Retailers May Sharpen The Axes
Retailers are expected to shed seasonal workers hired for the holidays, and may cut even deeper, according to an analysis by Challenger, Gray & Christmas.
The outplacement firm said that retailers added 547,400 workers between October and December, a 42 percent improvement over the same period in 2008.
Holiday hiring in 2008 hit a 22-year low of 384,300. Challenger said despite the year-to-year gains, holiday hiring was well below levels reported between 2004 and 2007, when retailers added an average of 722,300 employees.
Retail sales were up 2.9 percent compared to a year ago.
Still, retailers are being very cautious with their money, and may cut more jobs in January and February than they added between October and December.
Last year, after adding 384,000 workers for the holidays, retailers cut 945,500 in January and February.
WBJ Web Partners
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