Retailers Are Slashing Jobs Like The Country Is In A Recession
Retailers are laying off workers at a pace previously only experienced during a recession as they try to adapt to consumers buying more and more things online. When it comes to bankruptcies, retailers are faring worse now than during the Great Recession.
The Labor Department said the U.S. retail sector lost 60,000 jobs in February and March, marking the worst month since the end of 2009, MarketWatch reports. Along with high-profile closings at J.C. Penney, Macy’s and Sears, retailers shuttered more than 3,500 stores in the first three months of 2017.
The retail sector employs almost 16 million Americans and was one of only a handful of sectors to shed jobs last month. When it comes to total cuts, retail eliminated far more jobs than any other industry, and most experts agree these cuts will not slow any time soon.