Economic observatory / USA

United States Competition Profile

A national view of market structure, industry change, banking, and enforcement. Each series retains its own period and definition; these measures are not a single competition score.

Economic context Evidence graph Yearbook Compare years Monitor Global position Use standard

National comparison instrument

Five evidence systems, no composite score.

Open monitor

01Defined marketsSearch enginesHerfindahl-Hirschman Index73592026 02Census industriesInformationMedian detailed-industry HHI741.42022 03Broadband geographiesU.S. fixed broadband connectionsResidential fixed broadband National HHI1501Dec 2024 04Business dynamicsUnited States business dynamicsEstablishment entry rate10.6082023 05Federal merger activityHart-Scott-Rodino programReported HSR transactions2006FY2025

Direction compares declared anchors only12 public sources46 monitor signals

Tracked markets: 127 high concern / 4 HHI gaps
Detailed industries: 899679 publish HHI / 2022
Geographic screens: 3,2062 state systems + local FDIC
HSR transactions: 2,006FY2025 / 2.1% review rate
Official records: 142019-2026 chronology
Source ledger: 45Freshest Aug 15, 2026

Multiple universesMultiple vintagesNo composite score5,153 profile-linked public rows

National profileUnited States899 industries / 3,104 local screens / 45 sources

Current competition pulse

Competition cannot be reduced to one number.

The national profile aligns source-specific public evidence systems while keeping each denominator, geography, period, and legal meaning separate.

National change field

5 systems, 5 declared comparisons.

Choose a row to inspect its observed anchors, boundary, source custody, and next research question.

Lead comparisons: 5
Monitor signals: 46
Public sources: 12

Evidence registerDirection-only geometry

Defined markets

Search engines

Herfindahl-Hirschman Index

Decreased

2025: 7,589
2026: 7,359
Observed delta: -230 HHI pts

Observation

Search engines moved from 7,589 in 2025 to 7,359 in 2026 (-230.0 HHI points).

Interpretation boundary

The latest encoded HHI anchor is lower within this documented market series. The change alone does not identify a cause or establish competitive harm.

Comparison contract

Latest observed anchor versus the immediately preceding observed anchor; intervening years are not estimated.

Next research question

Which entry, exit, share, switching, price, quality, or capacity evidence can explain the movement inside this exact market boundary?

Source custody

StatCounter Global Stats

Competition MonitorLatest versus prior observed anchors across markets, strict Census sector medians, business dynamics, and federal merger activity.

Signals: 46
Entities: 32
Sources: 12

Question-led research dispatch

Move from an observed change to an inspectable research packet.

Select one canonical agenda question, inspect the exact comparison and method, then continue with its evidence requests, source record, notebook, or briefing route.

Questions: 46
Evidence requests: 184
Sources: 12

Question register46 shown

Business dynamics / Business-flow context

United States business dynamics

us-business-dynamics / Establishment entry rate

Canonical dossier

Which sectors, firm-age groups, places, financing conditions, or policy changes account for the latest national entry-rate movement?

202211.65%

-1.04 pp1 year

202310.61%

Empirical methodBusiness-flow context

Disaggregate national entry, exit, job-flow, and reallocation movement by sector, place, and firm age before proposing a competitive mechanism.

Observed comparison

Establishment entry rate moved from 11.7% in 2022 to 10.6% in 2023 (-1.043 percentage points).

Bounded 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.

Latest published Census BDS year versus the immediately preceding national annual record; the full 1978-2023 history remains available in the underlying explorer.

Curated market dossiers

Where the observatory has bounded product-market evidence

Open market atlas

01Search enginesDigital platforms / 2026HHI 7,359Highly Concentrated 02Mobile operating systemsDigital platforms / 2026HHI 5,337Highly Concentrated 03Social referralsDigital platforms / 2026HHI 4,995Highly Concentrated 04AI assistantsDigital platforms / 2026HHI 4,804Highly Concentrated 05Individual insuranceHealth insurance / 2024HHI 3,650Highly Concentrated 06BrowsersSoftware / 2026HHI 3,612Highly Concentrated 07Wireless serviceTelecommunications / 2023HHI 3,550Highly Concentrated 08Fixed broadbandTelecommunications / 2024HHI 1,501Moderately Concentrated 09Beef meatpackingFood and agriculture / 2019HHI unavailableIncomplete 10Domestic airlinesTransportation / 2026HHI unavailableIncomplete 11PBMsHealth care / 2023HHI unavailableIncomplete 12Rental housingReal estate / 2026HHI unavailableIncomplete

This profile keeps market dossiers, national NAICS industry screens, separately bounded state insurance and bank-deposit measures, county bank-deposit screens, federal HSR activity, and dated enforcement records in distinct analytical universes. It does not combine them into a score, treat an industry, state, or county screen as a legal antitrust market, or infer harm or causation from proximity across panels.

State of Competition 2026

The U.S. Competition Landscape

Five evidence systems, no single score.The flagship briefing turns this live national profile into a citable public argument while preserving every market definition, denominator, geography, vintage, and procedural boundary.

Defined markets: 7 / 12
Industry HHI: 679 / 899
State systems: 2 / 102
FY25 transactions: 2,006
Official records: 14

National economic context / native releases

Put competition evidence beside the economy's release clocks.

These trajectories can orient competition research, but they do not establish market power, anticompetitive conduct, or causation on their own.

Native release atlas

Fourteen signals, each with its own measurement contract.

Read the latest release and complete trajectory for two signals in every system. Vertical scales remain local to each signal.

Systems: 7
Signals: 14
Window: 2017-2026
Observed: 846

BLS CPI / monthly

Consumer prices

Broad and housing-related consumer-price movement from the CPI, retained as descriptive price context.

U.S. Bureau of Labor Statistics

All-items CPI12-month percent change

2018-0188.7% observed

3.4%2026-07ObservedDossier

Rent CPI12-month percent change

2018-0188.7% observed

2.9%2026-07ObservedDossier

BLS JOLTS / monthly

Labor-market flows

Openings and voluntary separations from JOLTS, kept separate from employer-power and local-market inference.

U.S. Bureau of Labor Statistics

Job openingspercent of employment plus openings

2017-01100.0% observed

4.4%2026-06PreliminaryDossier

Quitspercent of employment

2017-01100.0% observed

2.0%2026-06PreliminaryDossier

BLS CES / monthly

Employment and earnings

Private payroll jobs and nominal hourly earnings from the establishment survey, in their published source units.

