This week, Kronos Inc. reported some good news that may point to economic recovery, but shows that we have a long road ahead.
According to job data analyzed by Kronos Inc., retailers increased the number of new hires by 0.25% from just seven months ago, hiring nearly 3% of those who applied for a position. Still, retail hiring rates are half of what they were in 2006, but at least the signs of recovery are appearing.
While this is commonly one of the most important factors that will show recovery because our economy is built on consumer spending, this data also indicates that discount retailers are hiring the largest percentage of applicants, showing that while consumers are spending again, they are spending less and their habits may have changed for the long-term.
With the coming holiday season, retailers typically bolster up their sales and customer service staffs, which may cloud the true state of retail well-being. A better understanding of the retail environment can be expected this next month when retailers begin to higher seasonal staff.