Factory job cuts in June neared financial crisis and Covid levels, S&P says
U.S. factory employment has plummeted to a six-year low, mirroring levels seen during the financial crisis and Covid-19 pandemic.
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📍 How it ended
In June, factory job cuts in the United States reached levels comparable to those seen during the financial crisis and the COVID-19 pandemic, according to S&P. Despite this, business activity and manufacturing showed signs of expansion, with the PMI Composite hitting a five-month high.
The story quieted without a definitive conclusion in the coverage.
Epilogue added 18d ago, after coverage quieted.
The brief
S&P data indicates that factory job cuts in June reached levels comparable to those during the financial crisis and the Covid era. While Reuters reports that manufacturing has risen due to the front-loading of orders, employment in the sector has fallen to its lowest point in six years.
Coverage from Bloomberg, WSJ, and Seeking Alpha emphasizes a contrast in the data, noting that U.S. business activity continued to expand in June. The S&P composite PMI improved to 52.2, hitting a five-month high.
MarketWatch adds that the economy has received boosts from peace talks with Iran and the World Cup, though it remains in a danger zone. Future developments depend on whether the current manufacturing strength sustains the broader business expansion or if the trend of factory job losses continues.
Synthesized by Archynetys from the headlines below under a strict no-invention contract. ✓ fact-checked: all claims supported by sources Updated 20d ago.
Quick answers
What is the current state of U.S. factory employment?
Factory job cuts in June neared financial crisis and Covid levels, with employment tumbling to a six-year low.
How has the S&P composite PMI performed?
The flash S&P composite PMI improved to 52.2, reaching a five-month high.
What factors are contributing to the economic boost?
According to MarketWatch, the economy is getting a boost from peace talks with Iran and the World Cup.
Coverage (9)
- US manufacturing jobs fall at fastest rate since the pandemic Financial Times · 20d ago
- U.S. PMI Composite unexpectedly rises in June flash reading, hits five-month high Seeking Alpha · 20d ago
- U.S. Business Activity Continued to Expand in June WSJ · 20d ago
- Factory job cuts in June neared financial crisis and Covid levels, S&P says CNBC · 20d ago
- Economy gets boost from World Cup and peace talks with Iran, but it’s not past the danger point MarketWatch · 20d ago
- US Business Activity Picks Up on Manufacturing Strength Bloomberg · 20d ago
- Spot gold rises from session lows as flash S&P composite PMI improves to 52.2 KITCO · 20d ago
- US manufacturing rises on front-loading of orders, but factory employment tumbles to six-year low Reuters · 20d ago
- Factory job cuts in June neared financial crisis and Covid levels, S&P says CNBC · 20d ago
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