The Conference Board Index Forecasts More Job Losses
New York City The Conference Board Employment Trends Index (ETI) declined further in November. The index fell to 102.9, down 1.6% from the October revised figure of 104.5, and down over 13% from a year ago.
“Thus far, the U.S. economy has lost 1.9 million jobs and the declines in the ETI suggest job losses could very well surpass 3 million by mid-2009,” said Gad Levanon, senior economist at The Conference Board. “The continued deterioration in the labor market will exert significant downward pressure on wages.”
The 16 month-long decline in the ETI is seen in all eight of its components, most notably over the past six months in temporary-help hires and part-time workers for economic reasons, notes Levanon.
The index aggregates eight labor-market indicators, each of which has proven accurate in its own area. Aggregating individual indicators into a composite index filters out so-called “noise” to show underlying trends more clearly, according to The Conferences Board.
Retail Industry Cut 91,300 Jobs in Nov.
New York City The U.S. retail industry cut 91,300 jobs in November, marking the biggest employee-loss in 34 years.
November marked the 12th consecutive month of retail job reductions and was well-above the industry’s average monthly pace of 40,000.
Overall, the nation’s employers cut 533,000 jobs in November, pushing the unemployment rate to a 15-year high of 6.7%.
Multidev Technologies Announces New Store-Budgeting Functionality
Montreal-based Multidev Technologies Inc., principal provider of fully integrated business solutions for the retail industry, announced this week that it has released their new Store Budgeting functionality which is fully integrated within its leading retail-management solution, ChainDrive, offering its clients and perspective customers an added feature to its already robust system.
ChainDrive’s Store Budgeting features provide retailers the possibility to set sales objectives, view comparables and establish Key Performance Indicator (KPI) targets. This budgeting tool provides a platform that has the ability to set and monitor store objectives using real-time data as well as accumulates historical statistics allowing for immediate action for improved and meaningful results.
The Store Budgeting tool does much more than simply set sales targets; it allows the head office to control what data is visible to the store and produces the view that best represents its requirements for goal setting, reporting and analysis. It also provides the capability to manage stores by district, area or type and ranks them against any set target.
“We always strive to develop and enhance ChainDrive and recognize the importance of offering a solution that evolves and advances with the needs of the retailer in mind,” stated Mark Carter, executive VP of Multidev Technologies. With the addition of our new Store Budgeting functionality, our retail customers will truly benefit from a tool that clearly communicates their budget goals and objectives directly to the store level.”