U.S. Bureau of Labor Statistics

Payroll employmentthousand payroll jobs

2017-01100.0% observed

135,5882026-07PreliminaryDossier

Hourly earningscurrent dollars per hour

2017-01100.0% observed

$37.622026-07PreliminaryDossier

BLS PRS / quarterly

Productivity and labor costs

Nonfarm business output per hour and labor cost per unit of output from the major-sector production accounts.

U.S. Bureau of Labor Statistics

Labor productivityindex, 2017=100

2017-Q1100.0% observed

120.02026-Q2PreliminaryDossier

Unit labor costsindex, 2017=100

2017-Q1100.0% observed

124.02026-Q2PreliminaryDossier

BLS via FRED / quarterly

Labor share and compensation

Labor compensation relative to output beside real hourly compensation, retained as separate indexed accounting concepts.

Federal Reserve Bank of St. Louis

Labor shareindex, 2017=100

2017-Q1100.0% observed

93.52026-Q2PreliminaryDossier

Real compensationindex, 2017=100

2017-Q1100.0% observed

109.22026-Q2PreliminaryDossier

Census BDS / annual

Business dynamism

National establishment and job-flow rates from Census BDS, with annual observations through the latest published year.

U.S. Census Bureau

Establishment entrypercent of establishments

2017100.0% observed

10.6%2023ObservedDossier

Net job creationpercent of employment

2017100.0% observed

2.5%2023ObservedDossier

FTC / DOJ HSR / fiscal year

Merger-review pipeline

Federal premerger filing volume and intensive-review incidence by fiscal year, without outcome or effectiveness scoring.

Federal Trade Commission and U.S. Department of Justice

HSR transactionsreported transactions

FY2017100.0% observed

2,006FY2025ObservedDossier

Second Request ratepercent of adjusted transactions

FY2017100.0% observed

2.1%FY2025ObservedDossier

Historical evidence / native publication years

Follow the evidence through time without inventing a synchronized series.

Market, industry, place, dynamism, merger, and official-record systems publish on different clocks. Gaps remain visible and changes appear only where contracts match exactly.

Historical evidence atlas

Forty-nine years of evidence, six clocks.

Read observation density, release gaps, and exact same-contract changes without treating unlike systems as one national series.

Calendar: 1978-2026
Evidence rows: 373
Sources: 31
Briefs: 11

6 independent evidence systems

Observation chronology / native publication years

49 years with evidence or research output

Markets2017-2026268 years Industries2017-2022342 years Places2024-202532 years Dynamism1978-202327646 years Mergers2016-20252010 years Records2019-2026145 years Briefs2026-2026111 years

Cell intensity encodes row count within each lane only. Empty cells remain release gaps; publication dates do not change source periods.

Exact historical window

2017 to 2022 / contract-matched rows only

2017: 26
2022: 26
Exact pairs: 25
Systems: 3

17 exact pairs

Census sectors

Up: 10
Down: 6
Same: 1

6 exact pairs

Business dynamism

Up: 4
Down: 2
Same: 0

2 exact pairs

Federal merger activity

Up: 1
Down: 1
Same: 0

MarketsRows present, contracts differ1 / 1 rows / 0 pairs

IndustriesExact contracts matched17 / 17 rows / 17 pairs

PlacesNo rows in either year0 / 0 rows / 0 pairs

DynamismExact contracts matched6 / 6 rows / 6 pairs

MergersExact contracts matched2 / 2 rows / 2 pairs

RecordsNo rows in either year0 / 0 rows / 0 pairs

Historical industry composition

Track how the published economy changed its shape.

Compare the same 17 broad Census sectors across two official vintages. Revenue, paid employment, and employer-firm records stay separate, with no interpolation between 2017 and 2022.

Broad sectors: 17
Strict histories: 789
HHI pairs: 543
No HHI delta: 246

Paired composition bands

Three measures / one fixed sector order

Width = share of the stated 17-sector published universe

Nominal sales, shipments, or revenue
Revenue
+36.6%published total
2017$36.8T
2022$50.3T
Largest in 2022
Wholesale23.6%
23.7% in 2017
Largest share gain
Retail+0.42 pp
13.4% to 13.9%
Largest share decline
Manufacturing-1.06 pp
15.1% to 14.0%
published nominal revenue
Inspect JSON CSV
Paid employees in employer firms
Employment
+9.1%published total
2017121.0M
2022132.1M
Largest in 2022
Health care16.5%
16.9% in 2017
Largest share gain
Professional+1.02 pp
7.4% to 8.5%
Largest share decline
Food + lodging-0.95 pp
11.6% to 10.6%
paid employees
Inspect JSON CSV
Employer-firm records by industry
Firms
+7.1%published total
20175.77M
20226.18M
Largest in 2022
Professional14.2%
14.0% in 2017
Largest share gain
Transport+0.64 pp
3.2% to 3.8%
Largest share decline
Wholesale-0.86 pp
5.2% to 4.3%
employer-firm records
Inspect JSON CSV

Sector colors and order are fixed across all six bands. Band width measures composition within each stated Census field, not market share, GDP contribution, or annual change.

Sector movement register

Exact share-point change by measure

Common zero-centered scale / percentage points

Research frontier / exact topic memberships

Map the research program without predicting outcomes.

Topic links expose exact overlap across publications, questions, issues, datasets, and routes. Structural zeroes are current program gaps, not estimates of competitive potential.

Research frontier atlas

Eight subject contracts, one exact evidence topology.

Trace where publications, questions, issue programs, public data, and analysis routes reinforce one another, and where the current program still has declared gaps.

Topics: 8
Questions: 46
Publications: 85
Datasets: 34

14 connected topic pairs

Topic space / repeated exact IDs

Node size: Declared memberships
Line width: Repeated exact IDs
Position: Layout only

59 pairwise repeats across five declared lanes. Shared series labels are excluded from the links so only exact evidence memberships determine connection width.

5 independent evidence lanes

Program coverage / structural zeroes preserved

4 zeroes across 3 topics

Topic	Pubs	Agenda	Issues	Data	Routes
MarketsAR-T01	9	15	6	7	5
DigitalAR-T02	2	12	1	9	5
IndustriesAR-T03	4	17	1	6	5
PlacesAR-T04	7	6	4	5	5
DynamismAR-T05	2	6	0	4	5
MergersAR-T06	3	2	2	7	5
MethodsAR-T07	3	0	2	6	5
Policy systemsAR-T08	67	0	0	4	5
Memberships	97	58	16	48	40

Structural gap register

Current program gaps, stated as evidence needs.

