U.S. manufacturing activity grew more than expected, but factory employment fell to a six-year low

The Odaily planet daily reported that driven by companies placing orders in advance to avoid shortages and price increases, U.S. manufacturing activity expanded again in June, but factory employment fell to a six-year low, mainly due to the impact of the Middle East conflict pushing up operating costs.

The U.S. June S&P Global Manufacturing PMI initial value rose from 55.1 in May to 55.7, the highest level since May 2022, while economists surveyed by Reuters had expected the index to fall to 54.8. The rise in the manufacturing PMI, combined with the initial value of the Services PMI rising from 50.7 in May to 51.3, jointly pushed the composite PMI output index up from 51.5 last month to 52.2. The recovery of the Services PMI was partly attributed to the World Cup jointly hosted by the United States, Canada, and Mexico. (Jin Shi)