California retailers cut staff as consumer spending declines due to inflation and interest rates.
California retailers are reducing staff as consumer spending declines amid high inflation and interest rates. Retail sales growth averaged 1.2% over two years, with 4,600 jobs lost since early 2022. While sectors like home furnishings and sporting goods saw declines, food and beverage sales increased, boosting employment. Consumer confidence hit a four-year low, reflecting financial concerns, though retail growth aligns with national trends.
September 07, 2024
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