US Corporate bankruptcies reached their highest level in 13 years in 2023, with 642 filings, indicating the struggles many businesses faced due to high interest rates and increasing labor costs. The state of California led the pack with 95 filings, followed by Texas and Florida. S&P Global warns that 2024 will continue to be challenging for businesses, citing high borrowing costs. Additionally, billionaire Jeffrey Gundlach, known as the “Bond King,” predicts a looming recession in the US economy for 2024. Gundlach, the CEO of DoubleLine Capital LP, a prominent investment firm, anticipates high volatility and recession response, preparing his firm accordingly.
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US Bankruptcies Hit 13-Year High As ‘Bond King’ Jeffrey Gundlach Predicts Massive Recession Incoming
