Brick-and-mortar retailers eliminated 30,000 jobs last month as consumers cut back, but companies are still hiring elsewhere.
However, the economy added 63,000 more jobs than economists expected last month, prompting investors who were hoping for signs that the interest rate increases would ease or stop to send the market lower.
At midday, the Dow Jones Industrial Average was down 0.3 percent, or 115.30 points, to 34,279.71. Among thedecliners were Lands’ End Inc., down 7.1 percent to $7.48; Fossil Group Inc., 5 percent to $4.64; Signet Jewelers Ltd., 2.8 percent to $61.52; Kohl’s Corp., 2.2 percent to $31.11; Chico’s FAS Inc., 2.2 percent to $5.43, and Dillard’s Inc., 2 percent to $351.97.
Those cuts reflect employment within the four walls of the store, not in corporate headquarters or in the supply chain.The leisure and hospitality sector added 88,000 jobs in November, while health care employment gained 45,000 and governments added 42,000 jobs.
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