'Tis the season Fri Dec 16 09:49:00 EST 2022 'Tis the season http://www.federatedhermes.com/us/static/images/fhi/fed-hermes-logo-amp.png http://www.federatedhermes.com/us/daf\images\insights\article\christmas-store-window-small.jpg

'Tis the season

Amid recession fears and high inflation, seasonal hiring plunges.

Published

‘Tis the season. Amid recession fears and high inflation, seasonal hiring plunges. Yearly seasonal hiring average since 2005. Note: *Seasonal hiring includes the months of October, November, and December. The yearly seasonal hiring average in retail was 667,100. The yearly seasonal hiring average in warehouse and transportation was 273,000. Jobs added in October 2022. 162,000 jobs in retail, a 28% decrease from October 2021. 65,800 jobs in warehouse and transportation, a 46% decrease from October 2021. Seasonal hiring plans down 36% from 2021. For Macy’s, from 76,000 in 2021 to 41,000 in 2022. For Walmart, from 150,000 in 2021 to 40,000 in 2022. For USPS, from 40,000 in 2021 to 28,000 in 2022. Information sources: Challenger Gray, November 2022; New York Post, November 2022.

DISCLOSURES

Federated Securities Corp.

838849285