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U.S. Retailers Scale Back Hiring As Slowdown Persists
- By The Financial District
- Jul 9, 2022
- 2 min read
After a year and a half of frenetic hiring to satisfy increasing shopper demand, America's retailers are beginning to scale back their recruitment, Anne D’Innocenzio and Haleluya Hadero reported for the Associated Press (AP).
Photo Insert: Companies that provide needs and goods for the house, such as Amazon, Target, and Walmart, increased recruiting early on to fulfill a crushing demand from online customers.
The shift in outlook comes as businesses face a drop in consumer spending, the possibility of an economic crisis, and rising labor expenses. According to some researchers, businesses have also learned to accomplish more with fewer employees.
Walmart, the nation's largest employer, said it recently over-hired due to a COVID-related employment shortfall and then reduced its headcount through attrition.
Amazon announced in April that it, too, had determined that it had an excess of personnel in its facilities. FedEx, whose customers include major retailers, announced late last month that it would be hiring fewer staff.
Moreover, according to the labor analytics firm Lightcast, fresh statistics suggest that retailers have been paring down sign-on bonuses and are no longer loosening job standards in recent months, indicating that they no longer feel forced to broaden their application pool.
Snagajob, an online marketplace for hourly jobs, finds that retail job posts have been slowing in recent months, though they remain higher than a year ago.
Retail hiring is slowing in a labor market that has been turbulent throughout the recovery from the pandemic recession of 2020. Companies that provide needs and goods for the house, such as Amazon, Target, and Walmart, increased recruiting early on to fulfill a crushing demand from online customers.
Simultaneously, businesses such as Macy's and Nordstrom, whose clothing lines were deemed unnecessary by many at the time, temporarily laid-off workers amid statewide lockdowns.
