Core Insights - Retailers are expected to hire between 265,000 and 365,000 seasonal workers this year, marking the lowest number in at least 15 years [1][2] - This hiring expectation reflects a softening labor market, with a significant drop from last year's 442,000 seasonal hires [2] - Companies are managing higher costs from tariffs and have limited spending, which may have led to early hiring for sales events in October [2] Employment Trends - Layoff announcements surged to 153,074 in October, a 183% increase from September and a 175% rise from the same month last year, the highest for any October since 2003 [4] - 2025 is projected to be the worst year for announced layoffs since 2009 [4] - Conversely, ADP reported a net job growth of 42,000 in October, reversing two months of losses in the private sector [4] Economic Context - The ongoing government shutdown has resulted in fewer government reports on economic data, leading companies and economists to rely on private data sources [3]