Unemployment Hits Nine-Year High at 6%
Nine-Year High at 6%
WASHINGTON — The nation’s unemployment rate climbed to 6 percent in November, with job losses occurring throughout the economy, including at retailers that typically add workers for the Christmas season, according to the monthly jobs...
WASHINGTON — The nation’s unemployment rate climbed to 6 percent in November, with job losses occurring throughout the economy, including at retailers that typically add workers for the Christmas season, according to the monthly jobs report released Friday by the Labor Department.
Up from October’s 5.7 percent, the unemployment rate is the highest in almost nine years, when the economy was emerging from recession.
U.S. companies trimmed payrolls last month by a total of 40,000 workers. Included were domestic apparel factories that laid off 1,000 workers to employ a seasonally adjusted 424,000, which is 27,000 below a year ago. U.S. textile mills shed 2,000 workers, also 27,000 below November 2001.
Meanwhile, apparel and accessory stores dropped 4,000 workers from their payrolls to employ 1.177 million, which is also 4,000 below a year-ago. General merchandise stores, including mass retailers, reported 20,000 fewer workers last month to employ 2.831 million, or 46,000 less than November 2001. Department stores last month employed 2.488 million, which was 17,000 fewer than October and 52,000 below year-ago payrolls.
Carl Steidtmann, chief economist at Deloitte Research, saw positive signs for retailers, as well as the economy as a whole, in the jobs report. He said the retail job decline was because of companies gaining productivity through technology.
"They simply didn’t hire as many part-time workers for the holiday season," Steidtmann said. "Retailers are being very aggressive keeping their costs under control and that should be very favorable for retailer profitability."
Despite the higher unemployment rate, Steidtmann forecast economic growth in the last quarter of 3 percent. As one positive signal for employment, he noted the number of workers filing for unemployment claims in recent months declining.
Andrew Hodge, senior vice president of Global Insights, based in Philadelphia, said the increase in the unemployment rate reflects an economy seesawing from quarter-to-quarter.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion