Walmart Enters 'Cautious Mode' on Hiring Ahead of Year-End Holiday Season

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Walmart, the largest employer in the United States, announced that it plans to hire around 40,000 temporary employees for the year-end holiday season, according to reports by The Wall Street Journal (WSJ) and others on the 21st (local time).

This number is less than half compared to last year when Walmart hired 150,000 full-time regular employees. It is interpreted as a cautious response to significantly reduce hiring due to decreased consumer demand amid soaring inflation and recession concerns.

WSJ stated, "This shows how much product demand has decreased due to rising prices and household budget constraints," adding, "Most retailers this year are facing the year-end season with massive inventories and disappointing performance forecasts."

Generally, U.S. retailers consider the year-end holidays as a peak season and announce additional hiring plans two to three months in advance. Although other U.S. retailers such as Amazon, Target, Macy's, and Kohl's have not yet announced their plans, it is expected that other companies will make similar decisions given Walmart, the largest retailer, has significantly reduced its hiring.

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