"I'm more excited about the supply chain enabler side of it, that's actually building some of that tech to help brokers get more efficient, help shippers get more efficient, and help carriers get more efficient."
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:
Amazon stands out, prepping to add a record 250,000 employees. This marks a substantial 67% leap from the previous year, a reaction to their expanded infrastructure, like new fulfillment centers and delivery stations.
Target remains consistent, setting sights on 100,000 holiday hires, unchanged from last year.
Macy’s, conversely, tightens its belt, with plans to cut hiring figures by 3,000.
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.
The US labor market is showing signs of stabilization as the rate of voluntary job quitting approaches pre-pandemic levels and employers implement better retention strategies.
