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- The retail sector lost 2.1 million jobs in April, the US Bureau of Labor Statistics said on Friday.
- The job losses were just the latest in a series of bad news for the industry, which saw several retailers file for bankruptcy this week.
- Meat shortages continue to be a concern for restaurants and grocery stores.
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This week proved to be an exceptionally difficult one for the already struggling retail industry.
2.1 million jobs were lost in the retail sector in April, the US Bureau of Labor Statistics said on Friday.
While stores and malls started to tentatively reopen in certain states, limits on capacity are putting pressure on margins and differing state regulations are causing confusion.
And, the industry saw the first of what could be many coronavirus-related bankruptcies in J. Crew and Neiman Marcus. Nordstrom additionally said it would close 16 stores for good.
Business financial make money capital trading Retail was one of the hardest-hit sectors in a dismal jobs report on Friday.
According to the US Bureau of Labor Statistics, 2.1 million jobs were lost in retail for the month of April. Clothing and clothing accessories retailers saw the heaviest losses, with jobs declining by 740,000.
An additional 5.5 million jobs were shed in food services and drinking establishments.
Retailers from JCPenney and Macy’s to Gap and Victoria’s Secret announced in April they would be furloughing or laying off workers as they temporarily closed stores in response to the pandemic. Furloughed workers who are receiving benefits but not pay are classified as unemployed in the jobs report.