U.S. Manufacturing Activity Surpasses Expectations, But Factory Employment Falls to Six-Year Low

Odaily reported that driven by companies placing advance orders to avoid shortages and rising prices, U.S. manufacturing activity expanded again in June, but factory employment fell to a six-year low, primarily due to increased operating costs stemming from the Middle East conflict.

The U.S. June S&P Global Manufacturing PMI rose to 55.7 from 55.1 in May, the highest level since May 2022, while economists polled by Reuters had expected a decline to 54.8. The rise in manufacturing PMI, combined with an increase in the services PMI from 50.7 in May to 51.3, pushed the composite PMI output index up to 52.2 from 51.5 last month. The rebound in the services PMI is partly attributed to the joint World Cup tournament hosted by the U.S., Canada, and Mexico. (Jin Shi)