US re­tail in­dus­try re­ports over 6K fewer jobs in March 2018: NRF

Apparel Online - - Retail Current -

The Na­tional Re­tail Fed­er­a­tion (NRF), world’s largest re­tail trade or­gan­i­sa­tion head­quar­tered in Wash­ing­ton D.C., USA, has re­vealed that the coun­try’s re­tail in­dus­try noted a de­cline in jobs in the month of March 2018 as com­pared to Fe­bru­ary 2018. Dur­ing the pe­riod un­der re­view, the re­tail in­dus­try re­ported 6,400 fewer jobs on the sea­son­ally ad­justed ba­sis but it in­creased 30,800 un­ad­justed year-over-year. Au­to­mo­bile deal­ers, gaso­line sta­tions and restau­rants jobs have been ex­cluded while cal­cu­lat­ing. The de­cline in March has come soon af­ter an in­crease of 46,400 jobs in the pre­vi­ous month. A mov­ing av­er­age in­crease in jobs in March re­ported an in­crease of 14,200 jobs. No­tably, the re­tail in­dus­try re­ported 7,11,000 job openings in Jan­uary, the high­est monthly fig­ure ever. The drop in jobs was ma­jorly re­ported at gen­eral mer­chan­dise stores, down 12,600; cloth­ing and cloth­ing ac­ces­sory stores, down 7,300; sport­ing goods stores, up 1 per cent; and gro­cery stores, down 3,200.

“De­spite be­ing weaker than Fe­bru­ary, the trend is in the right di­rec­tion. In view of weather con­di­tion, Easter and Passover this time of year can be quirky,” stated NRF Chief Econ­o­mist Jack Klein­henz. In spite of the dip in jobs in March, em­ploy­ment in re­tail is still sub­stan­tially high, he added. Also, the un­em­ploy­ment rate in March re­mained un­changed at 4.1 per cent for the sixth straight month.

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