The latest report published by National Retail Federation (NRF), the world’s largest retail trade association, states that American retail sector created around 13,000 more new jobs in the month of November this year as compared to the earlier month.
“A total of 12,900 jobs (to be precise) were reported in November which is the strongest gain in the year,” mentioned NRF Chief Economist Jack Kleinhenz in a statement issued by the association.
The surge in employment rate came ahead of the holiday season when many US retailers such as Macy’s, Amazon, Target and others announced the hiring of a temporary workforce for the smooth functioning during the rush.
Interestingly, the job increase in November 2017 came after the retail sector witnessed 10,300 job losses in October followed by a monthly increase of 10,600 jobs in September. An average rise of 4,400 jobs was reported during the three months.
The Federation also mentioned in its report that the average hourly earnings in November increased by 64 cents (a 2.5 per cent surge on the Y-o-Y basis). The Labour Department, however, stated that the unemployment rate in the country during the October and November months remained unchanged at 4.1 per cent.
Retail is the US’ largest private-sector employer, supporting one in four jobs in the currently – employing 42 million. The sector contributes roughly US $ 2.6 trillion to the annual GDP of the country. The NRF further has projected that retail sales will grow by 3.6-4 per cent during the holiday shopping season this year.
