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Retailers to Hire Fewest Holiday Workers Since Recession as Consumers Tighten Belts

  • Retailers expected to add just 410,000 seasonal jobs this holiday season, the lowest since 2008 recession according to report.

  • Hiring hesitancy stems from consumers tightening spending and retailers struggling with rising labor costs amid easing inflation.

  • Signs emerging of cooling labor market with unemployment ticking up and hiring slowing.

  • Just 8,000 holiday season hires announced so far by US companies, down sharply from 258,201 at this point in 2021.

  • Retailers grappling with limiting labor costs, uncertain consumer spending, and attracting workers.

nypost.com
Relevant topic timeline:
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US labor market cooling as job openings, quits decline
U.S. job openings reach lowest level in nearly 2.5 years in July, signaling a slowdown in the labor market and potential impact on interest rates.
Private sector job growth cools sharply in August to 177,000, worse than expected: ADP
U.S. hiring in August fell below expectations, signaling a cooling labor market due to higher interest rates, with companies adding 177,000 jobs compared to the predicted 195,000 gain, marking the worst month for job creation since March.
Amazon to Hire 250,000 Seasonal Workers for Holidays, Far More Than Other Retailers Amid Delivery Network Growth
Amazon plans to hire 250,000 U.S. workers for the holiday shopping season, a significant increase compared to previous years, as it focuses on expanding next-day delivery for shoppers, contrasting with other retailers who are expecting reduced consumer spending and will hire fewer workers.
U.S. Job Growth Slows Sharply in September, Adding Just 89,000 Jobs
Hiring by U.S. companies slowed more than expected in September, reflecting a cooling labor market due to higher interest rates, with the worst month for job creation since January 2021.
Retailers Take More Conservative Approach to Holiday Hiring This Year
Macy's and Dick's Sporting Goods plan to hire fewer seasonal workers this year, reflecting a more cautious approach to hiring in the retail sector and suggesting a cooling labor market; however, Amazon plans to hire more seasonal workers than last year.