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Mexico City — Factories all over the world reduced the number of employees for the first time since November 2009, because global manufacturing activity shrank for the second month in a row, a survey revealed last Wednesday.
JPMorgan’s Index on World Factory Activity fell to 48.4 in July from 49.1 in June and dropped even lower from the 50 points mark separating growth from shrinkage.
JPMorgan, responsible to prepare the survey, warned that amidst weak demand and a steep drop in orders placed, more layoffs may be expected.
“Recent cost cuts are providing some respire, but this will be of little benefit in the long term if underlying demand is unable to rebound”, David Hensley, Director, Global Economic Coordination for JPMorgan, said.