Layoffs loom in US manufacturing sector

(CNN, KYMA/KECY) - The U.S. manufacturing industry could see layoffs this year, now that the supply chain is running more smoothly.

Wells Fargo economists predict companies should be caught up on the pandemic backlog in about five months.

Meanwhile, demand is falling as consumers and businesses reign in their spending on manufactured goods.

Surveys from the institute for supply management show the sector already has been contracting for several months.