As the holiday season approaches, the job market seems to be cooling off just like a pumpkin spice latte left too long on the counter. According to a report from the Washington Examiner, it looks like there might be a slowdown in seasonal hiring this year. This could be bad news for the job market, but it’s also a potential sign that the economy isn’t as hot as it once was.
Holiday seasonal hiring expected to slow as shopping kicks off with Black Friday https://t.co/ruJGrCNnMT
— JG (@hocsoc1 on TruthSocial) (@hocsoc1) November 17, 2023
Typically, retailers would be beefing up their staff in preparation for the holiday rush, but this year might not see the same hiring frenzy. The National Retail Federation is expecting a 40% drop in seasonal hires compared to last year’s peak. It seems like the days of hiring sprees are as over as last year’s trendy Christmas sweater.
Andrew Challenger, from Challenger, Gray, and Christmas, predicts that because of inflation, companies, especially retailers, won’t be able to easily pass on increased labor costs to consumers. This could lead to more job cuts instead of added positions. It’s like a game of musical chairs, but with jobs.
And don’t expect those long Black Friday lines to get any shorter. Jeffrey Roach, an economist, believes that there might be less customer support and longer lines due to the lack of seasonal hiring. It’s beginning to sound a lot like “Silent Night” might be playing on repeat in those long checkout lines.
But wait, there’s more! This potential hiring slowdown isn’t the only lump of coal in the stocking. The report also highlights rising credit card balances and delinquencies, as well as more people falling behind on their car payments. It’s like the 12 Days of Christmas, but instead of partridges and turtle doves, it’s debt and missed payments.
Despite the potential hiring slowdown, one thing that’s not slowing down is holiday spending. According to the National Retail Federation, shoppers are expected to drop some serious cash this holiday season. It’s like the economy’s holiday wish list is coming true – well, except for the potential hiring slowdown.
In the end, it seems like the holiday season might not be as holly and jolly for job seekers as it has been in the past. If the holiday spending doesn’t hit the projected 3% to 4% increase, it might be a sign that the economy isn’t exactly rocking around the Christmas tree. It’s like finding out that Santa’s sleigh might not be as full as we hoped for this year.
So, grab a gingerbread cookie, cozy up by the fire, and keep an eye out for those holiday deals. It seems like the next couple of months might be more about finding the best online sales than fighting the crowds in the stores. It’s a holiday shopping season plot twist that even Hallmark wouldn’t see coming.