United States hit by recession
The US is currently holding a presidential election. Former President Donald Trump and current Vice President Kamala Harris are facing each other. Who will win? This will be decided by the result, but the term of the next US president will not be easy. On the one hand, the country is on the brink of recession. Some experts say that the recession has already arrived, while others believe that the country with the largest economy in the world will soon fall into recession.
452 large companies in bankruptcy
There seems to be some truth to these claims, because hundreds of American companies have filed for bankruptcy in recent months. The US economy faces serious challenges in 2024. In the first eight months of the year, 452 large companies went bankrupt, the second highest figure in 14 years. In 2020, 466 companies went bankrupt during the pandemic. In August of this year, 63 companies filed for bankruptcy, while in July this figure was 49.
This sector has been greatly affected
The consumer discretionary sector suffered the most, with 69 large companies closing down. Following this, 53 companies in the industrial sector and 45 in the healthcare sector have gone bankrupt. Due to the slowdown in economic activities, rising unemployment and declining consumer spending, the US economy is heading towards recession. Due to this situation, more companies are likely to go bankrupt in the coming times.
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827 companies went bankrupt in 2010
In recent years, the United States has made many efforts to deal with financial crises. In 2010, 827 large companies went bankrupt, as a result of the 2008 financial crisis. The following years also saw fluctuations in the number of business bankruptcies, such as during the pandemic in 2020, 638 companies went bankrupt, while in 2023 the figure was 634. This situation is a cause for concern for the United States, because business failures lead to a reduction in employment and a negative impact on economic stability. Which indirectly harms the economy.
