New incorporations fell 4.8% in July of 1984.

The decline in July, the latest reporting month, was still well ahead of the pace in July, 1983, according to Dun & Bradstreet Corp. New business incorporations nationwide for the first seven months of last year were 377,902, up 8.7% from the previous year. The level of new formations is a further indication of the positive direction of the economy, said Joseph W. Duncan, chief statistician for Dun & Bradstreet. The June level was the highest in 18 months and it would be extremely difficult to maintain.