Illustration: Rebecca Zisser/Axios

Companies have ambitious goals to bulk up staffing for the holiday season, but the tight labor market might make meeting those targets tough.

Why it matters: Unemployment is at a record low and this is a take-your-pick job market, so hiring for the holiday season will likely be more difficult than usual. (Yes, it's already starting.) There's no guarantee that offering perks like paid time off or bonus eligibility will attract more seasonal workers.

Hiring plans by the numbers:

  • Target: 120,000, 20% more planned than last year
  • UPS: 100,000, about 5% more planned than last year
  • FedEx: 55,000, 10% more planned than last year
  • Macy's: 80,000, in line with last year's initial hiring plans

The other side: According to James Dion, who runs the retail consultancy firm Dionco, companies might have to pay a little more, but they will be able to find workers to take on a part-time gig — maybe as an additional job — for the holidays.

  • "If [companies] have any trouble getting workers, they will continue to raise the salary until they get them," Dion said. One example: Target, which is upping wages for seasonal employees this year.

The bottom line: There are major consequences if companies do not hire enough workers to meet the demand of the holiday season. (Ask UPS, which had to draft its accountants and other staff to deliver packages last year.) With insufficient service, sales will suffer.

Go deeper

Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.