Job cuts are nearing their highest levels since the global financial crisis in 2009 and the Covid-19 pandemic, CNBC reported.
“While there is better news from the manufacturing sector, we remain concerned as factory growth continues to be temporarily buoyed by inventory building amid supply fears. Supply delays grew more widespread in June,” said Chris Williamson, chief business economist at S&P Global Market Intelligence.
Manufacturers have reported job cuts in three of the past four months. Job cuts are happening due to costs and demand concerns.
“Most worrying was the further fall in employment, notably in the manufacturing sector,” Williamson said. “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.”
