U.S. Consumers Reportedly Seek Bargains As Employment Picture Darkens
The job situation for many U.S. consumers, including those still employed, is intensifying deal-seeking, according to GlobalData. More than half of what the firm calls “bargain hunters” are parents with children under 18 and 62% have three or more people in the household. About a fifth of bargain hunters report taking a pay cut due to the pandemic, while “a further 10% are now unemployed as a direct consequence of the pandemic,” according to an emailed GlobalData report. The U.S. Department of Labor on Thursday reported that the number of new jobless claims rose by 53,000 week over week to 898,000, the highest since Aug. 22 and, according to Wells Fargo economists, “well above expectations.” Read more at Retail Dive.