US manufacturing shows contraction but labor market is strong with rising job openings

From Investing.com: 2025-07-02 01:53:00

The Manufacturing ISM data continues to show contraction, with the index at 49.0. While production improved slightly, other indicators like new orders and backlog weakened. On the other hand, labor data remains resilient, with job openings rising to 7.769m. Despite skepticism about the quality of the JOLTS data, the report shows a stronger job market than expected. Fed Chair Powell suggests a wait-and-see approach, reducing the likelihood of a July rate cut. The ISM prices paid remain elevated, hinting at tariff-induced price hikes. Overall, the Fed is unlikely to cut rates before September.



Read more at Investing.com: US Manufacturing Continues to Struggle Amid Signs of Jobs Resilience