The fact that the retail sector expanded in January is a positive sign of growing consumer confidence.
Pasadena, CA (PRWEB) February 05, 2013
The economy added 157,000 jobs in January, according to the Bureau of Labor Statistics report released on Friday. The retail sector experienced stronger than usual employment gains, with 33,000 jobs added last month. Growth in the retail market was reflected by jobs data on SellingCrossing.com.
The latest Bureau of Labor Statistics jobs report painted a picture of a modestly growing economy, with 157,000 jobs added in the month of January. The unemployment rate remained unchanged at 12.3 million, or 7.9 percent. The November and December job figures were revised upward, painting a much more positive picture of the labor market than originally reported.
One of the biggest highlights of the January jobs report was in retail trade, which added 33,000 jobs last month. In comparison with the 20,000 average monthly retail jobs added in 2012, the news indicated a significant growth in the retail industry. According to Bureau of Labor Statistics data, the biggest contributors of job growth within that industry included motor vehicle and parts dealers, which added 7,000 retail jobs; electronics and appliance stores, which added 5,000 retail jobs; and clothing stores, which added 10,000 retail jobs.
The growth in the retail market was reflected in a spike of hiring in January. SellingCrossing.com, a leading job site for retail and sales jobs, found 321,892 jobs in retail as of the end of January. Breaking down those numbers even further, demand was strongest for business sales, insurance sales, and sales associate positions.
The fact that the retail sector expanded in January is a positive sign of growing consumer confidence. During the recession, business at nearly every level and sector was down as consumers focused more on belt-tightening and cutting non-essential costs. The fact that Americans are again spending money is a positive sign that cash is not as tight as it was at the height of the economic downturn. This, in turn, is spurring employment demand in the industry, as reflected on job sites like SellingCrossing.com.
"The fact that retail is doing so well really points to a turnaround in the entire economy," notes Harrison Barnes, CEO of SellingCrossing.com. "Consumer spending habits are really indicative of how the overall economy is doing - or at the very least, people's perceptions of how it is doing. Growth in retail is a positive sign that consumer confidence is returning, and we're hopeful that this will translate into further job growth."
SellingCrossing.com is a job search site based in Pasadena, CA. It is a part of the Employment Research Institute and owned by A. Harrison Barnes.