ALLENTOWN, Pa., July 5, 2016 /PRNewswire/ -- Creditsafe USA Inc., the world's most used supplier of company business intelligence, today released troubling economic figures about the first six months of 2016. For the period of January to June 2016, the total number of bankruptcy filings across all businesses was .18% as compared to .17% for the twelve months of 2015. The states with the highest number of bankruptcies were: Missouri, Oregon, Tennessee, Texas and Idaho.
"The US is entering a period of great economic uncertainty with the upcoming election, the Brexit decision and collapse of many of its traditional industries such as oil and gas," said Matthew Debbage, CEO, Creditsafe USA and Asia. "This is not the time to enter blindly into a business relationship with the potential for tremendous risk but rather the time to fully understand all the risks and closely manage those relationships, as well as those with the potential to cause extreme financial detriment."
As reported by Creditsafe earlier this year, companies in the non-renewable energy markets of oil, gas and coal accounted for 25% of the top twenty worse performing industries to date in 2016. Specifically, for the period of January 2016 through June 2016, the industries with the highest number of bankruptcies by SIC were-
**Cyclic Crudes Intermediates (2865)
**Thread Mills (2284)
**Inorganic Pigments (2816)
**Bituminous Coal and Lignite-Surface Mining (1221
**Paper Mills (2621)
By state, the worse performing industries were:
**Missouri: Petroleum Products, NEC (5172)
**Oregon: Eating Places (5812)
**Tennessee: General Automotive Repair Shops (7538)
**Texas: Eating Places (5812)
**Idaho: Single-Family Housing Construction (5812)
"In addition to our sector and state analysis, we also looked at the size of companies filing for bankruptcy," continued Debbage. "We discovered the percentage of large companies with 200 or more employees that went bankrupt was three times higher than small companies with less than 20 employees and two times higher than medium size companies with 21-200 employees. And, to no one's surprise, the longer a company is established the less likely it is to fail. Overall, bankruptcies were 30% higher for companies established less than two years as compared to companies in business over ten years."
About The Creditsafe Group
The Creditsafe Group is the world's most used supplier of company business intelligence, with ten Creditsafe Group reports downloaded every second. Privately owned and independently minded, Creditsafe is looking to change the way business information is used by providing high-quality data in an easy to use format that everyone in an organization can benefit from.
Founded in Norway in 1997, Creditsafe has offices in countries all over the world including: the UK, Germany, France, Sweden, Ireland, Italy, Belgium, the Netherlands and the United States. Globally, Creditsafe employs over 1,200 people and has more than 90,000 subscription customers. Three years ago, the Creditsafe Group opened offices in the U.S. under the name Creditsafe USA, Inc. Its U.S. operations are headquartered in Allentown, Pa. with another facility in Phoenix, AZ. For more information, please visit www.creditsafe.com.
For more information, please contact Kathryn Lancioni via email at Kathryn.email@example.com
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SOURCE The Creditsafe Group