Inspect all gaps

AR-T05

Business Dynamism

No issue programs

Firm-age, establishment-age, place, sector, financing, demand, technology, regulation, ownership, and merger context under stable definitions.

Open topic contract

AR-T07

Methods and Public Data

No research agenda

Stable identifiers, machine-readable firm shares and ownership, local boundaries, historical revisions, disclosure status, methods documentation, and durable public APIs.

Open topic contract

AR-T08

Competition Policy Systems

No research agendaNo issue programs

Comparable legal and institutional context, market outcomes, staffing, budgets, case characteristics, remedy implementation, reporting completeness, and stable annual definitions.

Open topic contract

International position / separate OECD systems

Benchmark the United States without collapsing policy systems into one rank.

Product-market regulation and reported competition-authority activity answer different questions. Their ranks, peer sets, periods, and denominators remain separate.

International benchmark atlas

The United States in two global evidence systems.

Locate one economy across regulatory-framework evidence and reported merger-control activity without merging their meanings.

Economies: 65
Joined plane: 47
Activity year: 2024
Evidence cells: 5,245

47 exact joined profiles

Regulation framework x reported merger decisions

AmericasAsia-PacificEuropeMiddle East and Africa

Median guides: PMR 1.478 / reported decisions 58. The plane is a coordinate system, not a score.

Separate peer lane

Overall Product Market Regulation

OECD-published economy-wide aggregate on a 0-6 scale; lower values encode a more competition-friendly regulatory framework.

United States1.579Rank 34 / 55

Separate peer lane

Merger decisions

Merger decisions reported by competition authorities.

United States1,934Rank 1 / 56

Industry structure / 2022

See the economy through its detailed industry distributions.

Sector medians condense 899 six-digit rows into an orientation layer, with strict 2017-2022 change custody attached. The market-industry bridge first preserves the boundary between bounded antitrust dossiers and their declared NAICS context. The composition map then keeps scale visible across all detailed rows; the structure space positions publishable concentration screens before broad-sector aggregation.

Market-to-economy bridge

Connect bounded antitrust markets to their declared Census context.

Every line follows one exact six-digit NAICS code declared on a market dossier. The bridge opens economy context while preserving the legal and measurement boundary between the two universes.

Declared links: 12
Census contexts: 10
Market sectors: 8
Both HHI: 3

Exact declared topology

12 markets / 12 links / 10 industries

Uniform lines / node size = declared link count

Color follows the linked two-digit NAICS sector. The 2 enlarged industry nodes each receive multiple market links; this exposes shared context without merging their product or geographic definitions.

Boundary register

Read every market and industry passport side by side.

12/12 exact NAICS matches / 3 dual-availability rows

Market dossierDeclared linkCensus industryMarket HHIIndustry HHI

01AI assistantsDigital platforms

Exact code matched

Computing infrastructure + hostingNAICS 518210

HHI 4,804 / 2026

HHI withheld

02Mobile operating systemsDigital platforms

Exact code matched

Software publishersNAICS 513210

HHI 5,337 / 2026

HHI withheld

03Search enginesDigital platforms

Exact code matched

Computing infrastructure + hostingNAICS 518210

HHI 7,359 / 2026

HHI withheld

04Social referralsDigital platforms

Exact code matched

Web search portals + informationNAICS 519290

HHI 4,995 / 2026

HHI withheld

05Beef meatpackingFood and agriculture

Exact code matched

Animal slaughteringNAICS 311611

HHI unavailable

HHI 1,250.7 / 2022

06PBMsHealth care

Exact code matched

Pharmacy benefit managementNAICS 524292

HHI unavailable

HHI 1,633.5 / 2022

07Individual insuranceHealth insurance

Exact code matched

Health + medical insurance carriersNAICS 524114

HHI 3,650 / 2024

HHI 649.3 / 2022

08Rental housingReal estate

Exact code matched

Residential building lessorsNAICS 531110

HHI unavailable

HHI 34.9 / 2022

09BrowsersSoftware

Exact code matched

Software publishersNAICS 513210

HHI 3,612 / 2026

HHI withheld

10Fixed broadbandTelecommunications

Exact code matched

Wired telecom carriersNAICS 517111

HHI 1,501 / 2024

HHI 1,285.9 / 2022

11Wireless serviceTelecommunications

Exact code matched

Wireless telecom carriersNAICS 517112

HHI 3,550 / 2023

HHI 3,074.2 / 2022

12Domestic airlinesTransportation

Exact code matched

Passenger air transportationNAICS 481111

HHI unavailable

HHI 1,465.5 / 2022

National industry composition

See what makes up the detailed economy.

Every rectangle is one six-digit Census industry. The map keeps the complete published universe visible, with area tied only to 2022 revenue and color tied only to NAICS sector identity.

Universe: 899
Mapped: 899
NAICS sectors: 17
HHI published: 679

899 six-digit industry rectangles

Area = revenue / color = NAICS sector / 2022

One color per sector

Rectangle area follows the Census revenue field across all 899 positive-value rows. The 220 HHI-withheld industries remain fully mapped because concentration does not determine area or color here.

Revenue anchors

Four largest detailed rectangles, read exactly.

No revenue share is treated as a market share.

17 NAICS sectors / revenue share and HHI coverage

MiningNAICS 211.4%$725.1B17/21 HHI UtilitiesNAICS 221.5%$766.0B9/14 HHI ConstructionNAICS 235.8%$2.92T26/31 HHI ManufacturingNAICS 3114.0%$7.05T271/346 HHI WholesaleNAICS 4223.6%$11.9T55/69 HHI RetailNAICS 4413.9%$6.97T31/57 HHI TransportNAICS 482.6%$1.32T38/54 HHI InformationNAICS 514.4%$2.21T17/29 HHI FinanceNAICS 5211.6%$5.85T27/29 HHI Real estateNAICS 531.9%$946.4B17/24 HHI ProfessionalNAICS 545.3%$2.67T39/48 HHI Admin + wasteNAICS 562.7%$1.35T30/44 HHI EducationNAICS 610.2%$89.6B12/14 HHI Health careNAICS 626.6%$3.33T30/39 HHI ArtsNAICS 710.7%$339.2B19/25 HHI Food + lodgingNAICS 722.4%$1.20T11/15 HHI Other servicesNAICS 811.4%$720.9B30/40 HHI

National industry structure space

The six-digit economy, positioned on two named measures.

