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Retailers look to holiday hiring with caution Michigan retailers expect it will be easier
to hire employees this holiday season, but more plan to cut back than
expand their seasonal workforce. The Michigan Retail Index, a joint project
of the Michigan Retailers Association (MRA) and Federal Reserve Bank of
Chicago, found that 64 percent believe the holiday labor pool will be
larger this year than last. But only 2 percent plan to hire more holiday
workers, while 17 percent expect to hire fewer and 81 percent hire the
same number. The Index also found August sales wilted
in the late summer heat, although retailers’ optimism for fall sales
rebounded slightly. Thirty-seven percent reported increased sales
for August, compared to a year ago, while 51 percent said sales declined
and 12 percent reported no change. The results create a seasonally adjusted
performance index of 40.1, down from 48.3 in July and the lowest since
last September. Sixty-two percent project September-November
sales will increase over the same period last year. When combined with
the 21 percent who project level sales and 17 percent who predict a falloff,
the results create a seasonally adjusted outlook index of 68.7—up
from 66.2 in July. “Retailers continue to approach the
holiday season with cautious optimism,” said Larry Meyer, MRA chairman
and CEO. “At this point, the majority of stores are planning to keep
inventory and hiring at last year’s levels.” West Michigan retailers fared the best, with
50 percent reporting increased sales and 10 percent reporting no change.
Northern Michigan Retailers were next, with 41 percent increasing sales
and 13 percent reporting no change. Furniture and appliance retailers led other
trade lines, with 48 percent boosting sales and 5 percent reporting no
change. Jewelers were next at 43 percent increased sales and nine percent with no change. Complete results of this month’s Michigan Retail Index - including data on sales, inventory, prices, promotions and hiring - are available at www.retailers.com/news/retailindex.html. The website includes figures dating back to July 1994.
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