Bankruptcy-Related Job Losses Surging

By:
Chris Gaetano
Published Date:
Aug 8, 2019
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The number of job cuts directly attributable to corporate bankruptcy has risen to numbers not seen since the recession, according to MarketWatch. As of the end of July, companies have cut 42,937 jobs, an amount that is 40 percent higher than it was last July, and 20 percent higher than 2018's entire year-end total. This is a consequence of a higher number of bankruptcy filings in the same period, going from 62,241 by this time last year to 64,283 now, a roughly 5 percent increase. The majority of these job losses have come from the retail sector, as prominent companies, faced with rising e-commerce competition, have closed locations across the country. The first seven months of this year have seen 7,567 retail stores close, compared to 5,864 for all of 2018. 

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