Zincwarrior
Diamond Member
US Factories reported high levels of job cuts in June. Manufacturers have had job cuts for three of the past four months.
Factory job cuts in June neared financial crisis and Covid levels, S&P says
Factory job cuts in June neared financial crisis and Covid levels, S&P says
Key Points
Job cuts at U.S. factories ran near their highest levels since the end of the global financial crisis in 2009 and the Covid-19 pandemic as worries grew over global demand and rising costs, S&P Global reported Tuesday.
Broadly, the S&P manufacturing “flash” reading for its purchase managers index came in at 55.7, up narrowly from May and better than the Dow Jones consensus estimate for 54.8.
Job cuts at U.S. factories ran near their highest levels since the end of the global financial crisis in 2009 and the Covid-19 pandemic as worries grew over global demand and rising costs, S&P Global reported Tuesday.
Though the firm’s manufacturing index ran better than expected for June, it came largely from an inventory rebuild and despite sharp job cuts that were the most since 2009 — excluding the massive labor reductions at the onset of the Covid crisis in 2020.
“While there is better news from the manufacturing sector, we remain concerned as factory growth continues to be temporarily buoyed by inventory building amid supply fears. Supply delays grew more widespread in June,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.
Manufacturers have indicated job cuts for three of the past four months as they seek to reduce headcount over costs and demand concerns.
“Most worrying was the further fall in employment, notably in the manufacturing sector,” Williamson said. “Factory job cuts are running at the highest since 2009 if the pandemic is excluded, reflecting concerns over the sustainability of the recent upturn in demand alongside worries over the escalating cost of raw materials.”
Despite the worries of manufacturing cuts, the jobs picture has been largely solid this year, with strong gains in four of the five months. Manufacturing employment has risen by 23,000 in 2026, according to the Bureau of Labor Statistics.
Broadly, the S&P manufacturing “flash” reading for its purchase managers index came in at 55.7, up narrowly from May and better than the Dow Jones consensus estimate for 54.8. The reading represents the percentage share of companies reporting growth for the month.
Factory job cuts in June neared financial crisis and Covid levels, S&P says
Factory job cuts in June neared financial crisis and Covid levels, S&P says
Key Points
Job cuts at U.S. factories ran near their highest levels since the end of the global financial crisis in 2009 and the Covid-19 pandemic as worries grew over global demand and rising costs, S&P Global reported Tuesday.
Broadly, the S&P manufacturing “flash” reading for its purchase managers index came in at 55.7, up narrowly from May and better than the Dow Jones consensus estimate for 54.8.
Job cuts at U.S. factories ran near their highest levels since the end of the global financial crisis in 2009 and the Covid-19 pandemic as worries grew over global demand and rising costs, S&P Global reported Tuesday.
Though the firm’s manufacturing index ran better than expected for June, it came largely from an inventory rebuild and despite sharp job cuts that were the most since 2009 — excluding the massive labor reductions at the onset of the Covid crisis in 2020.
“While there is better news from the manufacturing sector, we remain concerned as factory growth continues to be temporarily buoyed by inventory building amid supply fears. Supply delays grew more widespread in June,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.
Manufacturers have indicated job cuts for three of the past four months as they seek to reduce headcount over costs and demand concerns.
“Most worrying was the further fall in employment, notably in the manufacturing sector,” Williamson said. “Factory job cuts are running at the highest since 2009 if the pandemic is excluded, reflecting concerns over the sustainability of the recent upturn in demand alongside worries over the escalating cost of raw materials.”
Despite the worries of manufacturing cuts, the jobs picture has been largely solid this year, with strong gains in four of the five months. Manufacturing employment has risen by 23,000 in 2026, according to the Bureau of Labor Statistics.
Broadly, the S&P manufacturing “flash” reading for its purchase managers index came in at 55.7, up narrowly from May and better than the Dow Jones consensus estimate for 54.8. The reading represents the percentage share of companies reporting growth for the month.
