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:

8/29/2023

Job Market Shows Signs of Weakening as Consumers Turn Gloomy

The number of job openings in the US fell to 8.8 million at the end of July, indicating a slowing economy, with declines seen in professional and business services, healthcare, and state and local government sectors, while the information industry and transportation saw increases in job openings. Additionally, consumer confidence dipped in August as Americans grew more concerned about rising prices of gas and groceries, and home prices continued to increase in June.

8/29/2023

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.

8/30/2023

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.

9/19/2023

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.

10/4/2023

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.

10/13/2023

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.

Topics

Posted 9/15/2023, 6:47:00 PM

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:

8/29/2023

Job Market Shows Signs of Weakening as Consumers Turn Gloomy

8/29/2023

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.

8/30/2023

Private sector job growth cools sharply in August to 177,000, worse than expected: ADP

9/19/2023

Amazon to Hire 250,000 Seasonal Workers for Holidays, Far More Than Other Retailers Amid Delivery Network Growth

10/4/2023

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.

10/13/2023

Retailers Take More Conservative Approach to Holiday Hiring This Year