Holiday Hiring Drops, Despite Record Spending

Retailers Plan to Hire Fewest Seasonal Workers in 15 Years for Holiday Season, Despite Projected Record Spending:Retailers are expected to hire the fewest seasonal workers in at least fifteen years for the upcoming holiday season, with the National Retail Federation predicting between 265,000 and 365,000 new roles. This is a significant drop from last years 442,000 seasonal hires, reflecting a softening labor market. Despite this, the NRF anticipates record holiday spending, projecting between $1.1 and $1.2 trillion. However, layoff announcements have surged, reaching 153,740 in October, the highest level since 2003. Meanwhile, payroll processing firm ADP reported a net job growth of 42,000 in October, reversing two months of private sector job losses. The cautious hiring environment is largely due to uncertainty, with businesses putting things on hold when the future is unclear.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.