Retailers will be "extremely careful" when it comes to holiday hiring this year, according to a new survey. In fact, hiring in the fourth quarter of 2008 for the Wholesale/Retail Trade sector is expected to be the lowest in over 17 years.
The Manpower Employment Outlook Survey found that hiring expectations for the Wholesale/Retail Trade sector for the final quarter of 2008 are expected to be the weakest since the third quarter of 1991. This is due in large part to economic turmoil (in the areas of energy prices and the financial markets), which have prompted consumers to cut back on discretionary purchases, according to Manpower.
As consumers scale back on their spending and holiday shopping expectations drop, department stores that historically add extra staff for the holiday season are expecting small or even nonexistent sales increases this holiday season.