September 5, 2014
NRF calculated retail industry (excluding auots and gasoline) employment declined by 17,700 jobs in August, with significant downward revisions for July and June. Loss leaders included food and beverage stores, which witnessed a 17,000 job loss, possibly suggesting a seasonal or category-specific anomaly.
“Employment figures for August were undoubtedly disappointing and lackluster,” NRF Chief Economist Jack Kleinhenz said. “The weaker job growth in August presents a mixed picture of the economy compared to other positive indicators, including consumer confidence and average hourly earnings, which point to an improving economy.”
“Today’s jobs report calls into question how much momentum the economy will show in the second half of the year,” Kleinhenz said. “The employment situation report just does not fit into the overall economic landscape.”
The U.S. Bureau of Labor Statistics Employment Situation Summary showed that total nonfarm payroll employment rose by only 142,000 in August. The unemployment rate fell slightly to 6.1 percent and the civilian labor participation rate came in at 62.8 percent.
Source: National Retail Federation
Related posts
