Insolvencies in November were 5.1 percent higher than in October, and 24.4 percent higher than a year earlier.
The Office of the Superintendent of Bankruptcy says consumer insolvencies were up 24 percent in November compared with a year ago, while business insolvencies rose 36.8 percent.
The data, which takes into account proposals and bankruptcies, shows insolvencies for both consumers and businesses continued to rise from pandemic lows.
Business insolvencies rose 41.8 percent year-over-year in the third quarter of 2023, surpassing pre-pandemic levels.
However, consumer insolvencies in the third quarter were still below pre-pandemic levels.
In November, that trend continued—business insolvencies were higher than in November 2019, while consumer insolvencies were a little lower.
