A Bit of Ho Ho Ho for the Retail Industry
Stores got a bit of yuletide cheer as employment numbers recently released by the government show that nearly 13,000 retail jobs were added to payrolls in November - due mostly to seasonal shopping.
With that number, the National Retail Federation said the retailers' annual hiring of temporary holiday workers is on track to reach the high end of the the NRF's forecast of between 500,000 and 550,000 temporary jobs for the season. "This was one of the strongest gains we've seen all year," NRF Chief Economist Jack Kleinhenz said.
Also, warehouse and distribution center employment increased by 8,100 jobs in November but did not count as retail jobs even if the workers were employed by retailers.
When looking at the entire economy, U.S. companies added a healthy 228,000 jobs in November. The NRF is forecasting that holiday sales will inch up by 3.6 percent to 4 percent this season.