June saw an unprecedented spike in US corporate bankruptcy filings, the highest recorded in a single month since 2020, and outpacing half-year data from the past ten years.

June witnessed an unprecedented increase in US corporate bankruptcy filings, marking the highest number recorded in a single month since early 2020 and surpassing half-year totals not seen in over a decade.

According to S&P Global Market Intelligence, there were 75 new corporate bankruptcy filings in June. This uptick from the first months of 2024 is comparable only to the busiest months of 2020 when the pandemic caused a surge in bankruptcies. The total of 346 filings in 2024 so far is the highest in the last 13 years.

S&P calls out companies continue to struggle with high interest rates, supply chain issues, and slowing consumer spending.

Consumer discretionary sector continued to lead others in 2024, with 55 total bankruptcy filings.

While Best Buy's CEO has complained about Taylor Swift, 'Barbenheimer', & 'funflation' hurting sales, GameStop has had Apes holding down the balance sheet in an economy facing headwinds and rallying around 'Oppencohen'!

TLDRS:

• June saw an unprecedented surge in US corporate bankruptcy filings, the highest monthly total since early 2020, surpassing half-year figures not seen in over a decade.
• S&P Global Market Intelligence reported 75 new corporate bankruptcy filings in June, bringing the 2024 total to 346, the highest in the last 13 years.
• High interest rates, supply chain issues, and slowing consumer spending continue to challenge struggling companies, according to S&P.
• The consumer discretionary sector led other sectors in 2024 with 55 total bankruptcy filings.
  • Previously, Best Buy's CEO noted that factors like Taylor Swift, 'Barbenheimer', and 'funflation' have negatively impacted sales, while GameStop's community support via Superstonk has helped 'Oppencohen' stabilize GameStop's balance sheet amidst these economic headwinds.