Every visible mark is a published Census industry screen. Position uses separate national percentiles for revenue-based HHI and revenue; mark area follows employment percentile quartiles.

Universe: 899
Plotted: 679
Withheld HHI: 220
Strict histories: 789

679 published six-digit screens

HHI percentile x revenue percentile / 2022

Employment percentile Q1 Q2 Q3 Q4

Percentiles are calculated separately inside the 899-industry national universe. The 220 rows without a published HHI remain in coverage totals but are not positioned or filled.

17 NAICS sectors / plotted and total six-digit rows

MiningNAICS 2117/21 UtilitiesNAICS 229/14 ConstructionNAICS 2326/31 ManufacturingNAICS 31271/346 WholesaleNAICS 4255/69 RetailNAICS 4431/57 TransportNAICS 4838/54 InformationNAICS 5117/29 FinanceNAICS 5227/29 Real estateNAICS 5317/24 ProfessionalNAICS 5439/48 Admin + wasteNAICS 5630/44 EducationNAICS 6112/14 Health careNAICS 6230/39 ArtsNAICS 7119/25 Food + lodgingNAICS 7211/15 Other servicesNAICS 8130/40

Sector structure lens

Compare the typical detailed industry inside each broad sector

Typical published six-digit HHI inside each broad sector. Select a row to open its exact profile and scoped data packet.

JSON CSV

Sector medians summarize published six-digit NAICS rows. They are screening statistics, not sector HHI values or legal market definitions. The 2017-2022 change lens uses strict same-code, same-label matches only.

Geographic concentration / 2024-2025

Compare bounded state systems, then inspect 3,104 local banking screens.

Insurance, statewide deposits, and county branch-deposit screens retain different boundaries, products, participants, periods, sources, and permitted uses.

State systems2102 atomic observations / two sources

Insurance median HHI3,41436 highly concentrated jurisdictions / 2024

Bank-deposit median HHI9035 highly concentrated statewide screens / 2025

Local bank-deposit median HHI2,8261,792 highly concentrated / 187 single-organization screens

Cross-system state atlas

Two markets, one geography, no composite score.

Compare individual-insurance concentration with a reproducible statewide FDIC branch-deposit screen, then inspect the exact state record behind either layer.

Systems: 2
States: 51
Rows: 102
Sources: 2

Paired relationship plane

Insurance HHI x statewide bank-deposit HHI

Selected jurisdictionCaliforniaCAPaired readingsInsurance 2,389Banking 1,215Evidence handoffWestInspector active

MidwestNortheastSouthWestPearson r 0.247 / descriptive only

5Both above31Insurance only0Banking only15Both below

Threshold cohort / 5 jurisdictions

Both systems above 2,500

Threshold-defined cohort in alphabetical order; both exact readings remain separate and are not combined.

Selected jurisdiction / West

California

CA / two bounded systems

FDIC / 2025

Bank-deposit HHI

1,215#15 / 51

Unconcentrated statewide deposit screen.

Leading holder: 24.2%
Deposits: $1.8T
Organizations: 170
Branches: 5,425

Largest reported holder: Bank Of America Corporation

KFF / 2024

Individual-insurance HHI

2,389#41 / 51

Leader 33% / 5 insurers above 5%.

Open state evidence profile

FDIC dossier KFF dossier

FDIC source KFF source

Local banking observatory

Move from statewide context into every published county screen.

3,104 FDIC county and county-equivalent rows support distribution, ranking, relationship, and profile views. County boundaries remain screening units, not legal banking markets.

Federal premerger activity

Follow notification volume and in-depth review separately.

Transactions and Second Request rates answer different questions. The profile lets both series travel together without collapsing review into a finding of harm.

Federal merger review observatory

Read volume, review depth, cadence, and size on their own scales.

Ten fiscal years of Hart-Scott-Rodino activity remain linked to all 120 published months and the seven FY2025 transaction-size bands. Notification, review, and enforcement measures are never collapsed into one score.

Annual records: 10
Monthly cells: 120
Size bands: 7
Exact rows: 137

Ten-year review horizon

Reported transactions and Second Request rate

Transactions Review rate

The upper and lower lanes use separate zero-based scales. The pooled rate divides 509 Second Requests by 21,496 adjusted transactions across the complete ten-year table; it is not the average of annual percentages.

Monthly cadence

All 120 published fiscal-month cells

Peak: November FY2022, 575 transactions / trough: May FY2020, 57

0-115 116-230 231-345 346-460 461-575

Fiscal monthFY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

01October168345 filings 163329 filings 174336 filings 211421 filings 151298 filings 202454 filings 432870 filings 172346 filings 146299 filings 184343 filings

02November243483 filings 215416 filings 207417 filings 254505 filings 206413 filings 400825 filings 5751187 filings 207467 filings 208403 filings 225432 filings

03December157314 filings 148297 filings 160319 filings 157308 filings 164329 filings 204364 filings 279552 filings 170287 filings 154312 filings 172325 filings

04January117236 filings 153307 filings 170316 filings 150287 filings 154309 filings 210399 filings 233431 filings 139273 filings 163321 filings 177341 filings

05February127249 filings 153298 filings 141304 filings 145295 filings 138269 filings 278564 filings 206407 filings 150226 filings 139268 filings 213403 filings

06March125265 filings 146302 filings 178338 filings 156308 filings 136270 filings 322616 filings 221440 filings 122243 filings 123255 filings 75162 filings

07April129249 filings 150290 filings 140285 filings 163335 filings 72145 filings 261524 filings 218434 filings 114225 filings 159320 filings 106213 filings

08May168331 filings 209402 filings 222424 filings 191365 filings 57137 filings 299623 filings 211420 filings 139273 filings 175350 filings 140264 filings

09June150304 filings 191388 filings 177365 filings 161349 filings 117212 filings 299573 filings 202407 filings 145301 filings 160310 filings 141274 filings

10July140284 filings 146291 filings 180364 filings 170306 filings 110208 filings 329659 filings 184365 filings 146279 filings 200381 filings 181335 filings

11August166339 filings 219446 filings 223433 filings 173358 filings 170336 filings 353717 filings 197407 filings 162319 filings 203436 filings 191382 filings

12September142275 filings 159317 filings 139287 filings 158305 filings 162323 filings 363684 filings 194368 filings 139276 filings 201367 filings 201377 filings

FY2025 transaction sizes

Distribution and review records by published value band

Bar length uses only each band's share of 1,944 adjusted FY2025 transactions.

