{"license":"https://creativecommons.org/licenses/by/4.0/","dataset":"signals","count":2,"updatedThrough":"2026-07-21","summary":{"concentrationSignalCount":0,"decreasedCount":2,"domainCount":1,"earliestPriorYear":2024,"entityCount":1,"increasedCount":0,"latestSourceAccessDate":"2026-07-18","latestYear":2025,"dynamismSignalCount":0,"geographySignalCount":0,"marketSignalCount":0,"mergerSignalCount":2,"sectorSignalCount":0,"signalCount":2,"sourceCount":1,"unchangedCount":0},"universeSummary":{"concentrationSignalCount":38,"decreasedCount":26,"domainCount":5,"earliestPriorYear":1995,"entityCount":32,"increasedCount":19,"latestSourceAccessDate":"2026-07-21","latestYear":2026,"dynamismSignalCount":6,"geographySignalCount":6,"marketSignalCount":15,"mergerSignalCount":2,"sectorSignalCount":17,"signalCount":46,"sourceCount":12,"unchangedCount":1},"guardrail":"Every signal compares declared observed anchors inside the same series or cross-section. Missing years are not interpolated, intervals are not annualized, and market, industry, geographic, business-flow, and merger measures keep separate units, universes, period bases, and legal meanings. Antitrust Radar does not combine them into a composite competition score.","filters":{"direction":"all","directionMatched":true,"domain":"mergers","domainMatched":true,"lens":"activity","lensMatched":true,"metric":"all","metricMatched":true,"query":"","signal":null,"signalMatched":true},"activeSignalId":"hsr-second-request-rate","metrics":[{"id":"market-hhi","label":"Defined-market HHI","lens":"concentration","unit":"hhi_points"},{"id":"market-cr4","label":"Defined-market CR4","lens":"concentration","unit":"percentage_points"},{"id":"market-leader-share","label":"Leading-participant share","lens":"concentration","unit":"percentage_points"},{"id":"industry-median-hhi","label":"Detailed-industry median HHI","lens":"concentration","unit":"hhi_points"},{"id":"state-bank-median-hhi","label":"Median statewide bank-deposit HHI","lens":"concentration","unit":"hhi_points"},{"id":"national-bank-deposit-hhi","label":"National bank-deposit HHI","lens":"concentration","unit":"hhi_points"},{"id":"fixed-broadband-hhi","label":"Fixed broadband HHI by geographic scale","lens":"concentration","unit":"hhi_points"},{"id":"establishment-entry-rate","label":"Establishment entry rate","lens":"activity","unit":"percentage_points"},{"id":"establishment-exit-rate","label":"Establishment exit rate","lens":"activity","unit":"percentage_points"},{"id":"job-creation-rate","label":"Job creation rate","lens":"activity","unit":"percentage_points"},{"id":"job-destruction-rate","label":"Job destruction rate","lens":"activity","unit":"percentage_points"},{"id":"net-job-creation-rate","label":"Net job creation rate","lens":"activity","unit":"percentage_points"},{"id":"reallocation-rate","label":"Excess job reallocation rate","lens":"activity","unit":"percentage_points"},{"id":"hsr-transactions","label":"HSR transactions reported","lens":"activity","unit":"count"},{"id":"hsr-second-request-rate","label":"HSR Second Request rate","lens":"activity","unit":"percentage_points"}],"rows":[{"id":"hsr-second-request-rate","domain":"mergers","domainLabel":"Federal merger activity","lens":"activity","entityId":"hsr-program","entityCode":"hsr-program","entityLabel":"Hart-Scott-Rodino program","metricId":"hsr-second-request-rate","metricLabel":"Second Request rate","unit":"percentage_points","periodBasis":"fiscal_year","priorYear":2024,"priorPeriod":"FY2024","priorValue":3,"priorSourceId":"ftc-doj-hsr-report-2025","latestYear":2025,"latestPeriod":"FY2025","latestValue":2.1,"latestSourceId":"ftc-doj-hsr-report-2025","yearsBetween":1,"delta":-0.9,"deltaPercent":-30,"direction":"decreased","evidenceCount":10,"evidenceLabel":"10 annual records / FY2016-FY2025","dataStatus":"verified","confidenceLevel":"high","sourceCount":1,"sourceIds":["ftc-doj-hsr-report-2025"],"publishers":["Federal Trade Commission and U.S. Department of Justice"],"latestSourceAccessDate":"2026-07-18","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?","comparisonNote":"Latest reported federal fiscal year versus the immediately preceding fiscal year in the same HSR annual report series.","guardrail":"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.","entityHref":"/mergers","explorerHref":"/mergers?metric=second_request_rate&year=2025","monitorHref":"/economy/monitor?signal=hsr-second-request-rate#competition-monitor-console"},{"id":"hsr-transactions","domain":"mergers","domainLabel":"Federal merger activity","lens":"activity","entityId":"hsr-program","entityCode":"hsr-program","entityLabel":"Hart-Scott-Rodino program","metricId":"hsr-transactions","metricLabel":"Reported HSR transactions","unit":"count","periodBasis":"fiscal_year","priorYear":2024,"priorPeriod":"FY2024","priorValue":2031,"priorSourceId":"ftc-doj-hsr-report-2025","latestYear":2025,"latestPeriod":"FY2025","latestValue":2006,"latestSourceId":"ftc-doj-hsr-report-2025","yearsBetween":1,"delta":-25,"deltaPercent":-1.2,"direction":"decreased","evidenceCount":10,"evidenceLabel":"10 annual records / FY2016-FY2025","dataStatus":"verified","confidenceLevel":"high","sourceCount":1,"sourceIds":["ftc-doj-hsr-report-2025"],"publishers":["Federal Trade Commission and U.S. Department of Justice"],"latestSourceAccessDate":"2026-07-18","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?","comparisonNote":"Latest reported federal fiscal year versus the immediately preceding fiscal year in the same HSR annual report series.","guardrail":"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.","entityHref":"/mergers","explorerHref":"/mergers?metric=transactions&year=2025","monitorHref":"/economy/monitor?signal=hsr-transactions#competition-monitor-console"}]}