The insight: Retail job cuts surged in the first two months of the year, the result of a spate of bankruptcies and cost-cutting measures from struggling companies.
- Retailers announced plans to shed over 45,000 jobs in January and February, up 572% YoY, according to a report by Challenger, Gray & Christmas.
- But those layoffs may take a while to take effect. The retail industry lost 6,300 jobs in February, per the latest Labor Department data, due mainly to strike activity at food and beverage retailers.
Going out of business: Retail bankruptcies account for the majority of job losses.