US BANKRUPTCIES HIT THE HIGHEST LEVEL IN 14 YEARS
There have been 346 bankruptcy filings in the US year-to-date, the most since 2010.
US bankruptcy filings have hit 346 year-to-date through June, the highest number in 14 years. 2010 was a year after the Great Financial Crisis when the US economy was trying to recover from one of the most severe recessions in its history.
In June alone, there were 75 bankruptcies, the most in over 4.5 years. Even during the COVID crisis, there was not a month with such a big number of filings.
Among different sectors, the most bankruptcies have been seen in Consumer discretionary. This is an interesting trend and somewhat confirms that US consumers are pulling back on their spending.
Overall, this is another data piece pointing out that the US economic slowdown is accelerating. More details about that in the below article:
If you find it informative and helpful you may consider a paid subscription (or annual if subscribed), buying me a coffee, and following me on Twitter:
Why subscribe?
How does a slowdown accelerate? J/k 😂