The longest streak of U.S. factory hiring in a quarter century came to an unexpected end last month, and a clouded outlook for important manufacturing sectors like autos may impede a quick rebound, undermining a key plank of U.S. President Donald Trump’s economic agenda.
Last month’s unexpected slowdown in factory hiring - the manufacturing sector lost 6,000 jobs - may signal that slower consumer and business spending as well as softening auto sales may curtail manufacturing job growth going forward. Another possibility is that factories are finding trouble finding and retaining willing workers.
Weakness in the auto sector bears watching. Manufacturers in that area have announced thousands of job cuts to deal with slowing sales that have led to an inventory bloat. So far this year auto manufacturers and suppliers have unveiled plans to cut 15,887 jobs, according to data on Thursday from Challenger, Gray & Christmas Inc, an outplacement consultancy.
Read the full story, "Slowing manufacturing hiring may point to fraying U.S. expansion," at reuters.com.