US retail sector continues to fuel job creation & economic growth: NRF

The retail industry's contribution to the labour market is mirrored by its impact on the nation's finances. In 2022, the sector contributed approximately $3 trillion in labour income, equating to 20 per cent of the total national labour income. Furthermore, its contribution to the gross domestic product (GDP) amounted to $5.3 trillion, or 20.4 per cent of the total US GDP, as per the Economic Contribution of the US Retail Industry report.

A closer look at the industry reveals that the US boasted nearly 4.6 million retail establishments in 2022, accounting for 11.1 per cent of all business establishments in the country. Directly, retailers provided jobs for 32.2 million Americans, showcasing the sector's importance as a major employment provider.

The report also highlights the diversity within the retail industry, with 98.6 per cent of retail firms employing fewer than 50 employees in 2022. These smaller firms were significant contributors to the industry, accounting for 40.1 per cent of all retail jobs and 35.6 per cent of the total labour income within the sector. Conversely, larger retailers, with 50 or more employees, made up 59.9 per cent of retail employment and 64.4 per cent of labour income, underscoring the importance of both small and large businesses to the industry's ecosystem.

Geographically, the report provides insights into the distribution of retail establishments across the US, identifying California, Texas, Florida, New York, and Georgia as the states with the highest number of retail businesses in 2022.

“The retail industry continues to expand in every way possible, from the number of jobs it supports to the number of retail businesses, and its total impact on GDP,” said NRF President and CEO Matthew Shay. “As the largest private-sector employer, American families and workers depend on a strong retail economy for continued growth and opportunity in communities large and small across the country.”

Fibre2Fashion News Desk (DP)