynamism","explorerHref":"/economy/dynamism?metric=job-destruction-rate&from=2013&to=2023&view=trend#dynamism-workspace","monitorHref":"/economy/monitor?signal=business-dynamism%3Ajob-destruction-rate#competition-monitor-console"},{"dispatchId":"business-dynamism-pulse","dispatchSlug":"business-dynamism-pulse-2023","dispatchTitle":"Every national business-flow rate in the monitor was lower in 2023 than in 2022.","dispatchScope":"domain-readout","dispatchDomain":"dynamism","dispatchUpdatedThrough":"2026-07-19","dispatchHref":"/insights/business-dynamism-pulse-2023","publicationSeriesNumber":"AR-CI-2026-06","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"business-dynamism:net-job-creation-rate","signalDomain":"dynamism","signalMetricId":"net-job-creation-rate","signalMetricLabel":"Net job creation rate","entityId":"us-business-dynamics","entityCode":"us-business-dynamics","entityLabel":"United States business dynamics","unit":"percentage_points","priorPeriod":"2022","priorYear":2022,"priorValue":5.424,"latestPeriod":"2023","latestYear":2023,"latestValue":2.534,"delta":-2.89,"deltaPercent":-53.3,"direction":"decreased","sourceIds":["census-business-dynamics-2023"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Net job creation rate moved from 5.4% in 2022 to 2.5% in 2023 (-2.890 percentage points).","interpretation":"The latest published national net job creation is lower than the prior annual BDS record. This business-flow movement does not measure concentration, market power, or a competitive cause.","researchQuestion":"How much of the change in net job creation comes from gross creation versus destruction, and which sectors or firm-age groups drive it?","signalGuardrail":"Business Dynamics Statistics measure establishment, firm, and job flows within published national and NAICS-sector universes. They do not measure concentration, market power, legal antitrust markets, or the competitive cause of entry, exit, creation, or destruction.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. BDS rates describe flows across the private-sector economy. Lower entry, exit, creation, destruction, net creation, or reallocation does not independently identify reduced competition or its cause.","entityHref":"/economy/dynamism","explorerHref":"/economy/dynamism?metric=net-job-creation-rate&from=2013&to=2023&view=trend#dynamism-workspace","monitorHref":"/economy/monitor?signal=business-dynamism%3Anet-job-creation-rate#competition-monitor-console"},{"dispatchId":"business-dynamism-pulse","dispatchSlug":"business-dynamism-pulse-2023","dispatchTitle":"Every national business-flow rate in the monitor was lower in 2023 than in 2022.","dispatchScope":"domain-readout","dispatchDomain":"dynamism","dispatchUpdatedThrough":"2026-07-19","dispatchHref":"/insights/business-dynamism-pulse-2023","publicationSeriesNumber":"AR-CI-2026-06","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"business-dynamism:reallocation-rate","signalDomain":"dynamism","signalMetricId":"reallocation-rate","signalMetricLabel":"Excess job reallocation rate","entityId":"us-business-dynamics","entityCode":"us-business-dynamics","entityLabel":"United States business dynamics","unit":"percentage_points","priorPeriod":"2022","priorYear":2022,"priorValue":22.306,"latestPeriod":"2023","latestYear":2023,"latestValue":22.118,"delta":-0.188,"deltaPercent":-0.8,"direction":"decreased","sourceIds":["census-business-dynamics-2023"],"sourcePublishers":["U.S. Census Bureau"],"observation":"Excess job reallocation rate moved from 22.3% in 2022 to 22.1% in 2023 (-0.188 percentage points).","interpretation":"The latest published national excess reallocation is lower than the prior annual BDS record. This business-flow movement does not measure concentration, market power, or a competitive cause.","researchQuestion":"Which sectors, places, and firm-age groups account for the movement in excess job reallocation, and what entry or exit mechanisms merit study?","signalGuardrail":"Business Dynamics Statistics measure establishment, firm, and job flows within published national and NAICS-sector universes. They do not measure concentration, market power, legal antitrust markets, or the competitive cause of entry, exit, creation, or destruction.