S&P Global: US bankruptcy filings spiked in August (63) after a July slowdown, leading to the highest total for the first eight months of the year since 2020 and the second-highest since 2010.

US bankruptcy filings surged in August after a slowdown in July, reaching the highest total for the first eight months of the year since 2020, according to data from S&P Global Market Intelligence. A total of 63 public and certain private companies filed for bankruptcy in August, up from a revised 49 in July. This marks the third-highest monthly total in 2023, following 72 filings in June and 68 in April.

With the August spike, the year-to-date total for 2024 stands at 452 filings, nearing the 466 filings recorded during the same period in 2020, when companies were grappling with the fallout of the COVID-19 pandemic.

Despite these challenges, the US economy has shown resilience, with real GDP growing at an annual rate of 3% in the second quarter, according to the Bureau of Economic Analysis.

So far in 2024, 21 bankruptcy filings involved companies with more than $1 billion in liabilities.

TLDRS:

• US bankruptcy filings surged in August, reaching 63 filings, up from 49 in July, marking the third-highest monthly total in 2023.
• The year-to-date total for 2024 stands at 452 filings, nearing the 466 filings recorded during the same period in 2020.
• August's spike in filings follows the earlier highs of 72 in June and 68 in April.
• In 2024, 21 bankruptcy filings involved companies with over $1 billion in liabilities.

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