Today’s U.S. employment situation report was extremely disappointing. The U.S. economy add just 69k jobs in May, which was far short of the 150k expected.
But the U.S. isn’t the only economy with an employment problem.
Over the last 24 hours, countries all around the world released their May manufacturing purchasing manager’s index ( ) reports.
These reports include up-to-date information about employment each country’s manufacturing industry.
NOTE: A PMI reading below 50 signals contraction in the industry.
Netherlands Manufacturing PMI Drops To 49.7.
“May data marked the second successive month that employment has been reduced in line with persistent spare capacity in the sector. Backlogs of work were down in May for a fourteenth successive month and at a steep rate.”
South Korea PMI Drops To 51.0
“Job creation was recorded for a third successive month in the sector. However, the latest increase in staff numbers was only marginal, in part reflecting a near- stabilization of backlogs of work at goods producers.”
Taiwan PMI Drops to 50.5
“Staffing levels dipped slightly during May, as manufacturers held off from raising capacity in response to the slowdown in growth. The reduction to employment was only marginal, but nonetheless ended a five-month period of modest gains in payroll numbers.“