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As 2023 seasonal hiring gets underway, some retailers are cutting back on workers while others are hiring more.
U.S. retailers are bracing for a less bountiful holiday hiring spree. Compared to the more optimistic numbers of the past, this year's forecast is somber. According to Challenger, Gray & Christmas, retailers are slated to onboard only 410,000 seasonal staffers, the lowest since the recession-hit 2008. Key insights to note:
These patterns reflect broader market concerns: rising costs and wavering consumer confidence. Specifically, Target and Home Depot anticipate a trend where customers lean more towards essentials rather than splurges, pointing at inflation's bite into household budgets. Meanwhile, UPS, historically known to hire 100,000 seasonal workers, remains tight-lipped, presumably due to ongoing union negotiations.
Sources: Reuters | Scripps News
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