Department Stores Cut Jobs in August

U.S. Labor Department released a report that showed that during the month of August, department and general-merchandise stores cut jobs while specialty stores added employees.

According to Women’s Wear Daily, general merchandise stores (which include department stores) lost 600 jobs and department stores, specifically, cut 6800 jobs. Department stores have posted a year-over-year loss of 33,000 jobs.

Apparel and accessories stores added 5300 jobs. This sector has seen a year-over-year growth in employment, up to 30,100 jobs.

Analysts expected the industry to add more jobs than it did. Overall, the unemployment rate in the economy fell to its lowest level since early 2008, at 5.1 percent in July.