At least 686 U.S. companies filed for bankruptcy in 2024, marking the highest number in 14 years, according to recently released data.
The London-based Financial Times (FT), citing data from Standard and Poor's Global Market Intelligence, reported on Tuesday that U.S. corporate bankruptcies in 2024 rose by eight percent compared to 2023, reaching the highest number since 2010.
Among the hardest-hit companies were those heavily dependent on consumers' disposable income, with the U.S. facing strong inflation and a decline in consumer confidence, the report claims.
The rising cost of goods and services has dampened consumer demand, with the burden particularly heavy for lower-income groups. But even those in the middle- and upper-income brackets have become more cautious with their spending, according to Gregory Daco, the chief economist at accounting firm EY.
U.S. corporate bankruptcies reach 14-year high in 2024
The Russian military announced on Tuesday that it had launched assaults on Ukrainian forces across several fronts, while Ukraine said its forces conducted a precision strike on Russia's command post in the Kursk region.
As the conflict rages on, both sides reported the latest battlefield developments.
According to Russia's Ministry of Defense, Russian troops had destroyed the enemy's tanks, howitzers, armored combat vehicles, and ammunition depots over the past 24 hours as part of its ongoing military operation. Russian air defense systems also reportedly shot down 50 Ukrainian unmanned aerial vehicles.
Meanwhile, the General Staff of the Ukrainian Armed Forces reported a total of 128 combat clashes as of 16:00 the same day. Fierce fighting was seen in the Kurakhove direction, where Ukrainian forces successfully repelled 14 Russian assaults. Ukraine also claimed a gain in the Kursk region, where its forces struck a headquarters belonging to the Russian 810th Guards Naval Infantry Brigade.
Russia claims strikes on multiple fronts, Ukraine reports attack on Russian command post
