U.S. factory job cuts in June hit highest levels since 2009 financial crisis, S&P Global reports
By
Jeff Cox
Summary
U.S. factory job cuts in June 2024 reached their highest levels since the 2009 financial crisis and the Covid-19 pandemic, according to S&P Global. While the manufacturing index performed better than expected, this was largely due to inventory rebuilding rather than genuine growth. Rising costs and concerns over global demand are driving the sharp workforce reductions, signaling ongoing weakness in the manufacturing sector despite the headline index numbers.
Source
bskyU.S. factory job cuts in June hit highest levels since 2009 financial crisis, S&P Global reportscnbc.comKey quotes
· 2 pulledJob 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.
While there is better news from the manufacturing sector, we remain concerned as factory growth continues to be temporarily buoy
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