U.S. holiday season consumption may cool as Macy's (M.US) cuts seasonal hiring

Market VisionFriday, Sep 20, 2024 7:40 am ET

1min read

U.S. retail giant Macy's (M.US) announced plans to hire more than 31,500 full-time and part-time employees for the upcoming holiday season, down from about 38,000 last year and about 41,000 in 2022.

The move reflects the overall trend in the U.S. retail industry, as retailers are expected to reduce hiring of seasonal workers amid a softening job market and cautious consumer spending.

According to a Deloitte report, holiday season sales in the U.S. are expected to grow at the slowest pace in six years due to inflation and reduced consumer savings. The report said holiday season retail sales may grow 2.3% to 3.3% from a year ago, with a total of up to $1.59 trillion, compared with a 4.3% increase and a total of $1.54 trillion last year. In 2018, sales grew 3.1%.

As of writing, Macy's shares rose 0.13% before the market opened. The stock has fallen 22% this year so far.

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