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. BDS rates describe flows across the private-sector economy. Lower entry, exit, creation, destruction, net creation, or reallocation does not independently identify reduced competition or its cause.","entityHref":"/economy/dynamism","explorerHref":"/economy/dynamism?metric=reallocation-rate&from=2013&to=2023&view=trend#dynamism-workspace","monitorHref":"/economy/monitor?signal=business-dynamism%3Areallocation-rate#competition-monitor-console"},{"dispatchId":"merger-review-pipeline","dispatchSlug":"federal-merger-review-pipeline-fy2025","dispatchTitle":"Reported HSR volume and the Second Request rate both moved lower in FY2025.","dispatchScope":"domain-readout","dispatchDomain":"mergers","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/federal-merger-review-pipeline-fy2025","publicationSeriesNumber":"AR-CI-2026-07","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"hsr-second-request-rate","signalDomain":"mergers","signalMetricId":"hsr-second-request-rate","signalMetricLabel":"Second Request rate","entityId":"hsr-program","entityCode":"hsr-program","entityLabel":"Hart-Scott-Rodino program","unit":"percentage_points","priorPeriod":"FY2024","priorYear":2024,"priorValue":3,"latestPeriod":"FY2025","latestYear":2025,"latestValue":2.1,"delta":-0.9,"deltaPercent":-30,"direction":"decreased","sourceIds":["ftc-doj-hsr-report-2025"],"sourcePublishers":["Federal Trade Commission and U.S. Department of Justice"],"observation":"Second Request rate moved from 3.0% in FY2024 to 2.1% in FY2025 (-0.90 percentage points).","interpretation":"The latest reported review rate is lower than the prior fiscal year. This is a program-activity comparison, not a finding about merger harm or enforcement effectiveness.","researchQuestion":"How did transaction mix, clearance, adjusted denominators, and agency review practice change alongside the observed rate?","signalGuardrail":"Second Requests and public enforcement actions are different stages with different timing rules. Their counts must not be treated as a finding that every reviewed or reported transaction was anticompetitive.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. HSR transaction counts and Second Request rates describe a federal notification and review pipeline. They do not measure merger harm, deterrence, legal merit, agency quality, or competitive outcomes.","entityHref":"/mergers","explorerHref":"/mergers?metric=second_request_rate&year=2025","monitorHref":"/economy/monitor?signal=hsr-second-request-rate#competition-monitor-console"},{"dispatchId":"merger-review-pipeline","dispatchSlug":"federal-merger-review-pipeline-fy2025","dispatchTitle":"Reported HSR volume and the Second Request rate both moved lower in FY2025.","dispatchScope":"domain-readout","dispatchDomain":"mergers","dispatchUpdatedThrough":"2026-07-18","dispatchHref":"/insights/federal-merger-review-pipeline-fy2025","publicationSeriesNumber":"AR-CI-2026-07","publicationSeriesTitle":"Competition Insights","publicationAuthor":"Antitrust Radar Research Team","publicationDate":"2026-08-12","publicationUpdatedAt":"2026-08-12","publicationVersion":"1.0","publicationStatus":"current","signalId":"hsr-transactions","signalDomain":"mergers","signalMetricId":"hsr-transactions","signalMetricLabel":"Reported HSR transactions","entityId":"hsr-program","entityCode":"hsr-program","entityLabel":"Hart-Scott-Rodino program","unit":"count","priorPeriod":"FY2024","priorYear":2024,"priorValue":2031,"latestPeriod":"FY2025","latestYear":2025,"latestValue":2006,"delta":-25,"deltaPercent":-1.2,"direction":"decreased","sourceIds":["ftc-doj-hsr-report-2025"],"sourcePublishers":["Federal Trade Commission and U.S. Department of Justice"],"observation":"Reported HSR transactions moved from 2,031 in FY2024 to 2,006 in FY2025 (-25 transactions).","interpretation":"The latest reported transaction volume is lower than the prior fiscal year. This is a program-activity comparison, not a finding about merger harm or enforcement effectiveness.","researchQuestion":"How did filing mix, transaction size, thresholds, exemptions, and macroeconomic conditions change alongside notification volume?","signalGuardrail":"HSR transactions are notifications reported under the federal premerger program, not a census of every U.S. merger. A reported transaction can involve multiple filings, and the adjusted denominator removes matters for which the agencies could not issue a Second Request.","insightGuardrail":"Competition Insights are editorial summaries of exact, source-custodied Competition Monitor rows. A dispatch may inventory several signals, but it does not average unlike measures, create a composite score, rank research importance, establish a legal market, identify a cause, or prove market power, competitive harm, liability, or enforcement performance. HSR transaction counts and Second Request rates describe a federal notification and review pipeline. They do not measure merger harm, deterrence, legal merit, agency quality, or competitive outcomes.","entityHref":"/mergers","explorerHref":"/mergers?metric=transactions&year=2025","monitorHref":"/economy/monitor?signal=hsr-transactions#competition-monitor-console"}]}