Headlines

Toys “R” Us to Blame for Jobs Miss: Analyst

Game and hobby sector lost 32,000 jobs in July

Published

6 years ago

August 6, 2018

kmpeyton

The U.S. Labor Department reported that the economy added 157,000 jobs in July, falling short of its expectation of 190,000 jobs, and analysts are pointing to the retail sector for the shortfall.

According to CNBC, Grant Thornton Chief Economist Diane Swonk, the blame falls squarely on recently defunct Toys “R” Us. The 1948-founded toy retailer filed bankruptcy at the end of June and closed 800 stores. Overall, retail gained a net 7000 jobs, but the hobby, toy and game sector lost 32,000 jobs.

Broadly, economists saw the jobs report as strong, says CNBC. Despite the less-than-expected growth, the report represents a trajectory of growth, even with the month-to-month variables.

MasterClass: ‘Re-Sparkling’ Retail: Using Store Design to Build Trust, Faith and Brand Loyalty

HOW CAN WE EMPOWER and inspire senior leaders to see design as an investment for future retail growth? This session, led by retail design expert Ian Johnston from Quinine Design, explores how physical stores remain unmatched in the ability to build trust, faith, and loyalty with your customers, ultimately driving shareholder value.

Presented by:
Ian Johnston
Founder and Creative Director, Quinine Design