Washington, D.C. -- The National Retail Federation said the retail industry added 37,000 jobs in the month of July, with increases in general merchandise, food and beverage and building and garden supply stores.
“Contrary to the record increases on Wall Street, employment continues to be a lagging indicator of the recovering economy,” NRF chief economist Jack Kleinhenz said. “Despite the underwhelming and discouraging job gains in July, NRF expects the economy to pick up in the third and fourth quarters. The employment trend is positive, yet lackluster.”
The Bureau of Labor Statistics report showed that the economy added 162,000 jobs in July, which lowered the unemployment rate to 7.4%.