Hardware Retailing The Industry's Source for Insights and Information
Total nonfarm payroll employment rose by 175,000 in February, with the unemployment rate at 6.7 percent and the labor force participation rate at 63.0 percent, the U.S. Bureau of Labor Statistics recently reported.
The National Retail Federation calculated retail employment down 6,700 in February yet up 205,500 year-over-year. The biggest job losses were seen in electronics and appliance stores, and sporting goods, hobby, book and music stores. December and January retail employment figures were also revised downward.
“Retailers continued to rearrange and maximize their payrolls and inventories following the holiday shopping season,” NRF Chief Economist Jack Kleinhenz said. “This decline should be temporary in nature and viewed as a speed bump. We really need to lift the snow screen to adequately measure the economy and jobs situation.
“We remain optimistic for continued economic and employment gains this year and are encouraged by the growth in construction jobs and building material employment last month, which suggests a forthcoming improvement in residential and nonresidential spending along with household and business confidence.”
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