What: The retail sector experienced a reduction in jobs during November, with department stores and apparel/ accessories stores shedding positions.

Why it is important: The decline in temporary jobs pointed to fundamental changes in the market, such as the subdued outlook for the holiday season and the continual growth of online shopping.

Overall employment growth exceeded expectations, with non-farm payrolls expanding by 199,000 jobs and the unemployment rate dropping to 3.7%. Factors contributing to this growth included the return of striking workers and stronger-than-expected employment expansion. It was observed that while seasonal layoffs in November and December led to job losses, these would likely be recovered in January and February. The data suggested that the labor market was gradually returning to normal, with the November gains reflecting a rate typically seen as necessary to keep up with U.S. population growth.

Retail jobs fall ahead of the holiday season