Companies are scaling back hiring additional staff for the holiday season.
Unlike years past, when there was a frantic rush to fill positions for the holiday season, advertisements for seasonal work have fallen to a decade low.
This may be down to two main factors: We’re past the pandemic-era staffing shortages, and, perhaps more worryingly, an anticipation of weaker consumer spending.
Warehouse, transportation, and logistics operators are doing the same. The U.S. Postal Service will hire just 10,000 additional employees this season, only a third of 2022’s figures. But there are exceptions, and Amazon (AMZN) has ramped up hires, signaling confidence in holiday shoppers.
Not Just a Christmas Story
The trend in holiday hiring may be more than just a seasonal adjustment, but indicative of what companies expect for the economy. After nearly two years of high inflation, shopping has become a challenge for many consumers.
But a decline in spending may still not be imminent. The National Retail Federation predicts a modest increase in holiday sales this year.
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