Retail industry jobs drop in August, but eclipse 2017 levels
A tight labor market impacted retail job growth in August, however employment is up significantly higher than last year.
Retail industry employment in August increased by 89,100 jobs unadjusted over the same time last year, despite a seasonally adjusted drop of 9,700 jobs from July, according to the National Retail Federation. (The NRF numbers exclude automobile dealers, gasoline stations and restaurants.) Overall, U.S. businesses added 201,000 jobs over May, the Labor Department said.
Economy-wide, average hourly earnings in August were up 10 cents over July and 77 cents from a year ago. This is a year-over-year increase of 2.9%, the largest increase since April 2009.
"The strong overall job growth across industries reflects the tight labor market, but also shows that the economy is strong,” said NRF chief economist Jack Kleinhenz. “Hiring is an important driver of consumer confidence and a confident consumer is a confident spender. Consumers are continuing to drive the economy forward, but the developing trade war remains a threat to the progress we’re seeing.”
Kleinhenz was not concerned with the monthly drop, adding that large employment fluctuations are typically seen during the summer. “The year-over-year increase shows the strength and health of the retail industry, and the industry continues to have a sizeable number of job openings,” he said.
August’s numbers followed a revised monthly gain of 300 jobs in July over June, which had originally been reported as a 3,100-job increase. Coupled with a significant downward revision by the Labor Department to June’s numbers, the three-month moving average in August showed a loss of 18,800 jobs.
August saw monthly gains in sporting goods stores, which were up by 9,200 jobs; grocery and beverage stores, which were up 3,500, and non-store, which includes online, which was up 2,800. Losses were concentrated in clothing and clothing accessory stores, which were down 20,800; general merchandise, down 3,100; building supplies and materials, down 2,200; furniture and home furnishings, down 2,000, and electronics and appliances, down 1,400.
The Labor Department said the unemployment rate remained at 3.9%.
Retail industry employment in August increased by 89,100 jobs unadjusted over the same time last year, despite a seasonally adjusted drop of 9,700 jobs from July, according to the National Retail Federation. (The NRF numbers exclude automobile dealers, gasoline stations and restaurants.) Overall, U.S. businesses added 201,000 jobs over May, the Labor Department said.
Economy-wide, average hourly earnings in August were up 10 cents over July and 77 cents from a year ago. This is a year-over-year increase of 2.9%, the largest increase since April 2009.
"The strong overall job growth across industries reflects the tight labor market, but also shows that the economy is strong,” said NRF chief economist Jack Kleinhenz. “Hiring is an important driver of consumer confidence and a confident consumer is a confident spender. Consumers are continuing to drive the economy forward, but the developing trade war remains a threat to the progress we’re seeing.”
Kleinhenz was not concerned with the monthly drop, adding that large employment fluctuations are typically seen during the summer. “The year-over-year increase shows the strength and health of the retail industry, and the industry continues to have a sizeable number of job openings,” he said.
August’s numbers followed a revised monthly gain of 300 jobs in July over June, which had originally been reported as a 3,100-job increase. Coupled with a significant downward revision by the Labor Department to June’s numbers, the three-month moving average in August showed a loss of 18,800 jobs.
August saw monthly gains in sporting goods stores, which were up by 9,200 jobs; grocery and beverage stores, which were up 3,500, and non-store, which includes online, which was up 2,800. Losses were concentrated in clothing and clothing accessory stores, which were down 20,800; general merchandise, down 3,100; building supplies and materials, down 2,200; furniture and home furnishings, down 2,000, and electronics and appliances, down 1,400.
The Labor Department said the unemployment rate remained at 3.9%.