The National Retail Federation today issued the following statements from NRF President and CEO Matthew Shay and Chief Economist Jack Kleinhenz on the November jobs report:
“Today’s solid jobs report is welcome news that the economy is continuing to shake off the recession and adding jobs,” NRF President and CEO Matthew Shay said. “Retail continues to lead the jobs recovery with retailers and merchants bringing on thousands of additional workers to assist customers this holiday season.”
“It is now up to policymakers and regulators to sustain the positive momentum and work to resolve our nation’s looming fiscal and policy challenges, specifically the budget, debt ceiling, and the ongoing business and labor disruptions associated with the Affordable Care Act.”
NRF calculated retail industry job gains at 13,500 from October, and 268,500 year-over-year
“Employment is steadily improving month-by-month showing that the economy is primed for growth,” NRF Chief Economist Jack Kleinhenz said. “While we are far from fully-recovered, we are seeing a more consistent picture of the market, which should support further economic and employment growth in 2014. The positive jobs report may put additional pressure on the Federal Reserve as they decide the fate of the taper.”
The Bureau of Labor Statistics Employment Situation report showed that November total nonfarm payroll employment rose by 203,000, with the unemployment rate at 7.0 percent.
NRF is the world’s largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and Internet retailers from the United States and more than 45 countries. Retail is the nation’s largest private sector employer, supporting one in four U.S. jobs – 42 million working Americans.
Contributing $2.5 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s This is Retail campaign highlights the industry’s opportunities for life-long careers, how retailers strengthen communities, and the critical role that retail plays in driving innovation.
Source: National Retail Federation