Factory job cuts in June neared financial crisis and Covid levels, S&P says

Despite a better-than-expected performance in the manufacturing index for June, the number of factory job cuts approached the severity seen during the financial crisis and the height of the Covid-19 pandemic, according to S&P Global. This indicates a troubling labor market trend that could signal deeper economic distress. The resilience in the manufacturing index was largely due to an inventory rebuild, masking the underlying challenges. This situation underscores the fragility of the current economic recovery and the potential long-term impact on employment and industrial output.