January 9, 2015
Retail industry employment increased by 2,000 jobs in December as healthy hiring gains in general merchandise and sporting goods stores were offset by declines in clothing and furniture stores, the National Retail Federation said today. Retail employment for 2014 climbed by 176,000 jobs over the year before, according to NRF’s calculations, which do not include automobile dealerships, gasoline stations or restaurants.
“Once again, today’s jobs report was very strong and shows that the labor market is maturing and the economy is performing soundly,” NRF Chief Economist Jack Kleinhenz said. “It is the largest annual increase in overall employment since 1999. While retail employment witnessed large swings in December, it was wholly consistent with seasonal patterns.”
“However, data on average hourly earnings was very disappointing,” Kleinhenz said. “While the labor market has recovered from recessionary lows, it’s still not strong enough to generate or pressure wage increases.”
“While labor slack is diminishing, the recent and notable drop in energy prices combined with anemic wage growth may provide the Federal Reserve more leeway to lift short-term interest rates,” Kleinhenz said. “We continue to expect further revisions into the New Year.”
Source: National Retail Federation
Related posts
