Retail employment is once again experiencing a decline, as highlighted by the latest report from the US Bureau of Labor Statistics (BLS). In June, the retail sector lost 11,200 positions, with the BLS noting minimal overall change in retail trade employment over the past year.
According to BLS data, the sector saw a gain of 23,000 jobs in May and an additional 14,100 jobs in June of the previous year.
The manufacturing sector, which includes apparel and textile factories, experienced a gain of 7,000 jobs during the month; however, the overall job growth in June was relatively modest, with nonfarm payroll employment increasing by 209,000, slightly below the expected range of 225,000 to 230,000 jobs predicted by economists.
Alongside this, the unemployment rate decreased from 3.7 per cent to 3.6 per cent. Furthermore, job additions were observed in sectors such as government, healthcare, social assistance, and construction during June.
BLS shows modest private sector job growth, while ADP reports significant expansion. BLS includes government hiring with 60,000 new hires, while the private sector gains 149,000 jobs, the smallest increase since 2020.
Bankruptcy prompts closures: Bed Bath & Beyond and Buybuy Baby stores shutting down, Tuesday Morning closing 222 stores, Shoe City shuts all 39 locations.
Shoplifting and crime also leading to closures; Foot Locker to close up to 420 stores, including 125 underperforming Champs Sports locations.