Adjusted rows: 1,944
Over $1B: 618
Clearance records: 189
Second Requests: 41

Reported value bandAdjusted transactionsClearance recordsSecond Requests

$100M-$150MFY2025613.1%711.5% of band00.0% of band $150M-$200MFY202528614.7%134.5% of band41.4% of band $200M-$300MFY202519510.0%73.6% of band00.0% of band $300M-$500MFY202523612.1%2410.2% of band52.1% of band $500M-$1BFY202554828.2%437.8% of band122.2% of band $1B-$10BFY202559930.8%8514.2% of band162.7% of band Over $10BFY2025191.0%1052.6% of band421.1% of band

Federal merger pipeline

Reported transactions across FY2016-FY2025

HSR transactions reported by federal fiscal year. Choose a year below for exact notification and review counts.

JSON CSV

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.

Enforcement record

Read chronology as evidence custody, not causal inference.

Every record opens into named organizations, exact roles, official source custody, linked market context, and bounded event windows where data permits.

National enforcement proceedings

See official records as declared proceedings.

The register groups only records with an explicit editorial relationship. It keeps procedural sequence, named organizations, market context, source custody, and measurement availability visible without turning record counts into outcomes.

Proceedings: 9
Official records: 14
Named organizations: 21
Market contexts: 7

Encoded proceeding horizon

2019-2026 / official record dates only

Line = span between encoded records / point = record stage

Administrative1 Court2 Inquiry1 Study2 Merger2 Monitoring1

Investigation1 Litigation3 Decision2 Remedy5 Monitoring3

The horizontal span begins and ends on encoded official records. A single point means one record is currently present, not that the underlying matter lasted one day or is complete. Latest encoded record: 2026-07-14 in PBM insulin-rebate matter.

Proceeding evidence register

Named reach and measurement availability

Paired: 5
Partial: 5
Unavailable: 8
Total windows: 18

ProceedingEncoded spanRecordsOrganizationsMarketsMeasurement windows

T-Mobile-Sprint mergerMerger matterOne encoded recordJul 26, 2019 to Jul 26, 20191Remedy latest33 named edges11 source dossiers1 paired / 0 partial / 0 unavailable

Google search monopolizationCourt case1,778 encoded daysOct 20, 2020 to Sep 2, 20253Remedy latest13 named edges32 source dossiers4 paired / 3 partial / 0 unavailable

JetBlue-Spirit challengeMerger matterOne encoded recordJan 16, 2024 to Jan 16, 20241Decision latest22 named edges11 source dossiers0 paired / 0 partial / 1 unavailable

PBM market studyMarket studyOne encoded recordJul 9, 2024 to Jul 9, 20241Monitoring latest66 named edges11 source dossiers0 paired / 0 partial / 1 unavailable

RealPage rental-pricing matterCourt case458 encoded daysAug 23, 2024 to Nov 24, 20252Remedy latest12 named edges12 source dossiers0 paired / 0 partial / 2 unavailable

PBM insulin-rebate matterAdministrative case662 encoded daysSep 20, 2024 to Jul 14, 20263Remedy latest610 named edges13 source dossiers0 paired / 0 partial / 3 unavailable

Air travel competition inquiryMarket inquiryOne encoded recordOct 24, 2024 to Oct 24, 20241Investigation latest00 named edges11 source dossiers0 paired / 0 partial / 1 unavailable

Wireless marketplace monitoringMonitoring seriesOne encoded recordDec 31, 2024 to Dec 31, 20241Monitoring latest00 named edges11 source dossiers0 paired / 1 partial / 0 unavailable

Cloud and AI partnerships studyMarket studyOne encoded recordJan 17, 2025 to Jan 17, 20251Monitoring latest55 named edges11 source dossiers0 paired / 1 partial / 0 unavailable

Proceeding-to-market topology

See where official proceedings touch bounded market contexts.

Every line comes from an explicit market ID on a dated public record. The graph and complete matrix expose shared context and HHI window availability without converting either into a legal or causal conclusion.

Proceedings: 9
Market contexts: 7
Declared links: 11
Record-market windows: 18

Exact declared relationship graph

9 proceedings / 11 links / 7 markets

Uniform links / color + dash = window availability

Proceeding and market nodes are uniform. Links encode only declared record context; line state reports the best HHI-window availability present on that exact proceeding-market pair. Click a line for the underlying public rows.

Complete proceeding-market field

Every bounded market across every declared proceeding

63 explicit cells / 11 linked / 52 not linked

Exact links between 7 bounded market profiles and 9 declared enforcement proceedings, including linked-record and HHI-window availability.
Market context	P01T-Mobile-Sprint merger2019	P02Google search monopolization2020	P03JetBlue-Spirit challenge2024	P04PBM market study2024	P05RealPage rental-pricing matter2024	P06PBM insulin-rebate matter2024	P07Air travel competition inquiry2024	P08Wireless marketplace monitoring2024	P09Cloud and AI partnerships study2025
BrowsersSoftware1 proceeding / 3 windows	0Not linked	3records2P / 1O / 0U	0Not linked	0Not linked	0Not linked	0Not linked	0Not linked	0Not linked	0Not linked
Search enginesDigital platforms1 proceeding / 3 windows	0Not linked	3records2P / 1O / 0U	0Not linked	0Not linked	0Not linked	0Not linked	0Not linked	0Not linked	0Not linked
Wireless serviceTelecommunications2 proceedings / 2 windows	1record1P / 0O / 0U	0Not linked	0Not linked	0Not linked	0Not linked	0Not linked	0Not linked	1record0P / 1O / 0U	0Not linked
Domestic airlinesTransportation2 proceedings / 2 windows	0Not linked	0Not linked	1record0P / 0O / 1U	0Not linked	0Not linked	0Not linked	1record0P / 0O / 1U	0Not linked	0Not linked
PBMsHealth care2 proceedings / 4 windows	0Not linked	0Not linked	0Not linked	1record0P / 0O / 1U	0Not linked	3records0P / 0O / 3U	0Not linked	0Not linked	0Not linked
Rental housingReal estate1 proceeding / 2 windows	0Not linked	0Not linked	0Not linked	0Not linked	2records0P / 0O / 2U	0Not linked	0Not linked	0Not linked	0Not linked
AI assistantsDigital platforms2 proceedings / 2 windows	0Not linked	1record0P / 1O / 0U	0Not linked	0Not linked	0Not linked	0Not linked	0Not linked	0Not linked	1record0P / 1O / 0U

Official record chronology

Trace public actions by procedural stage

Filter the observatory's dated complaints, decisions, remedies, inquiries, reports, and settlements without treating their count as an outcome metric.

