Retail employment declines by 40,000 jobs in November

  • Retail employment fell by nearly 40,000 jobs in November
  • Department stores lost the most jobs, down 19,000
  • Retail sector has been culling jobs in the last three of four months
  • Retail hiring slower due to increased online shopping and rising labor costs
  • Hospitality and leisure sector added 40,000 jobs last month
  • Unemployment rate dropped to 3.7% and wages increased by 4% in the last 12 months

Retail employment took a hit in November, with nearly 40,000 jobs lost. Department stores were hit the hardest, losing 19,000 jobs. This decline in retail hiring is part of a trend that has been ongoing for the past few months. The slowdown can be attributed to the rise of online shopping, which has led to a decrease in in-store personnel. Additionally, rising labor costs and expectations of slower consumer spending have made retailers more cautious in their holiday hiring plans. On the other hand, the hospitality and leisure sector saw an increase of 40,000 jobs, mainly in restaurants and bars. Despite the decline in retail hiring, overall job growth remains decent, with the unemployment rate dropping to 3.7% and wages increasing by 4% in the last 12 months. This suggests that consumers may still have the confidence to spend during the holiday season, even if retailers are more hesitant.

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Key People: Becky Frankiewicz (President and Chief Commercial Officer of ManpowerGroup), Veronica Clark (Citi Economist), Andrew Challenger (Senior Vice President of Challenger, Gray & Christmas), Michael Baker (D.A. Davidson Analyst)

Factuality Level: 7
Justification: The article provides information from the Bureau of Labor Statistics and quotes from industry experts to support its claims about the decline in retail employment and the reasons behind it. However, there are some statements that are presented as opinions or predictions without clear evidence to support them, such as the expectation of slower consumer spending in 2024. Overall, the article provides factual information but also includes some speculative statements.

Noise Level: 3
Justification: The article provides relevant information about the decline in retail employment and the potential impact on holiday spending. It includes quotes from industry experts and economists to support its claims. However, there is some filler content at the beginning of the article and the inclusion of the email address is unnecessary.

Financial Relevance: Yes
Financial Markets Impacted: The decline in retail employment and the potential weaker seasonally adjusted holiday spending could impact the retail sector and related companies.

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the decline in retail employment and the potential impact on holiday spending. While there is no extreme event mentioned, the financial relevance is high as it pertains to the retail sector and its potential implications for the economy.

Reported publicly: www.marketwatch.com