Corporate bankruptcies in the U.S. have surged by 30% over the past year, signaling the end of the easy money era and a sobering wake-up call for companies.
Good Morning Everyone! Corporate bankruptcies in the U.S. rose by +30% over the past 12 months.
"We're already on track to double the mega bankruptcies compared to last year"
Bed Bath & Beyond, Rite Aid and SVB Financial all large companies have sought bankruptcy protection.… pic.twitter.com/L7QLSjetdt
— Genevieve Roch-Decter, CFA (@GRDecter) November 2, 2023
— Guilherme Tavares (@i3_invest) November 2, 2023
WARNING: Bank credit has JUST begun contracting
This has ONLY happened during the Financial Crisis
Buckle up pic.twitter.com/kPMHAenVSB
— Game of Trades (@GameofTrades_) November 2, 2023
Target CEO Brian Cornell reports that consumers are cutting back on spending across the board, including essentials like groceries. The retailer has seen a consistent decrease in sales of non-essential items for seven quarters straight, and now even the quantity of food items sold is dropping. Despite some economists backpedaling on recession predictions and signs of inflation slowing, Target is bracing for a tough holiday season, having already lowered its sales and profit forecasts earlier in the year.