Seasonal Employment Impacted by Hurricanes and Pandemic-Era Lowest Numbers
- Retail and transportation hiring announcements hit highest levels since 2021
- Actual job additions in October lowest since before the pandemic
- Challenger, Gray & Christmas analysis shows retailers added 124,700 jobs, lowest since 2018
- Transportation and warehousing added 61,300 jobs, lowest since 2019
- Hurricanes impacted seasonal hiring in October
- Employers announced plans to hire 659,850 seasonal workers
- Actual retail job gains may fall below 2023 total of 564,200
- Retailers likely to add about 520,000 new jobs in Q4 2024
- Total nonfarm payroll rose by 12,000 jobs in October
- Economists remain optimistic for a ‘soft landing’
- Part-time seasonal work more appealing to job seekers: iCIMS report
Despite retail and transportation hiring announcements reaching their highest levels since 2021, actual job additions in October have dropped to the lowest point since before the pandemic. Challenger, Gray & Christmas Inc.’s analysis reveals that retailers added 124,700 jobs, marking the lowest October total since 2018, while transportation and warehousing added 61,300 jobs, the lowest number since 2019. Hurricanes in October impacted seasonal hiring, potentially affecting worker availability and demand in the South and Southeast regions. Employers announced plans to hire 659,850 seasonal workers, but actual retail job gains may fall below the 2023 total of 564,200, amounting to about 520,000 new jobs in Q4 2024. This is slightly higher than the 509,300 jobs added in Q4 2022 but still marks the second-lowest total since 2009. Economists advise against panic, citing temporary disruptions like hurricanes and strikes. The market remains optimistic for a ‘soft landing’ in the future. A recent iCIMS report shows job seekers are increasingly interested in part-time seasonal work, with nearly three-quarters preferring it over full-time seasonal roles.
Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the current state of seasonal hiring in retail and transportation sectors. It cites sources such as Challenger, Gray & Christmas, Inc. and the Bureau of Labor Statistics for its data, and includes expert opinions from Andrew Challenger. The article also discusses potential reasons for lower job additions (hurricanes and strikes) and mentions a related report by iCIMS about job seeker preferences.
Noise Level: 3
Noise Justification: The article provides relevant information about the drop in actual job additions for retail and transportation sectors despite seasonal hiring announcements. It also mentions the impact of hurricanes on the job market and the preference of part-time work among job seekers. However, it could provide more analysis or context on the long-term trends and consequences of these changes.
Financial Relevance: Yes
Financial Markets Impacted: No
Financial Rating Justification: The article discusses job additions in retail and transportation sectors, which can impact companies’ hiring decisions and potentially affect their financial performance. However, it does not mention any direct impact on financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article and it does not discuss any event that happened in the last 48 hours.
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