|[December 06, 2012]
Kronos Retail Labor Index Shows Retail Hiring Continuing to Improve
CHELMSFORD, Mass. --(Business Wire)--
Incorporated today announced the December release of the Kronos®
Retail Labor Index™, a family of metrics and indices that
characterize the current state of the demand and supply sides of the
labor market within the U.S. retail sector. The December report includes
data for November 2012. The analysis and write-up are prepared by Macroeconomic
Advisers LLC, and are available on the Kronos
Retail Labor Index website.
The Kronos (News - Alert) Retail Labor Index: (This index is defined as the
ratio of hires to applications within a given month, expressed as a
percentage. A level of 3.0 percent means that for every 100
applications received, three hires occurred). The Kronos Retail Labor
Index rose four tenths in November 2012 to 5.4 percent, the highest
reading since May 2008.
Retail Hiring Level: The retailers representing 18,837
distributed locations across the U.S. that make up the Kronos data
sample made 37,090 hires (seasonally adjusted) in November 2012 up 1.8
percent from a level in October that was revised higher. The number of
hires in November was the second highest since October 2008 and 1,663
(+4.7 percent) above its level one year ago.
Retail Applications Level: The number of applications received
by retailers included in the Kronos sample fell 5.6 percent to 692,281
in November 2012 from a downwardly revised 733,387 in October 2012.
Applications have declined sharply from highs reached last year, and
the level in November was nearly 250,000 below its level one year ago.
More plentiful employment opportunities in other sectors are likely
contributing to the recent fall in applications.
Retail 60-Day Retention Rate: The 60-day retention rate,
measured as the number of hires who remain employed for at least the
first 60 days divided by the total number of hires made in that month,
edged down to 80.6 percent in July 2012 from 81.1 percet in June 2012
(all on a seasonally adjusted basis). (Note: There is a four-month lag
on this indicator as two months are required to measure whether a hire
remained employed for 60 days and Kronos customers have two months to
return data on separations.)
Chris Varvares, senior managing director and co-founder,
"The Kronos Retail Labor Index rose
four-tenths to 5.4 percent in November, the highest reading in four
and a half years, reflecting a sharp, 5.6 percent decline in
applications and a 1.8 percent gain in hires. While modest, the
increase in hires follows a strong, upwardly revised reading for
October, perhaps a sign that retail hiring is turning a corner after
several months of soft readings. Even with the solid reading, October
hires appear to have been held down somewhat by the effects of
Hurricane Sandy with no reversal appearing in November. We expect some
reversal in December as the hiring process returns to normal.
Applications were also significantly affected by the storm, with a
large decline at the end of October appearing to have been reversed in
early to mid-November."
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, hires, 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 Retail Labor Index
release dates; the Retail Labor Index methodology; and downloadable
Note to reporters: cite findings as "Kronos Retail Labor Index".
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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, hires, and length of service. The Kronos Retail Labor
Index provides a distinct and early indicator of the health of the
About Kronos Incorporated
Kronos is the global leader in delivering workforce management solutions
in the cloud. Tens of thousands of organizations in more than 100
countries - including more than half of the Fortune 1000® -
use Kronos to control labor costs, minimize compliance risk, and improve
workforce productivity. Learn more about Kronos industry-specific time
and attendance, scheduling, absence management, HR and payroll, hiring,
and labor analytics applications at www.kronos.com.
Kronos: Workforce Innovation That Works™.
© 2012 Kronos Incorporated. All rights reserved. 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.
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