Hurting Retailers Slash Jobs, More Cuts Expected -- Motor Vehicle, Parts Dealers Lose the Most

Summary

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NEW YORK - U.S. retailers cut 66,600 jobs in December, capping the worst year for their employees since at least 1939, and they are expected to continue laying off workers as they close more stores to grapple with a severe retrenchment in consumer spending.

It was the 13th consecutive month of job losses in the sector, but December's pace was well above the industry's average of 43,000 for the year. In 2008 overall, retailers shed 522,000 jobs, the most since the government began tracking the data in 1939, according to Sophia Koropeckyj, managing director of Moody's economy.com, a division of Moody's Analytics.

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Extract

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Hurting Retailers Slash Jobs, More Cuts Expected -- Motor Vehicle, Parts Dealers Lose the Most

Retail job losses account for 20 percent of the 2.6 million jobs slashed in the U.S. in 2008, even though retail accounted for only about 11 percent of total payroll employme...

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