Factory job cuts are running at their worst pace since the financial crisis, S&P Global's survey shows

Manufacturing headcounts fell at the fastest rate since the COVID-19 lockdowns of 2020, excluding which the pace hasn't been this severe since 2009

Getty Images / Michael Hickey

Monday's S&P Global $SPGI release painted a troubling picture for factory workers: headcount reductions in U.S. manufacturing have accelerated to a severity unseen outside of the early-pandemic collapse of 2020 and, setting that episode aside, not matched since the depths of the 2008–2009 financial crisis.

A strong headline number did little to obscure the labor market deterioration. June's flash U.S. Manufacturing PMI came in at 55.7, its highest reading in 49 months, edging up from 55.1 in May. Output expanded at a pace........

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