The recent spate of bankruptcies in corporate America is taking its toll...
In the first seven months of the year, U.S.-based companies announced 42,937 job cuts due to bankruptcy, up 40% on the same period last year and nearly 20% higher than all bankruptcy-related job losses last year, a report released Tuesday concluded. Despite record-low unemployment, bankruptcy filings have not claimed this many jobs since the Great Recession.
Companies cited bankruptcy as the reason for 11.6% of all job cuts announced from January to July. That’s compared to 11.3% of all cuts for the same period in 2018. Since 2007, bankruptcy has accounted for approximately 6% of all job cuts every year. The Challenger report tracks planned job cuts publicly announced by U.S.-based employers.
The number of retail store closures in the first seven months of the year has exceeded the total number last year. Consumer spending rose 0.3% in June, in line with a forecast of economists polled by MarketWatch. U.S. consumers didn’t spend as much in June as they did in the previous three months, but incomes rose solidly for the fifth month in a row and an already strong savings rate edged even higher. The savings rate edged up to 8.1% from 8%, near a three-year high.
There was a 5% monthly increase in total bankruptcy filings in July 2019, the American Bankruptcy Institute announced in a separate report released Monday. There were 64,283 bankruptcy filings, up from 62,241 for the same period last year. And there were roughly 1,000 more consumer bankruptcies by July, compared to the same period last year.
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