US Services, Factories Cut Employment for First Time Since 2020

Employment declined at US service providers and manufacturers in November for the first time since mid-2020 amid tepid demand and elevated costs, a survey from S&P Global showed.

The S&P Global flash composite employment index slid 1.6 points to 49.7, just below the level that separates expansion and contraction. The group’s measure of overall business activity was unchanged in November, and for fourth month, remained less than a point above the stagnation reading of 50.

“Job shedding has spread beyond the manufacturing sector, as services firms signaled a renewed drop in staff in November as cost savings were sought,” Sian ...