- Marjorie van Elven |
Good news for retailers: it looks like the American economy is going better than expected. Employers added 224,000 jobs in June, according to the US Census Bureau, when economists had expected a gain of just 170,000 following May’s unexpectedly weak gain of 75,000.
The unemployment rate is near a five-decade low at 3.7 percent, up slightly from 3.6 percent in May. Average earnings rose 6 cents an hour from May, and are up 3.2 percent compared to 2018.
Unfortunately, fashion retail is not among the ones hiring. Apparel and accessories stores cut 5,500 jobs to 1.3 million in June, while department stores shed 3,400 jobs to 1.1 million.