Jobs get tossed out of stores

An economic downturn is eroding jobs in Columbus, a city where a vibrant retail landscape had been a key driver of economic growth.

By Parija B. Kavilanz, CNNMoney.com senior writer

Last Updated: March 14, 2008: 10:56 AM EDT

 

NEW YORK (CNNMoney.com) -- As U.S. job growth hits the skids, a shrinking labor market means one thing for the nervous retail workers who reside in Columbus, Ohio: Their jobs are on shaky ground

The nation's labor market lost a much larger-than-expected 63,000 jobs last month.

Retailing was hit hard, accounting for 34,000 job cuts across department stores, building supplies and garden equipment sellers and auto dealers.

Indeed, big chain retailers including Macy's (M, Fortune 500), Home Depot (HD, Fortune 500), Sears (SHLD, Fortune 500) and J.C Penney (JCP, Fortune 500) recently announced they were consolidating their operations and cutting jobs to curb costs in order to offset weakening sales.

While this macro picture already looks disappointing, at a micro level, it gets even bleaker. http://money.cnn.com/2008/03/10/news/economy/columbus_retailjobs/index.htm?postversion=2008031410