US manufacturing payrolls shrink at fastest pace since the pandemic, PMI shows

June US manufacturing employment fell at the fastest monthly pace since May 2020, with the S&P Global US Flash PMI’s employment index dropping to 47 from 51.6 in May, signaling contraction even as output grows. Firms cite elevated input costs and policy uncertainty tied to tariffs and the Iran conflict, and overall factory jobs have declined by about 77,000 since the start of Trump’s second term; energy prices easing has cooled some input costs, but concerns persist for manufacturers.