Hiring Plans at U.S. Employers Fall to Five-Year Low as Retailers Retrench

[Purveyor]

Source: Bloomberg

Sept. 9 (Bloomberg) -- Fewer U.S. employers plan to hire in the fourth quarter, according to a private survey that shows the worst holiday-season job prospects on record at retailers.

Manpower Inc., the world's second-largest provider of temporary workers, said its employment gauge for October through December slumped to 9, the lowest level since 2003. The reading for stores and wholesalers was the weakest for any fourth quarter since Manpower began keeping track in 1972.

``Retailers are bracing themselves for a very weak holiday season,'' Jeffrey Joerres, chief executive officer of Milwaukee- based Manpower, said in an interview. ``The weakness has spread beyond construction and the financial sector to other parts of the economy.''

The highest jobless rate in five years, slumping home values and tougher bank-lending guidelines raise concern shoppers will retrench during what's traditionally the busiest time of year for merchants. A slump in consumer spending, which accounts for more than two-thirds of the economy, would bring an end to the expansion.

Employers cut 84,000 workers from payrolls in August, the eighth consecutive decline, and the unemployment rate jumped to 6.1 percent, the Labor Department said last week.

Read more: http://www.bloomberg.com/apps/news?pid=20601103&sid=aLqVkOvlmY0M&refer=us

[OhioChick]

1. K&R

:kick:

[dysfunctional press]

2. if you REALLY want to see retailers "retrenching"- just wait until january

this is going to be one BLEAK holiday shopping season.
the only thing that MIGHT save it would be an obama victory- the change in the white house would be seen as a sign of hope for people, and it might make them feel good enough to find a way to spend a little more at christmas.
if when the mccain team steals it, people are NOT going to feel like christmas shopping.

[Ian David]

3. No republican president has ever left office with unemployment under 5%. However...

Three out of four of the last Democratic Presidents did.