A marked decline in bankruptcies last month is being attributed to “pre-Christmas optimism,” according to an analyst at Dun & Bradstreet in Norway. After a big jump in October, bankruptcies fell nearly 16 percent in November.
“These are exciting numbers that probably are tied to a certain optimism before the holidays,” Kari Mette Almskog og Dun & Brandstreet told newspaper Dagens Næringsliv (DN). A 21 percent increase in October transformed to a major turnaround in November.
There were fewer bankruptcies within the construction business (down 18 percent from the same month last year) and the service branch (down 43 percent). Year-to-date numbers weren’t so positive, however, with 41 percent more bankruptcies within the retail business and 35 percent more within the hotel and restaurant industry. Both have been hit by higher prices and less willingness by consumer to spend their money.
Now some of that has reversed, however, possibly because of the so-called julebord (Christmas party) season in Norway. Almskog warned of a boomerang effect after the New Year.