U.S. manufacturing is in freefall, with employment in September 2024 hitting its lowest point since April 2009. The latest numbers confirm a grim reality for the sector, plagued by shrinking demand and global economic strains. The Institute for Supply Management’s manufacturing index nosedived to 47.2 in December—its lowest since the depths of the Great Recession—continuing a contraction trend since August.
Every critical component of the index—new orders, production, and employment—flashed red, signaling a sector on the brink of collapse. The heart of U.S. industry is sputtering, and while some may see a glimmer of hope in rising prices, the overarching narrative is clear: manufacturing is in a state of crisis. The question remains—how long before this unraveling spills over into the broader economy?
Manufacturing Employment data for September just hit the lowest level since April 2009.
She's always lying. https://t.co/RDo6Kzzled pic.twitter.com/1Ni4YYeaNJ
— Financelot (@FinanceLancelot) September 27, 2024
Sources:
https://fred.stlouisfed.org/series/MANEMP
https://www.bls.gov/web/empsit/ceshighlights.pdf
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