Page Banner
Other/Misc.

Contact Kronos

Want to learn more? We can help you.
contact us
Loading...

Kronos Retail Labor Index™ Shows Retail Hiring has Dipped Slightly, but Continues to Show an Increase over 2009 Figures

CHELMSFORD, Mass., August 9, 2010 — Kronos® Incorporated today announced the August release of the Kronos Retail Labor Index™, a family of metrics and indices that analyze the relationship between the demand and supply sides of the labor market within the U.S. retail sector, and provide a distinct and early indicator of the overall state of the economy. The August report includes data for July 2010. The report is available on the Kronos Retail Labor Index website.

News Facts

  • The Kronos Retail Labor Index: (This metric is defined as the percentage of job applications that result in a hiring, normalized within a scale of 0 to 100. A level of 3.00 percent means that for every 100 applications received, three hirings occurred). The Kronos Retail Labor Index increased to 3.63 this month, up 4.6 percent (on a relative basis) from 3.47 in July.
  • Retail Hiring Level: The retailers representing 27,034 distributed locations across the U.S. that make up the Kronos data sample recorded 50,861 hirings (on a seasonally adjusted basis) in July 2010, a decrease of 14.89 percent from the June 2010 seasonally adjusted figure of 58,231. While this represents a decrease compared with the June hirings, it was an 18.05 percent increase over the 41,679 hirings that occurred in July 2009.
  • Retail Applications Level: The supply of applications decreased to a greater degree than did the hirings, by 16.02 percent, to a seasonally adjusted level of 1,403,963 in July, yet another reversal of the trend seen in the month prior. The July 2010 figure represented a modest 0.05 percent decrease from the 1,404,705 applications processed in July 2009. 
  • Retail Employee Retention Rate: Employee retention increased again in July 2010 as compared with July 2009; employees were 3.09 percent more likely to have a length of service of 60 days or more. This is smaller than the increases previously seen in every month since the beginning of 2010.

Supporting Quotes

  • Dr. Robert Yerex, chief economist, Kronos
    "The number of hirings that occurred in July decreased 14.89 percent over the previous month, but represents an 18.05 percent increase over the same month last year, which is still positive news for job seekers. July's decrease in hiring was smaller than the decrease in applications received, resulting in a relative increase in the Kronos Retail Labor Index."

    "Trends in the four most important constraints on consumer spending are moving against a return toward increased consumption: 1) the savings rate is increasing; 2) real disposable income has not shown a measurable increase in the past few years; 3) asset values continue to decline; and 4) total outstanding revolving consumer credit is at its lowest level since late 2005 and will likely continue to drop, possibly to levels not seen since the 1990s.  With all the factors dampening consumer spending and consumption, retailers are unlikely to increase hiring rates any time soon."

Supporting Resources

  • Organizations that use Kronos hiring solutions employ approximately 15 percent of the U.S. consumer retail labor market, providing Kronos with a unique set of data on employee job applications, hirings, and length of service.
  • The Kronos Retail Labor Index is released on a monthly basis. Go to www.kronos.com/retail-labor-index to access: the full report; a schedule of upcoming Index release dates; the Index methodology; and downloadable graphics.
  • Note to reporters:  cite Index findings as "Kronos Retail Labor Index".

About the Kronos Retail Labor Index

The Kronos Retail Labor Index is a family of metrics and indices that analyze the relationship between the demand and the supply sides of the labor market within the U.S. retail sector. It is derived from a single, unified data set, allowing for statistically appropriate comparisons and time series-based trending analysis. Firms that use Kronos hiring solutions employ approximately 15 percent of the U.S. consumer retail labor market, providing Kronos with a unique set of data on employee job applications, hirings, and length of service. The Kronos Retail Labor Index provides a distinct and early indicator of the health of the retail sector.

About Kronos Incorporated

Kronos is the global leader in workforce management solutions that enable organizations to control labor costs, minimize compliance risk, and improve workforce productivity. Tens of thousands of organizations in 60 countries — including more than half of the Fortune 1000® — use Kronos time and attendance, scheduling, absence management, HR and payroll, hiring, and labor analytics applications. To learn how Kronos uniquely delivers complete automation and high-quality information in an easy-to-use solution, visit www.kronos.com.

© 2010 Kronos Incorporated. Kronos is a registered trademark and Kronos Retail Labor Index is a trademark of Kronos Incorporated or a related company. All other trademarks are property of their respective owners.

Contact           
Michele Glorie
Kronos Incorporated
+1 978.947.2855
michele.glorie@kronos.com