>According to S&P Global’s US Flash Purchasing Managers’ Index, which surveys senior executives at manufacturing companies, employment in the sector is estimated to have fallen in June at the fastest monthly rate since May 2020, when large swaths of US industry were grinding to a halt due to pandemic-era lockdowns.
>The index’s metric on employment fell from 51.6 in May to 47 in June, with figures over 50 marking an expansion and under 50 marking a contraction.
>Chris Williamson, chief business economist at S&P Global Market Intelligence, said the survey “signals that current output levels are consistent with the economy struggling to grow much faster than a 1 per cent annualised rate in the second quarter”.
>He noted that while overall manufacturing output in the US was growing, the expansion was driven in part by fears over future supply disruptions and price rises associated with the Iran conflict.
>“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,” said Williamson, noting responses from executives suggested they were struggling.
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>According to S&P Global’s US Flash Purchasing Managers’ Index, which surveys senior executives at manufacturing companies, employment in the sector is estimated to have fallen in June at the fastest monthly rate since May 2020, when large swaths of US industry were grinding to a halt due to pandemic-era lockdowns.
>The index’s metric on employment fell from 51.6 in May to 47 in June, with figures over 50 marking an expansion and under 50 marking a contraction.
>Chris Williamson, chief business economist at S&P Global Market Intelligence, said the survey “signals that current output levels are consistent with the economy struggling to grow much faster than a 1 per cent annualised rate in the second quarter”.
>He noted that while overall manufacturing output in the US was growing, the expansion was driven in part by fears over future supply disruptions and price rises associated with the Iran conflict.
>“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,” said Williamson, noting responses from executives suggested they were struggling.