U.S. companies are filing for bankruptcy at levels not seen in 15 years, as rising costs and economic uncertainty squeeze both businesses and consumers, Reuters reported, citing S&P Global data. Through October, 655 firms have declared insolvency, approaching last year’s total of 687 and signalling mounting stress across corporate America.

Industrial companies have borne the brunt of the wave, with 98 filings this year, reflecting their exposure to supply-chain disruptions and rising input costs. Consumer discretionary firms follow with 80 bankruptcies, highlighting the pressure on businesses serving households grappling with sticky inflation and a weakening labour market.

High-profile collapses have put the spotlight on the broader credit environment. Auto parts manufacturer First Brands filed for bankruptcy in September with liabilities exceeding 10 billion US dollars, surprising debt investors. Subprime lender and dealership Tricolor also filed for Chapter 7 in the same month, prompting JPMorgan Chase to write off 170 million US dollars, a move CEO Jamie Dimon called “not our finest moment.”

Monthly filings have spiked in recent months, with August and October posting 76 and 68 bankruptcies respectively, the highest counts recorded since at least 2020. Rising U.S. tariffs and other policy uncertainties are adding further strain on companies already navigating tighter margins.

S&P Global notes that corporate bankruptcies have increased every year since 2022, when historically high inflation forced the Federal Reserve to raise interest rates, tightening credit conditions and testing the resilience of companies across sectors.