Reuters reports that Macy’s plans to hire at least 38,000 employees for the 2023 holiday season, but this number is lower than last year’s hiring force, which was estimated at 41,000, and lower still than the 76,000 workers hired in 2021. Levels this low were last seen in the financial recession of 2008, according to a report by Challenger, Gray & Christmas, a global outplacement and career transitioning firm.
Bain & Company also “forecasts US retail sales to grow by 3% this holiday season, the lowest holiday growth rate since 2018.” According to their data, this would mean that US holiday retail sales growth remains below the 10-year average after being adjusted for inflation.
