U.S. factory job cuts in June reach highest levels since 2009 financial crisis, S&P Global reports
By
Jeff Cox
Summary
U.S. factory job cuts in June approached levels not seen 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 driven by inventory rebuilding rather than genuine growth. The job cuts were the most severe since 2009 (excluding the 2020 pandemic reductions), reflecting growing concerns over weakening global demand and rising operational costs.
Source
bskyU.S. factory job cuts in June reach highest levels since 2009 financial crisis, S&P Global reportscnbc.comKey quotes
· 3 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
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.
You might also wanna read
U.S. High-Tech Manufacturing Employment Decline: A Data-Driven Overview
The article discusses the decline of high-tech manufacturing in the United States, referencing data from the Brookings Institution and the C
blog.waldrn.com·10mo ago
Census Data Shows Inflation Wiped Out U.S. Income Gains in 2024
New Census Bureau data reveals that inflation erased wage gains for most Americans in 2024, leaving household incomes largely unchanged exce
wsj.com·9mo ago
Tech Job Losses Reach Levels Not Seen Since 2008 and Dot-Com Bust
The article discusses the significant downturn in the US tech job market, with current losses outpacing those seen during the last two reces
businessinsider.com·3mo ago
U.S. college graduates now face higher unemployment than average workers for first time on record
A long-standing trend where new U.S. college graduates enjoyed lower unemployment than the average worker has reversed. Since early 2019 (pr
randalolson.com·17d agoU.S. college graduates now face higher unemployment than average workers for first time on record
A long-standing trend where new U.S. college graduates enjoyed lower unemployment than the average worker has reversed. Since early 2019 (pr
randalolson.com·17d ago
U.S. Labor Force Participation Rate Continues Downward Trend Despite Brief Recovery
The article analyzes the declining labor force participation rate in the U.S., noting that while there was a brief recovery in late 2023 wit
restaurant.org·2mo ago
Recent Graduates Face Tough Job Market Amid Tariffs and AI Disruption
Recent college graduates are struggling to find jobs in a sluggish labor market exacerbated by Trump-era tariffs and the rise of AI. Many de
nbcnews.com·10mo agoComments
Sign in to join the conversation.
No comments yet. Be the first.