Home / Knowledge / News / Apparel/Garments / US unemployment rate is now lowest since April 2000
US unemployment rate is now lowest since April 2000
04
Jun '18
US unemployment rate is now lowest since April 2000
The unemployment rate in the US has reached its lowest since April 2000, as many industries including retail continue to hire. According to the National Retail Federation, the retail industry employment was up by 28,800 jobs seasonally adjusted in May over April and 100,200 jobs unadjusted year-over-year. Overall, US businesses added 223,000 jobs in May.

“May’s rebound in jobs together with the report of solid income growth and the rise in consumer confidence points to the economy functioning very well,” NRF chief economist Jack Kleinhenz said. “Solid fundamentals in the job market are encouraging for retail spending, as employment gains generate additional income for consumers and consequently increase spending.”

“With the unemployment rate of 3.8 percent at its lowest since April 2000, shows that many industries including retail are hiring and creating jobs at a steady pace. We expect this rate to continue to decline as the fiscal stimulus and tax cuts are further absorbed in the economy,” Kleinhenz said.

May’s numbers followed an upwardly revised combined increase of 19,300 jobs for March and April. The three-month moving average in May showed an increase of 19,000 jobs, NRF said in a press release.

Retail registered monthly gains nearly in all segments with the most robust increases concentrated in three sectors: general merchandise stores, which were up 13,400; clothing and clothing accessory stores, up 6,500; and building and garden supplies, up 6,000. Losses were concentrated in two sectors: health and personal care stores, down 800 jobs; and non-store which includes online, down 1,100 jobs.

Economy-wide, average hourly earnings in May increased by 8 cents – 2.7 per cent – year-over-year.

Kleinhenz noted that retail job numbers reported by the department of labour do not provide an accurate picture of the industry because they count only employees who work in stores while excluding retail workers in other parts of the business such as corporate headquarters, distribution centres, call centres and innovation labs.

The labour department numbers also exclude automobile dealers, gasoline stations and restaurants. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Businesswire/PrimaLoft

Textiles | On 18th Nov 2018

PrimaLoft unveils PrimaLoft Bio Performance Fabric

PrimaLoft, a leader in advanced material technology, has unveiled...

Higher sales and earnings at Macy's in Q3FY18

Fashion | On 18th Nov 2018

Higher sales and earnings at Macy's in Q3FY18

Higher sales and earnings were recorded at Macy’s, one of the premier ...

Courtesy: Amazon

Apparel/Garments | On 18th Nov 2018

Amazon's new headquarters in New York City, Arlington

Amazon is setting up two new headquarters, one in New York City and...

Interviews View All

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The decision to reduce GST on MMF yarn to 12% is transformational

Binoy Ravjani, Hero's Fashion

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Smith Vaghasia, Sanado India

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Pietro Turrin,

Pietro Turrin

Industrie Tessili Bresciane (ITB) has served numerous industries and...

Himanshu Jariwala,

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Shivani Swamy,

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Suresh Patel, Sidwin Fabric

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search