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Retail hiring for the holiday shopping season was expected to be slow, and now we have the data to confirm it. According to data from Bureau of Labor Statistics (supplied to BloggingStocks by Challenger, Gray & Christmas), the retail sector added only 63,500 jobs in October -- in data that appropriately was not seasonally adjusted.

This is only slightly better than the 59,100 retail jobs added in October 2008. In the fourth quarter of last year, retail employment increased by a mere 384,300 jobs, with the retail industry turning in its worst holiday shopping season employment stats since 1989 (when it added 380,500 workers).

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Holiday hiring slow for retailers originally appeared on BloggingStocks on Tue, 10 Nov 2009 16:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>bureau of labor statisticschallengerchallenger gray christmasfeaturedhiringholidayholiday hiringholiday seasonholidaysinthenewsretailretail industryretail sectorretail stocksretailerstemp worktemp workerstemporarytemporary workersunemploymentunemployment rateTue, 10 Nov 2009 16:45:00 EST<![CDATA[Labor Ready (LRW): An economic canary]]>http://www.bloggingstocks.com/2007/10/26/labor-ready-lrw-an-economic-canary/http://www.bloggingstocks.com/2007/10/26/labor-ready-lrw-an-economic-canary/http://www.bloggingstocks.com/2007/10/26/labor-ready-lrw-an-economic-canary/#commentsFiled under: , , ,

Temporary staffing agencies are usually a good leading economic indicator, somewhat like modern canaries in the proverbial mine shaft. When companies will not even staff with temporary workers, the short-term economic prospects look dim. Labor Ready Inc. (NYSE: LRW) is an industrial staffing temp agency specializing in general labor, light industrial labor and more skilled trades for construction, landscaping and transportation companies. The company last week released 3Q 2007 earnings that are not encouraging. Granted, some of its business such as landscaping personnel is seasonal, but the results indicate a weakening overall demand for semi-skilled labor in all sectors.

Despite a softening demand, revenue was up 4.4% to $390.7 million, but net income was down almost twice that, 8.5%, to $22.7 million. Revenue for 4Q 2007 is forecast to continue to decline by as much as $45 million. Labor Ready still operates 919 branches, having already closed 47 branches in 2007. Senior management blames decreased demand for temporary laborers on an increase in the minimum wage and continued weakness in both residential and commercial construction. As neither of these factors are within Labor Ready's control, the company can only downsize and control costs until demand for its services strengthens.

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Labor Ready (LRW): An economic canary originally appeared on BloggingStocks on Fri, 26 Oct 2007 13:14:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>employmentjobslaborLabor ReadyLabor Ready IncorporatedLaborReadyLaborReadyIncorporatedLRWsemi-skilled laborSemi-skilledLaborstaffingtemporary staffing agencytemporary workersTemporaryStaffingAgencyTemporaryWorkersunemploymentFri, 26 Oct 2007 13:14:00 EST