NRF sees positive job growth in retail for October

Group forecasts 3.9% sales growth in holiday season

WASHINGTON — The retail industry added 37,600 jobs in October, and 295,000 year-over-year, according to a new report by a retail industry trade group.

Analysing numbers from the Bureau of Labor Statistics, the National Retail Federation said the increase represented 2.4% boost over 2012, and every sector of retail added jobs except clothing retailers, which lost 12,500 jobs. Overall, according to the BLS, the economy added 204,000 jobs in October, and the unemployment rate was 7.3%.

"The latest jobs report, which came in stronger than anticipated, provides some positive indication that the economy and employment situation are steadily improving," NRF president and CEO Matthew Shay said. "The timing couldn't be better for retailers and consumers, who are busy preparing for the holiday shopping season. It is now incumbent upon policymakers to address our pending fiscal and budgetary questions sooner rather than later. We cannot afford to repeat the same mistakes, which led us to a government shutdown and to the brink of default."

The group forecasts that retailers will see a 3.9% increase in sales and hire 720,000 to 780,000 new employees during the holiday season.

 

Login or Register to post a comment.