JOLTS, Mall closings
So does the fed somehow see this as ‘improvement’ and ‘solid’? More likely to me that the Fed gets criticized for waiting too long to cut. Not that it would matter, of course…
In downbeat indications on the labor market, job openings fell a sharp 7.3 percent in August to 5.443 million at the same time that hiring, instead of rising, slowed by 0.9 percent to 5.210 million. The openings number is the lowest since December last year while the hiring number is more respectable, ranking as the fourth highest so far this year. Turning to rates, job openings fell to 3.6 percent from the prior month’s 3.9 percent while hiring held unchanged, also at 3.6 percent. Both rates are unchanged from a year ago. The separations rate fell to 3.4 percent from 3.5 percent with quits unchanged at 2.1 percent and layoffs unchanged at 1.1 percent. Though readings in this report remain healthy, the drop in openings and the lack of hiring are consistent with slowing jobs growth, as seen in both the August and September employment reports.
Yes, these have been replaced by online shopping, but total shopping isn’t increased by the closings. At the macro level it’s a cost cutting move that removes that much spending from the economy. My policy response would be reduced FICA taxes, but you already know that… ;)
Chattanooga, Tennessee–based CBL & Associates, which owns or has a hand in 89 regional malls and open-air shopping centers, will close the doors at nearly all of its properties until 6 a.m. Black Friday.
At its enclosed malls, the only tenants allowed to open are department stores, movie theaters, restaurants or others that have an exterior entrance. All access to the centers’ common areas will be restricted. CBL’s open-air centers will also be closed; however since all of those tenants have exterior entrances, they will have the option to stay open.
The company notified all the individual centers Wednesday afternoon. (For a full list of CBL centers that will be closed, see below.)
The closings will allow about 1,500 mall employees and between 750 and 2,000 retail workers per property to celebrate the holiday.
CBL’s announcement comes one week after the Mall of America said it would close on Thanksgiving.
“We think that for our employees and for the store employees, they deserve the day off and to be able to spend the day with their families,” CBL CEO Stephen Lebovitz told CNBC in an exclusive interview. “Thanksgiving is a special holiday, and it’s unfair for them not to be able to enjoy it like everyone else can.”