The coronavirus shutdown hit retail payrolls hard. 🔐
Retailers cut 2.1 million jobs last month and employment in the sector fell to 13.5 million, according to the Labor Department’s tally.Apparel and accessories specialty stores were forced to be especially aggressive and reduced payrolls by 739,600, cutting more than half of the workforce to 530,000. Department stores eliminated 160,800 positions to employ 920,800.The U.S. shed 20.5 million jobs for the month as the unemployment rate skyrocketed to 14.7 percent, up from just 4.
Washington has moved to support people who lost their jobs with expanded unemployment benefits, but the need has been staggering and outpaced the systems used to apply for aid in some states. Over 33.5 million people have put in for unemployment support over the past seven weeks — an unprecedented surge that has economists wringing their hands.
Many more closings are surely coming, with even steeper cuts a possibility for the companies that have sunk into bankruptcy, including J. Crew Group and Neiman Marcus Group. When Kohl’s turns the lights back on in 10 states, including Texas and Georgia, on Monday — extending the retailer’s active brick and mortar footprint to 14 states — they will be using new protocols to maintain social distancing and guard against COVID-19.
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