Booth predicted that the number of large bankruptcies would climb to 25 by the end of June, surpassing the peak of large corporate bankruptcy filings during the pandemic.
"When you have these large bankruptcies, liquidations, and what have you, you do have a loss of income.
Meanwhile, the economy has lost around a million full time workers over the last 12 months, Booth noted.
10% of small business owners said labor costs were their "single most important problem," according to the latest Small Business Optimism Index.
Booth has previously argued that the economy is already in a recession due to weakness in the labor market.
Persons:
—, Danielle DiMartino Booth, bankrupcies, Booth, David Lin, Gray
Organizations:
Service, QI, P, Business, Companies, Challenger
Locations:
America