JSON CSV

14 recordsAll procedural stages

Jul 14, 2026Settlement

Federal Trade Commission

FTC announces proposed consent agreement with Caremark

The FTC announced a proposed consent agreement with Caremark and Zinc Health Services addressing formulary design, point-of-sale rebates, fee structures, plan-sponsor transparency, community-pharmacy reimbursement, and access to pharmacy hub services.

Remedy1 linked market

Feb 4, 2026Settlement

Federal Trade Commission

FTC announces proposed consent agreement with Express Scripts

The FTC announced a proposed consent agreement with Express Scripts and affiliated entities addressing formulary design, patient cost sharing, manufacturer compensation, plan-sponsor transparency, community-pharmacy reimbursement, and related business practices.

Remedy1 linked market

Nov 24, 2025Settlement

U.S. Department of Justice

DOJ files proposed settlement with RealPage

DOJ filed a proposed consent judgment requiring changes to nonpublic data use, model training, pricing features, information sharing, and compliance monitoring.

Remedy1 linked market

Sep 2, 2025Remedy

U.S. District Court for the District of Columbia

Court orders search distribution and data-access remedies

The court prohibited specified exclusive distribution contracts and ordered access to certain search index and user-interaction data plus search and text-ad syndication services.

Remedy3 linked markets

Jan 17, 2025Report

Federal Trade Commission

FTC reports on cloud-provider and generative AI partnerships

The FTC published findings from its Section 6(b) study of investments and partnerships involving Alphabet, Amazon, Microsoft, Anthropic, and OpenAI.

Monitoring1 linked market

Dec 31, 2024Report

Federal Communications Commission

FCC releases 2024 Communications Marketplace Report

The FCC released its statutory competition assessment with mobile wireless indicators including nationwide HHI weighted by economic area for 2016 through 2023.

Monitoring1 linked market

Oct 24, 2024Inquiry

U.S. Department of Justice and U.S. Department of Transportation

DOJ and DOT launch broad inquiry into competition in air travel

The agencies requested public information on consolidation, airport access, exclusionary conduct, ticket sales, pricing, rewards programs, labor, and other competition conditions in air travel.

Investigation1 linked market

Sep 20, 2024Complaint

Federal Trade Commission

FTC files administrative complaint against the three largest PBMs

The FTC brought an administrative action alleging anticompetitive and unfair rebating and formulary practices involving Caremark, Express Scripts, OptumRx, and affiliated GPOs.

Litigation1 linked market

Aug 23, 2024Complaint

U.S. Department of Justice

DOJ and states sue RealPage over rental pricing practices

DOJ and state plaintiffs filed a civil antitrust complaint alleging unlawful information sharing and pricing coordination through RealPage revenue-management software.

Litigation1 linked market

Aug 5, 2024Decision

U.S. District Court for the District of Columbia

Court finds Google liable for unlawful search monopoly maintenance

The district court issued a liability opinion finding that Google maintained monopolies in general search services and general search text advertising in violation of Section 2 of the Sherman Act.

Decision2 linked markets

Jul 9, 2024Report

Federal Trade Commission

FTC releases interim staff report on prescription drug middlemen

The FTC published interim findings on PBM concentration and vertical integration, including aggregate shares for the largest PBMs.

Monitoring1 linked market

Jan 16, 2024Decision

U.S. District Court for the District of Massachusetts

Court blocks JetBlue's proposed acquisition of Spirit Airlines

The district court blocked JetBlue's proposed acquisition of Spirit after a DOJ and state challenge under Section 7 of the Clayton Act.

Decision1 linked market

Oct 20, 2020Complaint

U.S. Department of Justice

United States files search monopolization complaint against Google

DOJ and state plaintiffs filed a civil case challenging Google's maintenance of monopolies in general search services and search advertising through distribution agreements.

Litigation2 linked markets

Jul 26, 2019Settlement

U.S. Department of Justice

T-Mobile-Sprint settlement requires divestitures to support wireless entry

DOJ and participating states filed a settlement requiring prepaid operations, spectrum, sites, and transitional network access to be made available to Dish as part of the T-Mobile-Sprint transaction.

Remedy1 linked market

The chronology counts source-backed public records in this release. A complaint is not a finding, a remedy is not an economy-wide effect estimate, and record volume is not an enforcement-intensity index.

Evidence and reuse

Take every profile layer back to exact public rows.

Each domain has its own JSON and CSV handoff. Source dossiers preserve publisher, access date, citation, license posture, encoded uses, and zero-state boundaries.

Canonical profile topology

One national node, 77 declared paths into evidence, sectors, places, and global systems.

Every route below is source-linked and can be opened as its own semantic Atlas lens.

Direct routes: 77
Relationship types: 4
Source-linked: 77

National context systems7 native-period economic evidence systems remain on separate units and release clocks.

Context

7Open lens

Broad-sector profilesThe exact 17-sector Economic Census and Business Dynamics overlap, with NAICS 11 and 55 disclosed outside the join.

Sectors

17Open lens

State and DC profiles51 state/DC profiles, each retaining separate formation, insurance, and deposit evidence.

Places

51Open lens

International policy-system profiles2 exact USA identities in OECD regulation and authority-activity systems, never blended into one score.

Global

2Open lens

National evidence architecture

See every public route and every source contract before reuse.

Eight export contracts expose the national profile while 40 source dossiers document how records enter seven direct evidence domains and one separately normalized indicator route.

