The impact of the season’s hurricanes is affecting the numbers just enough to cloud any true retail picture, according to NRF Chief Economist Jack Kleinhenz.
“Retail jobs were down in October while overall employment was up, but it is difficult to draw conclusions because the jobs data is still distorted by the aftermath of the recent hurricanes,” Kleinhenz said in a statement. “The storms have caused some consumers to defer discretionary spending but at the same time retailers selling building materials saw a significant increase in sales as homeowners and businesses affected by the storms rebuild and make repairs.”
