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There isn’t an official recession, yet. But regardless, a large — and growing — number of U.S. companies are declaring bankruptcy, based on numbers from various sources, according to an analysis in The Hill. A new report from S&P Global has shown that the number of companies that have gone bankrupt so far in 2023 is higher than the first four months of any year since 2010. Filings through April have pushed the year-to-date count to 236 — more than double the comparable figure a year ago and higher than any of the prior 12 years. Leading the way were companies selling directly to consumers, followed by industrials and then financial services. Another service that tracks bankruptcies reported that year-over-year commercial bankruptcy filings through March were up 24 percent, and that commercial chapter 11 reorganization filings increased 79 percent. According to statistics released by the Administrative Office of the U.S. Courts, total bankruptcy filings rose just 2 percent compared to cases in the previous year, but business filings increased 9.9 percent. The good news is that these numbers are still lower than pre-COVID, but the bad news is that they’re growing — and it’s yet another conflicting metric that’s baffling economists. GDP has been growing (although slowing). Unemployment is at a 50-year low. Consumer spending has stayed the course. Companies in the services industries are doing well. Travel has recovered from the pandemic. Why so many bankruptcies? The answer is one word: capital.