Export contracts: 8
Source dossiers: 45
Evidence channels: 8
Active links: 97

Profile export contracts

Eight table universes, each with its own period and route

Exact row counts remain attached to their native tables; they are not added into an analytical observation total.

bar = log10(rows + 1)

Profile layerRelease periodRows / relative route volumeExports

Market dossiersDefinitions and latest profile posture2019-2026native release12log-scaled route volume

Industry screensComplete 2022 selected-sector NAICS table2022native release1,866log-scaled route volume

State insuranceACA individual-market concentration rows2024native release51log-scaled route volume

State bank depositsFDIC statewide branch-deposit screening rows2025native release51log-scaled route volume

Local bank depositsFDIC county and county-equivalent branch-deposit screens2025native release3,104log-scaled route volume

Merger activityFederal HSR annual notification pipelineFY2016-FY2025native release10log-scaled route volume

Enforcement recordsDated official actions and inquiries2019-2026native release14log-scaled route volume

Source ledgerCitation, access, license, and publisher rowsAccessed through 2026-08-15native release45log-scaled route volume

Source coverage channels

Route presence and row volume stay channel-specific

7 direct / 1 normalized

Defs12/45source dossiers

12 market definitions

Obs12/45source dossiers

32 market observations

Firms8/45source dossiers

162 participant rows

Policy16/45source dossiers

313 official records

Reports21/45source dossiers

37 public reports

NAICS2/45source dossiers

3,801 NAICS rows

Places2/45source dossiers

3,206 geography rows

Indicators24/45source dossiers

200,967 normalized indicator observations

Complete source field

Every canonical source across every evidence channel

360 explicit cells preserve direct routes, normalized observations, and current-release zeros.

