The number of business bankruptcy filings the third quarter dropped 13.6% compared to the second quarter of 2017, marking the lowest quarterly figure since the beginning of last year, according to new data released by BankruptcyData.com.

The service industry represented nearly a quarter of all business filings in the third quarter, continuing on a five-year decline beginning in Q3/2013 -- when service businesses generated nearly half of all business bankruptcies.

Meanwhile, the struggling retail sector continued to feel the pressure from online competitors like Amazon, with retail firms representing 15.87% of overall bankruptcies in the third quarter of 2017, and 15.77% YTD in 2017, by BankruptcyData.com reported.

"Though the struggles of the retail sector as reflected by the Toys ‘R’ Us bankruptcy in September are making the headlines recently, the bankruptcy activity in the public company sector has  been relatively slow,” the analysts noted.

A total of 54 public companies filed for bankruptcy in the first nine months of 2017, compared to 79 for the same period in 2016. The oil & gas/energy and retail industries are the sectors generating the most bankruptcies with 16 and eight bankruptcies, respectively. 

To read the report in its entirety, click here.