Macy's to Hire 31,500 Workers for Holiday Season Amid Softer Labor Market and Tight Spending

Macy's announced its plan to hire over 31,500 full and part-time employees for the upcoming holiday season, marking a decrease from previous years. The company is bracing for a busy shopping period, despite the reduced workforce.

Impact of Labor Market and Consumer Spending

The U.S. department store's decision aligns with the findings of Challenger, Gray & Christmas, which reported that U.S. retailers are expected to hire fewer workers this holiday season due to a softer labor market and tighter consumer spending. Macy's had previously planned to recruit approximately 38,000 employees last year and around 41,000 workers in 2022.

Deloitte's forecast indicates that U.S. holiday sales are anticipated to grow at their slowest pace in six years. The factors contributing to this trend include persistent inflation and depleted savings, which have turned shoppers more frugal as the holiday shopping period approaches. It's worth noting that holiday season sales typically account for over half of U.S. retailers' annual revenue.