Retail jobs up in July
The latest jobs report underscores the tight job market within the retail industry.
Retail industry employment in July increased by 66,000 jobs unadjusted over the same time last year showing on-going industry growth, the National Retail Federation said today. Retail industry unemployment dipped from 4.5% to 4.4%. (The numbers exclude automobile dealers, gasoline stations and restaurants.)
Overall, U.S. businesses added 157,000 jobs over June, the Labor Department said. Economists had expected a gain of about 190,000.
“While today’s jobs release may appear disappointing after a string of monthly gains, the economy remains fundamentally strong,” NRF chief economist Jack Kleinhenz said. “In the past, summer months tend to show large employment fluctuations due to the timing of seasonal hiring. However, consumer and business optimism remain elevated and paints a positive picture as we head into the third quarter.”
July saw monthly gains in general merchandise stores, which were up by 14,000 jobs, clothing and accessories stores up 10,000 jobs, and food and beverage stores up 8,000 jobs. Offsetting the gains, employment decreased by 32,000 jobs in sporting, hobby, book, and music stores.
July’s increase of 3,100 jobs was followed by revisions in June with a loss of 23,600 and an upwardly revised increase in May of 28,000, seasonally adjusted. The three-month moving average in July showed an increase of 2,500 jobs.
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Only three retailers make the cut in annual workplace survey
A wholesale club giant, a well-regarded regional supermarket chain and a coffee giant rank among the nation’s highest-rated workplaces.
Costco Whole Club and Publix Super Markets nabbed the No. 5 and No. 19 spots respectively on the annual Top-Rated Workplaces: The 50 Best ranking by job site Indeed. The top spot was taken by Facebook. Starbucks was No. 23. (The ranking is based on overall ratings and reviews on Indeed of the companies featured on this year’s Fortune 500 list.).
Indeed uses a proprietary algorithm to rank companies using a variety of factors, such as average rating, number of reviews, and the history of job openings. To see the full ranking, click here.
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Contactless payments to skyrocket
The adoption of contactless payments are on the rise, but mobile payments aren’t the top option.
Contactless payments will exceed the $1 trillion mark for the first time in 2018, and contactless card payments will dominate transactions, according to “Contactless Payments: Payment Cards, OEM & Mobile Wallets 2018-2023,” a study from Juniper Research.
According to data, payment cards and mobile wallets will drive in-store contactless payments, a segment that is primed to reach $2 trillion by 2020. This represents 15% of the total point-of-sale transactions.
However, contactless card payments will lead the charge. This adoption will be led by users in Europe, as well as Far East and China. The strongest contactless card payment adoption will be across the Far East, China and rest of Asia Pacific, which together account for nearly 55% of global contactless card transaction values.
Mobile contactless payments are also on the rise, and options will be driven by original equipment manufacturers (OEM). OEM wallets, such Apple Pay, Samsung Pay, Google Pay, will reach 450 million users by 2020. Apple Pay will account for one in two OEM digital wallet users globally.
Further, OEM pay wallets will enable over $300 billion in transactions by 2020, representing 15% of the total contactless in-store transactions, the study reported.
“Growth over the next five years will continue to be dominated by offerings from the major OEM players. Additionally, we now have the likes of Huawei Pay and Fitbit Pay launching in several markets,” said Nitin Bhas, head of research, Juniper Research.
It's the natural direction. It marks the confluence of truly expeditious checkout (nobody likes to wait in line behind the one person pulling out crumpled bills out of a change purse, one by one), and the ubiquity of the smartphone, through which the payments will be made. Goodbye wallet!