Target says it’s not into saving on salaries by demoting and laying off longtime workers, but the Tucson Weekly reports a bunch of fired longtime Target employees believe the company discriminated against them because of their ages, among other reasons.
Retailers have been hoping that we’d enter the annual Festival of Shopping with higher spirits than last year, but it looks like that might not happen after all. The Reuters/University of Michigan consumer sentiment index was updated today, and it shows a drop to 66.0, “well below October’s reading of 70.6 and a sharp reversal of the 71.0 figure economists had expected.”
The pace of job losses has slowed significantly, but the economy still divested itself of 190,000 jobs in October, sending the national unemployment rate to 10.2%, says the Bureau of Labor Statistics. It should be noted that the unemployment rate only tracks people actively seeking work.