Economic Crisis Hits Small Businesses and Middle Class in the U.S.
A significant economic crisis is affecting small businesses in the U.S., with 48% unable to pay their rent as of September 2024, mirroring the challenges faced during the COVID-19 pandemic. This rise in financial struggle includes not only small businesses but also larger chains like TGI Fridays, which has filed for bankruptcy. The middle class is increasingly feeling financial pressure, with over half rating their finances negatively. Reports indicate a weakening job market, with major employers like Nissan planning significant production cuts. Overall, signs point to a troubling economic outlook.
- 48% of U.S. small businesses couldn't pay rent in September 2024.
- TGI Fridays has filed for Chapter 11 bankruptcy amid ongoing struggles.
- 55% of middle-income households feel negatively about their financial situation.
- Major job market weaknesses are reported, with companies cutting production.
- Over 700 U.S. banks closed branches in 2024, indicating economic distress.
What percentage of small businesses in the U.S. couldn't pay their rent in September 2024?
48% of small businesses were unable to pay their rent in September 2024.
What major restaurant chain filed for bankruptcy recently?
TGI Fridays filed for Chapter 11 bankruptcy due to financial difficulties.
How are middle-income households feeling about their finances?
55% of middle-income households rate their financial situation negatively, indicating significant economic stress.