Retail Sector To Add Significant Jobs Through The End Of December
By Christine Kern, contributing writer
Job growth comes from consumer confidence, increased spending, and job market outlook.
Two different reports show strong job growth in the retail sector as the result of the holiday shopping season, as the result of growing consumer confidence, increased retail spending, and a positive job market outlook.
The first report, by TriNet, a leading cloud-based provider of HR services, was published in the November 2014 issue of its TriNet SMBeat, a monthly analysis of small to medium-sized business (SMB) employment and human capital economic indicators. According to November's report, which analyzed a serious of job market indicators, the U.S. retail sector is projected to add nearly 30,000 jobs through the end of December.
The TriNet report found that “recent job growth in the U.S. retail sector is built on positive consumer confidence, increasing retail spending, and positive job market outlook.” And despite unstable consumer confidence levels for much of 2014, improvements over the past few months, due to favorable job market and business conditions, will result in increased spending power among holiday shoppers. The study found that retail sales, jobs and housing data all point to healthy gains.
Meanwhile, the National Retail Federation issued a jobs report that showed an increase of 37,000 retail jobs just in November, experienced across most retail categories, including 11,300 additional jobs in clothing and clothing accessory stores.
“Today’s robust jobs report shows a broadening improvement in the labor market and confirms expectations of a strengthening and expanding economy,” NRS Chief Economist Jack Kleinhenz stated. “Solid seasonal demand, reduced prices at the pump and improving – though erratic – levels of business and consumer confidence have all supported job gains.”
Kleinhenz continued, “We remain optimistic that we are gaining ground and traction toward a more normal and stable labor market in the near future. The real nugget in this report was the gain in average hourly earnings. Improving wages and salaries will create much-needed pressure in the market and help lift demand.”
Kleinhenz also emphasized the report’s findings were consistent with the NRF’s holiday sales and employment forecast, which had predicted an addition of between730,000 and 790,000 seasonal workers in retail this season.