Linked route Normalized Not encoded

National source coverage across seven direct evidence channels and one normalized indicator channel
Source dossier	Contract	Defs12/45	Obs12/45	Firms8/45	Policy16/45	Reports21/45	NAICS2/45	Places2/45	Indicators24/45
2024 Communications Marketplace ReportFederal Communications CommissionAccessed May 16, 2026	Direct + normalized4/7 direct / 5/8 active3 indicator rows / 2017-2026	1	3	0	1	2	0	0	3
AI chatbot market share in United States of America May 2026StatCounter Global StatsAccessed Jun 23, 2026	Direct + normalized4/7 direct / 5/8 active3 indicator rows / 2026	1	1	6	0	2	0	0	3
Browser market share in United States of America, April 2023-April 2026StatCounter Global StatsAccessed Jul 17, 2026	Direct + normalized4/7 direct / 5/8 active12 indicator rows / 2023-2026	1	4	28	0	3	0	0	12
Concentration in U.S. Meatpacking Industry and How It Affects Competition and Cattle PricesU.S. Department of Agriculture Economic Research ServiceAccessed Jul 19, 2026	Direct + normalized4/7 direct / 5/8 active3 indicator rows / 1980-2026	1	3	3	0	2	0	0	3
Individual Insurance Market Competition (HHI by state)KFFAccessed Jun 23, 2026	Direct + normalized4/7 direct / 5/8 active103 indicator rows / 2024-2026	1	1	0	0	2	0	51	103
Mobile operating system market share in United States of America, April 2023-April 2026StatCounter Global StatsAccessed Jul 20, 2026	Direct + normalized4/7 direct / 5/8 active12 indicator rows / 2023-2026	1	4	36	0	1	0	0	12
Search engine market share in United States of America, April 2023-April 2026StatCounter Global StatsAccessed Jul 17, 2026	Direct + normalized4/7 direct / 5/8 active12 indicator rows / 2023-2026	1	4	28	0	3	0	0	12
Social media referral share in United States of America, April 2023-April 2026StatCounter Global StatsAccessed Jul 20, 2026	Direct + normalized4/7 direct / 5/8 active12 indicator rows / 2023-2026	1	4	48	0	1	0	0	12
TranStats airline domestic market share March 2025-February 2026Bureau of Transportation StatisticsAccessed May 16, 2026	Direct + normalized4/7 direct / 5/8 active2 indicator rows / 2026	1	1	11	0	2	0	0	2
Pharmacy Benefit Managers: The Powerful Middlemen Inflating Drug Costs and Squeezing Main Street PharmaciesFederal Trade CommissionAccessed May 16, 2026	Direct only4/7 direct / 4/8 active0 indicator rows / 2023-2026	1	1	0	1	2	0	0	0
Internet Access Services: Status as of December 31 2024Federal Communications CommissionAccessed Jul 21, 2026	Direct + normalized3/7 direct / 4/8 active25 indicator rows / 2020-2026	1	5	0	0	1	0	0	25
America's Rental Housing 2026Harvard Joint Center for Housing StudiesAccessed Jun 21, 2026	Direct only3/7 direct / 3/8 active0 indicator rows / 2024-2026	1	1	0	0	2	0	0	0
2022 Economic Census Concentration of Largest FirmsU.S. Census BureauAccessed Jul 17, 2026	Direct + normalized2/7 direct / 3/8 active1,576 indicator rows / 2022-2026	0	0	0	0	3	1,866	0	1,576
2025 Summary of DepositsFederal Deposit Insurance CorporationAccessed Jul 19, 2026	Direct + normalized2/7 direct / 3/8 active6,310 indicator rows / 2025-2026	0	0	0	0	2	0	3,155	6,310
48th Hart-Scott-Rodino Annual Report (FY 2025)Federal Trade Commission and U.S. Department of JusticeAccessed Jul 18, 2026	Direct + normalized2/7 direct / 3/8 active20 indicator rows / 2016-2026	0	0	0	137	2	0	0	20
2017 Economic Census Concentration of Largest FirmsU.S. Census BureauAccessed Jul 18, 2026	Direct only2/7 direct / 2/8 active0 indicator rows / 2017-2026	0	0	0	0	2	1,935	0	0
Institutional Investor Ownership of Single-Family Rental HomesGovernment Accountability OfficeAccessed Jun 21, 2026	Direct only2/7 direct / 2/8 active0 indicator rows / 2026	0	0	2	0	1	0	0	0
U.S. and Plaintiff States v. Google LLC [2020]U.S. Department of JusticeAccessed Jul 17, 2026	Direct only2/7 direct / 2/8 active0 indicator rows / 2020-2026	0	0	0	2	1	0	0	0
2023 Business Dynamics StatisticsU.S. Census BureauAccessed Jul 19, 2026	Direct + normalized1/7 direct / 2/8 active5,520 indicator rows / 1978-2026	0	0	0	0	1	0	0	5,520
46th Hart-Scott-Rodino Annual Report (FY 2023)Federal Trade Commission and U.S. Department of JusticeAccessed Aug 14, 2026	Direct only1/7 direct / 1/8 active0 indicator rows / 2023	0	0	0	79	0	0	0	0
47th Hart-Scott-Rodino Annual Report (FY 2024)Federal Trade Commission and U.S. Department of JusticeAccessed Aug 14, 2026	Direct only1/7 direct / 1/8 active0 indicator rows / 2024	0	0	0	83	0	0	0	0
Department of Justice Wins Significant Remedies Against GoogleU.S. Department of JusticeAccessed Jul 17, 2026	Direct only1/7 direct / 1/8 active0 indicator rows / 2025	0	0	0	1	0	0	0	0
FTC Secures Landmark Settlement with Express Scripts to Lower Drug Costs for American PatientsFederal Trade CommissionAccessed Jul 20, 2026	Direct only1/7 direct / 1/8 active0 indicator rows / 2026	0	0	0	1	0	0	0	0
FTC Secures Major Settlement with Caremark Resolving Antitrust Case Against Second Drug MiddlemanFederal Trade CommissionAccessed Jul 20, 2026	Direct only1/7 direct / 1/8 active0 indicator rows / 2026	0	0	0	1	0	0	0	0
FTC Staff Report on AI Partnerships and Investments StudyFederal Trade CommissionAccessed Jul 17, 2026	Direct only1/7 direct / 1/8 active0 indicator rows / 2025	0	0	0	1	0	0	0	0
FTC Sues Prescription Drug Middlemen for Artificially Inflating Insulin Drug PricesFederal Trade CommissionAccessed Jul 17, 2026	Direct only1/7 direct / 1/8 active0 indicator rows / 2024	0	0	0	1	0	0	0	0
Housing Supply: Still Undersupplied by Millions of UnitsFreddie MacAccessed Jun 21, 2026	Direct only1/7 direct / 1/8 active0 indicator rows / 2026	0	0	0	0	1	0	0	0
Justice Department and Department of Transportation Launch Broad Public Inquiry into Air Travel CompetitionU.S. Department of Justice and U.S. Department of TransportationAccessed Jul 17, 2026	Direct only1/7 direct / 1/8 active0 indicator rows / 2024	0	0	0	1	0	0	0	0
Justice Department Requires RealPage to End Sharing of Competitively Sensitive InformationU.S. Department of JusticeAccessed Jul 17, 2026	Direct only1/7 direct / 1/8 active0 indicator rows / 2025	0	0	0	1	0	0	0	0
Justice Department Settles with T-Mobile and Sprint in Their Proposed MergerU.S. Department of JusticeAccessed Jul 17, 2026	Direct only1/7 direct / 1/8 active0 indicator rows / 2019	0	0	0	1	0	0	0	0
Justice Department Statements on Decision to Block JetBlue's Acquisition of Spirit AirlinesU.S. Department of JusticeAccessed Jul 17, 2026	Direct only1/7 direct / 1/8 active0 indicator rows / 2024	0	0	0	1	0	0	0	0
Request for Information on Serial Acquisitions and Roll-Up StrategiesFederal Trade Commission and Department of JusticeAccessed Jun 21, 2026	Direct only1/7 direct / 1/8 active0 indicator rows / 2026	0	0	0	0	1	0	0	0
U.S. and Plaintiff States v. RealPage Inc.U.S. Department of JusticeAccessed Jul 17, 2026	Direct only1/7 direct / 1/8 active0 indicator rows / 2024	0	0	0	1	0	0	0	0
A Decade of OECD Competition Trends, Data and InsightsOrganisation for Economic Co-operation and DevelopmentAccessed Jul 24, 2026	Indicators only0/7 direct / 1/8 active11,074 indicator rows / 2015-2024	0	0	0	0	0	0	0	11,074
Consumer Price Index, U.S. city average monthly seriesU.S. Bureau of Labor StatisticsAccessed Aug 13, 2026	Indicators only0/7 direct / 1/8 active1,239 indicator rows / 2017-2026	0	0	0	0	0	0	0	1,239
Current Employment Statistics, monthly employment, hours, and earningsU.S. Bureau of Labor StatisticsAccessed Aug 13, 2026	Indicators only0/7 direct / 1/8 active4,025 indicator rows / 2017-2026	0	0	0	0	0	0	0	4,025
FRED-hosted BLS labor share, productivity, and real compensation indexesFederal Reserve Bank of St. LouisAccessed Aug 13, 2026	Indicators only0/7 direct / 1/8 active2,938 indicator rows / 1947-2026	0	0	0	0	0	0	0	2,938
GDP by Industry, value-added tablesU.S. Bureau of Economic AnalysisAccessed Aug 15, 2026	Indicators only0/7 direct / 1/8 active11,400 indicator rows / 1997-2026	0	0	0	0	0	0	0	11,400
Input-Output Accounts, domestic requirements tablesU.S. Bureau of Economic AnalysisAccessed Aug 15, 2026	Indicators only0/7 direct / 1/8 active141,148 indicator rows / 1997-2024	0	0	0	0	0	0	0	141,148
Job Openings and Labor Turnover Survey, monthly industry ratesU.S. Bureau of Labor StatisticsAccessed Aug 13, 2026	Indicators only0/7 direct / 1/8 active5,700 indicator rows / 2017-2026	0	0	0	0	0	0	0	5,700
July 2026 Business Formation StatisticsU.S. Census BureauAccessed Aug 14, 2026	Indicators only0/7 direct / 1/8 active8,280 indicator rows / 2017-2026	0	0	0	0	0	0	0	8,280
Major Sector Productivity and Costs, quarterly indexesU.S. Bureau of Labor StatisticsAccessed Aug 13, 2026	Indicators only0/7 direct / 1/8 active1,444 indicator rows / 2017-2026	0	0	0	0	0	0	0	1,444
Product Market Regulation Indicators, 2023 methodologyOrganisation for Economic Co-operation and DevelopmentAccessed Jul 24, 2026	Indicators only0/7 direct / 1/8 active106 indicator rows / 2018-2025	0	0	0	0	0	0	0	106
2023 Merger GuidelinesU.S. Department of Justice and Federal Trade CommissionAccessed Aug 5, 2026	No encoded route0/7 direct / 0/8 active0 indicator rows / No dated rows	0	0	0	0	0	0	0	0
Are US Industries Becoming More Concentrated?Review of FinanceAccessed Aug 5, 2026	No encoded route0/7 direct / 0/8 active0 indicator rows / No dated rows	0	0	0	0	0	0	0	0

Public evidence standard

Scope first. Measure second. Interpret last.

Use the national profile to orient a question, then move into the exact market, industry, geography, policy record, or source dossier before making a claim.