Consumer
US Holiday Hiring Will Be the Weakest Since 2008, Challenger Says
- Firms expected to add 410,000 seasonal jobs at end of year
- Companies have been slow to announce hiring plans so far
Hiring has slowed this year as employment in several industries — including retail — now exceeds pre-pandemic levels, and businesses have pulled back on expansion plans with interest rates climbing.
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US holiday hiring for retailers this year is estimated to be the lowest since the financial crisis as the labor market cools and interest rates rise, according to Challenger, Gray & Christmas.
Firms in the sector are only expected to add 410,000 positions in the fourth quarter, Challenger said, analyzing non-seasonally adjusted data from the Bureau of Labor Statistics. That’d be the fewest since 2008.