A shopper looks at Walmart merchandise in Salem, N.H. Photo: Elise Amendola / AP

Walmart isn't hiring seasonal workers this holiday season, and will instead increase existing employees' hours, a decision that underscores the American consumer's strengthening preference for online rather than in-store shopping.

Why it matters: According to retail consultant Challenger, Gray, and Christmas, seasonal retail employment grew last holiday season at the smallest rate since 2009. Seasonal jobs in warehousing and transportation of goods sold online are partly making up for the loss of in-store employment, but those jobs tend to be less evenly distributed geographically than traditional retail gigs.

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Dan Primack, author of Pro Rata
18 mins ago - Economy & Business

Leon Black says he "made a terrible mistake" doing business with Jeffrey Epstein

Photo illustration: Sarah Grillo/Axios. Photo: Rick Friedman/Corbis/Getty Images

Apollo Global Management CEO Leon Black on Thursday said during an earnings call that he made a "terrible mistake" by employing Jeffrey Epstein to work on personal financial and philanthropic services.

Why it matters: Apollo is one of the world's largest private equity firms, and already has lost at least one major client over Black's involvement with Epstein.

1 hour ago - World

Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.