S&P: Layoffs at U.S. factories in June are nearing the scale of the financial crisis and the COVID-19 pandemic.

According to a report by S&P Global on Tuesday, concerns about rising global demand and costs have led to a level of layoffs in the US manufacturing sector that is close to the highest level since the end of the 2009 global financial crisis and the onset of the COVID-19 pandemic. Although the manufacturing PMI index in June performed better than market expectations, growth was mainly driven by companies building up inventories. At the same time, there have been significant layoffs in the manufacturing sector, with the scale of job cuts reaching a new high since 2009 after excluding the large-scale layoffs at the beginning of the COVID-19 pandemic in 2020.