US Manufacturing Sector Continues to Struggle, Facing Recession and Layoffs

The manufacturing sector in the United States is showing signs of weakness, with the ISM Manufacturing Purchasing Managers' Index (PMI) falling to its lowest level in three years. The PMI reading of 46 indicates the eighth consecutive month of contraction in the sector. Only one out of six main manufacturing industries managed to grow in June, while new order demand and backlogs remain weak. The decline in manufacturing activity could ease inflationary pressures but may also lead to more widespread job cuts in the sector.