|[April 05, 2012]
Kronos Retail Labor Index Shows Fewer People Applying for Retail Jobs
CHELMSFORD, Mass. --(Business Wire)--
Incorporated today announced the April 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 April report includes
data for March 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 was down slightly in March to a still solid 4.3 percent. This
was the second consecutive reading above 4.0 percent and only the
third reading of 4.0 or higher since October 2008.
Retail Hiring Level: The retailers representing 18,362
distributed locations across the U.S. that make up the Kronos data
sample made 33,684 hires (seasonally adjusted) in March 2012, down
11.6 percent from February. While the level of hires in March was
below the recent pace of hires (roughly 35,000 over the last six
months), it was broadly consistent with the 2011 average and remains
above levels seen in 2009 and 2010.
Retail Applications Level: The number of applications received
by retailers included in the Kronos sample fell 10.0 percent to
784,941 in March 2012 from an upwardly revised 872,341 in February
2012, all on a seasonally adjusted basis. The level of applications in
March was down nearly 250,000 from its level one year ago, when
applications reached a near record high. Applications have been
trending downward since the second half of last year, and the sharp
decline in March brought them to their lowest level since September
2007, just prior to the onset of the recession.
Retail 60-Day Retention Rate: The 60-day retenton 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,
rose to 83.7 percent (seasonally adjusted) in November 2011 from 82.2
in October 2011. (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
Chris Varvares, senior managing director and co-founder,
"The Kronos Retail Labor Index edged
down one-tenth to a still solid 4.3 percent in March, reflecting sharp
declines in both hires made and applications received. However, the
decline in hires this month followed a strong increase in February to
the highest level since October 2008. The strength in February hiring
may have contributed to the March drop in applications, as job seekers
who found employment did not apply for additional positions in March.
In addition, with overall labor market conditions improving, potential
applicants are likely seeking job opportunities in sectors outside of
retail, consistent with the recent declining trend in applications for
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, hirings, 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 workforce management solutions that
enable organizations to control labor costs, minimize compliance risk,
and improve workforce productivity. Tens of thousands of organizations
in 80 countries - including more than half of the Fortune 1000®
- use Kronos time and attendance, scheduling, absence management, HR and
payroll, hiring, and labor analytics applications. To learn how Kronos
uniquely delivers complete automation and high-quality information in an
easy-to-use solution, visit www.kronos.com.
© 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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