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Commercial bankruptcies soar, reflecting widening economic woes

Posted By admin On July 20, 2008 @ 5:18 am In Money Watch | Comments Disabled

Tony Pugh
McClatchy Newspapers [1]
Sunday, July 20, 2008

WASHINGTON — Driven by a sour economy and skittish consumers, U.S. business bankruptcies saw their sharpest quarterly rise in two years, jumping 17 percent in the second quarter of 2008, according to an analysis by McClatchy.

Commercial filings for the first half of 2008 are up 45 percent from last year, as the national climate for commerce continues to deteriorate amid rising energy and food costs, mounting job losses, tighter credit and a reticence among consumers to part with discretionary income.

From April through June, 15,471 U.S. businesses called it quits, according to data from Automated Access to Court Electronic Records, an Oklahoma City bankruptcy management and data company.

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States that saw the biggest increase in filings were Delaware, Montana, Oregon, Maryland and Connecticut, suggesting that the economic gloom is spreading beyond large population centers.

It was the 10th straight quarter that business bankruptcy filings have increased. Nearly 29,000 companies filed in the first half of 2008.

Full article here [1]


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URLs in this post:

[1] McClatchy Newspapers : http://www.mcclatchydc.com/227/story/44717.html

[2] Holiday Sales Slump to Force U.S. Store Closings, Bankruptcies: http://www.prisonplanet.com/holiday-sales-slump-to-force-us-store-closings-bankruptcies.html

[3] Italy’s army may interfere against violent protests over economic woes: http://www.prisonplanet.com/italys-army-may-interfere-against-violent-protests-over-economic-woes.html

[4] Ford Posts Loss of $8.7 Billion on Asset Woes: http://www.prisonplanet.com/ford-posts-loss-of-87-billion-on-asset-woes.html

[5] Small-business bankruptcies rise 81% in California: http://www.prisonplanet.com/small-business-bankruptcies-rise-81-in-california.html

[6] Scientist: Economic woes may stop global warming: http://www.prisonplanet.com/scientist-economic-woes-may-stop-global-warming.html

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