U.S. factory job cuts in June hit highest levels since 2009 financial crisis, S&P Global reports
By
Jeff Cox
Summary
S&P Global reported that U.S. factory job cuts in June 2024 were the highest since the 2009 financial crisis (excluding the Covid-19 pandemic onset in 2020). 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.
Source
bskyU.S. factory job cuts in June hit 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
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.
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