Employment Trends in Retail
Retail gained a moderate 9,000 jobs in December, rounding out a tumultuous year for the sector. Month to month, retail lost then gained jobs back again. In the last quarter of 2022 – a time usually defined by robust seasonal hiring – the sector lost 10,100 jobs. Consumers reduced their retail spending in November and December, a time where spending normally soars. As consumers slim down their budgets, they are focused more on services after a pandemic-driven bump in demand for goods.
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