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OverviewAPI
US bankruptcies surged by 18% in 2023 due to high-interest rates and the conclusion of pandemic stimulus, with commercial and personal bankruptcy filings both increasing. The consumer discretionary sector experienced the highest number of bankruptcies, reflecting the financial strain on businesses. Soaring borrowing costs have intensified pressure on firms, while household debt has reached a record high, and the personal savings rate is at a low level.

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