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Retail Stalls as Economy Adds 250,000 Jobs Before Holiday Shopping Season

Ahead of the midterm elections and the holiday shopping season, the labor market appears to be solid, adding 250,000 jobs last month that shot past Wall Street expectations.
According to the Bureau of Labor Statistics, unemployment remained unchanged at 3.7 percent, continuing September’s positive trend when the rate reached its lowest point in 49 years. Annual wage growth hit over 3 percent for the first time in nine years.
However, the numbers saw little change in the retail sector, which gained just 2,400 jobs. Clothing and clothing accessories stores declined in the hundreds, and sporting goods stores shed 6,100 jobs. General merchandise stores, on the other hand, climbed slightly by 1,700 jobs, with losses in department stores (-1,500) offset by gains in warehouse clubs and supercenters (+3,200).
Yesterday, the Labor Department reported that wages and salaries soared to their highest level in a decade, with that figure for private-sector employees rising 3.1 percent in the third quarter. (Comparably, civilian workers received a 2.9 percent pay bump, while state and local government workers saw improvements of 2.3 percent.) It marked the strongest year-over-year gain since the second quarter of 2008 before the stock market crash.
The increase in wages and salaries combined with a record number

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Via:: http://footwearnews.com/2018/business/retail/jobs-report-october-2018-economy-retail-1202702282/