Retail jobs on decline after big weather events
The retail industry lost 18,000 jobs in October, according to the National Retail Federation, and while it's hard to pinpoint specific reasons, extreme weather events may have played a part.
The figure does not include auto dealers, restaurants or gas stations, and the economy, overall, has added 261,000 jobs, according to the release which cited Labor Department figures.
"Retail jobs were down in October while overall employment was up, but it is difficult to draw conclusions because the jobs data is still distorted by the aftermath of the recent hurricanes," NRF Chief Economist Jack Kleinhenz said in the release. "The storms have caused some consumers to defer discretionary spending, but at the same time retailers selling building materials saw a significant increase in sales as homeowners and businesses affected by the storms rebuild and make repairs. There continues to be a significant number of job openings in retail, so the drop could reflect a difficulty in hiring given the low unemployment rate. Also keep in mind that retailers are on the verge of adding half a million or more temporary workers for the holiday season."
Employment at retailers selling building materials and supplies increased by 5,500 jobs in October, noted the release.
Companies: National Retail Federation