Bankruptcies among U.S. corporations have hit their highest level in recent years, with sectors like consumer discretionary, health care, and industrials leading in terms of bankruptcy filings, according to a recent report from Standard & Poor’s.
“Growing economic headwinds and a tight domestic labor market are putting more pressure on struggling companies. In the first 10 months of the year, 561 companies sought bankruptcy protection, more than any year since 2010, except for 2020,” said a Nov. 8 report by S&P Global Market Intelligence. A total of 50 companies filed for bankruptcy in October. While this was the second-lowest monthly total for the year, it is still elevated compared to monthly filing totals for most of 2021 and 2022.
