Report: Kronos retail labor index reaches near two-year high
Chelmsford, Mass. — Kronos on Monday announced the release of its Retail Labor Index, which showed a February increase to 4.2% from 3.85% in January. (This metric is defined as the percentage of job applications that result in a hiring, normalized within a scale of 0 to 100. A level of 3.0% means that for every 100 applications received, three hirings occurred.)
February’s metric is the highest the Index has been since August 2008 when it reached 4.45%, according to Kronos.
The retailers representing 27,034 distributed locations across the United States that make up the Kronos data sample recorded 37,129 hirings (on a seasonally adjusted basis) in January, a significant 41.61% decrease from the December 2010 seasonally adjusted figure of 63,587. The January 2011 figure represents a 9.61% increase over the 33,873 hirings that occurred in January 2010.
The supply of applications also decreased significantly to a seasonally adjusted level of 883,843 in January. The January figure represented a 46.55% decrease from the 1,653,520 applications processed in December 2010 and a 39.41% decrease from the 1,458,728 applications processed in January 2010.
Employee retention, the percentage of employees remaining on the job 60 days or more, was 82.50% in January 2011, a decrease of 1.47% from December 2010 and the first notable drop in the past 12 months.
“Applications and hiring were down significantly this month, but the combination pushed the Index up to its highest point since August 2008,” said Dr. Robert Yerex, chief economist, Kronos. “Overall, 2010 was a year in which we saw retailers reduce their overall labor capacity by almost 10%.”
American Apparel names new CFO
Los Angeles — American Apparel announced Friday that it has named John J. Luttrell as executive VP and CFO, and moved its current CFO Adrian Kowlewski into the position of executive VP corporate strategy, effective Feb. 7.
Luttrell was previously CFO of Gap’s Old Navy brand.
Liz Claiborne names Juicy Couture CEO as business development exec
New York City — Liz Claiborne said Friday that Edgar Huber, CEO of Juicy Couture, will be assuming a new position as executive VP global business development for Liz Claiborne, effective Feb. 14.
The company said Huber will continue to report to William L. McComb, CEO, Liz Claiborne.
LeAnn Nealz, president and chief creative officer, and John DeFalco, CFO and COO, will jointly manage the Juicy Couture business while the leadership structure for the brand going forward is determined, according to McComb.
"This move reflects the company’s significant opportunities for global expansion of its key brands, including Juicy Couture, Kate Spade, Lucky Brand Jeans and Liz Claiborne,” said McComb.