Retail Hiring and Unemployment

Posted October 1, 2014
By Clay Cerny

 

The business website 24/7 Wallstreet reports that retailers expect to make major increases in hiring for the Holiday season. That’s good news for people who will get jobs, but it can lead to happy media reports that mask deeper problems in the economy. Why?  First, these jobs are not permanent and generally low paying. Second, the unemployment rate and related news will sound better than it really is. For my money, watch the manufacturing sector to understand how the job market is doing. More importantly, watch changes in wages and benefits. Until America gets a raise (at least 99% of America), we will not have significant changes in the economy or in real opportunities for working people.