US Bankruptcies Hit 15-Year High in 2024
71 large US companies went bankrupt in July, pushing 2024 totals to the highest in 15 years.
- 71 bankruptcies in July, highest since 2020.
- 2024 total already exceeds 2021 and 2022.
- Industrial and consumer sectors hit hardest.
July Sees Sharp Spike in US Corporate Bankruptcies
The number of large US companies filing for bankruptcy surged in July, with 71 firms collapsing — the highest monthly total since the pandemic peak in 2020. This comes after 66 filings in June and 64 in May, showing a worrying acceleration in corporate distress.
Year-to-date, 446 large companies have gone bankrupt, marking the highest level in 15 years. This figure has already surpassed full-year totals for 2021 and 2022, when 405 and 373 firms filed, respectively.
Industries Feeling the Pinch
Industrial companies have led the wave of bankruptcies, recording 70 filings so far in 2024. Consumer discretionary firms — often sensitive to shifts in spending — followed closely with 61 filings. Analysts point to tighter credit conditions, higher interest rates, and slowing demand as key drivers behind the uptick.
Retail, manufacturing, and certain service sectors have also seen increased filings, as businesses struggle to refinance debt or maintain profitability in a tougher economic climate.
The Pace Is Accelerating
The steady climb from May to July suggests a broader trend rather than isolated cases. With borrowing costs remaining high and economic uncertainty persisting, experts warn that more companies could follow suit in the second half of the year.
Some analysts believe the current pace of bankruptcies could rival — or even surpass — the numbers seen during the 2008 financial crisis if macroeconomic pressures don’t ease. For now, investors, creditors, and employees alike are bracing for more turbulence ahead.
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