U.S. Corporate Bankruptcies Soar to 13-Year High in 2023, Jump 72% Over 2022
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There were 642 corporate bankruptcies in the U.S. in 2023, the highest level since 2010 and 13% more than in 2020.
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The 2023 level represents a 72% increase over the previous year, 2022.
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S&P Global's methodology only includes public companies with $2+ million in assets/liabilities and private companies with $10+ million.
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Corporations will continue to face challenges from high interest rates and strong wage growth in 2024.
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The pandemic has permanently changed some industries, with effects still unfolding, per a bankruptcy lawyer.