Jobs Report: Retail employment falls again in May
Add Axios as your preferred source to
see more of our stories on Google.
American retail workers have now lost jobs for the fourth straight month, locking in a trend in which shoppers are spurning bricks-and-mortar shops and buying on-line.
The U.S. economy added 138,000 new jobs in May, and the unemployment rate dipped to 4.3%, according to a report issued Friday by the Labor Department. Markets won't be too disappointed with these headline numbers, even though job growth was below economist expectations by roughly 50,000.
Data: Bureau of Labor Statistics; Chart: Lazaro Gamio / Axios
But retail had another tough month: In retail, 6,100 people lost their jobs, adding up to 80,300 since the start of the year, the government said. This falls in line with the US and global shift to on-line shopping.
A level deeper: The trend occurs in one of the country's primary job sectors: some 15.9 million US workers are employed in retail, which has been a vital entry point for low-skilled workers, and a safe harbor for those who have fallen out of other jobs.
Be smart: If this trend continues, the U.S. worker may lose a vital step on the ladder of economic mobility. Workers often earn only minimum wage, but without bricks-and-mortar stores and malls, it's hard to see where those employed in them will find other work.
