"Commercial bankruptcies soar..."Submitted by ColoradoLuvsRP on Sun, 07/20/2008 - 11:22
Posted on Friday, July 18, 2008
Commercial bankruptcies soar, reflecting widening economic woes
By Tony Pugh | McClatchy Newspapers
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.