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As the U.S. celebrates its birthday with hot dogs and fireworks, the economy continues to grow, the job market is strong, but inflation and rising interest rates are keeping recession fears alive.
Higher borrowing costs are one factor holding back the manufacturing sector. And there's a chance layoffs could be coming.
The report’s key metric, the PMI, registered a 46.9 reading (a reading of 50 or higher indicates growth), falling 0.2% off of April’s 47.1 reading.
While growth is expected to remain in the cards, for the manufacturing and services sectors, over the balance of 2023, it is no longer set to expand at the same rates as were previously indicated, according to the “Spring 2023 Semiannual Economic Forecast,” which was issued this week by the Institute for Supply Management (ISM).
The U.S. job market may be getting a second wind. Employers added 253,000 jobs in April, a modest uptick from the month before. The unemployment rate dipped to 3.4%.