Inflation is at a 40-year high, stocks prices have tumbled and the Federal Reserve imposed the highest interest rate hike in nearly three decades. Experts say California is more likely to be impacted by those changes than other states.
Nationally, prices for food, gas and other goods jumped 8.6% in May, the highest since 1981. California retailers, specifically general merchandise stores, lost 3,700 jobs in May, the most of any industry — a sign consumer demand could be slowing.
Rachel Michelin, president and CEO of the California Retailers Association, said retailers are still seeing strong sales — it’s just more of those sales are happening online instead of at a store. She said retailers are still struggling to hire workers, suggesting the layoffs in May might be the result of business owners adapting to the labor shortage by doing things like installing more self-checkout stations.
“As of today, I would say we’re not as concerned about retail sales overall,” Michelin said. “But I think definitely when you look at some of the big national retailers lowering their expectations, we are bracing for an economic downturn, which then obviously will lead to even more job loss in the retail sector.”
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