When it comes to the US employment rate, NYTimes and Donald Trump are both completely out to lunch

“The economy is in a sweet spot, with steady growth and broad improvement in the labor market,” according to the New York Times: 

Thus the Times essentially agrees with Donald Trump, although (as usual) they slammed this tweet of his:


…realize the economy is the best it’s ever been with employment being at an all time high, and many companies pouring back into our country.
5:40 AM – 13 Jun 2018

Meanwhile, here’s the view from Footwear News:


by Erin E. Clack
July 3, 2018


America’s malls are emptier than ever, as vacancies hit a six-year high.

In another troubling trend for the beleaguered brick-and-mortar segment, U.S. mall vacancies climbed to 8.6 percent in the second quarter, the highest level since 2012 when the country was just beginning to rebound from the Great Recession. And the bad news doesn’t stop there. In its latest report, real-estate research firm Reis Inc. studied 77 metropolitan areas and found that vacancies are plaguing not only malls, but all types of shopping outlets.

Strip malls and other neighborhood and community shopping centers, in particular, have taken a serious hit, suffering their worst quarter in nine years. Roughly 3.8 million square feet of space was emptied from April to June (compared with 909,000 square feet in the year-ago quarter), driving up the vacancy rate for this type of mall to 10.2 percent. Vacancies in open-air retail centers increased in 55 of the metropolitan areas tracked by Reis.

The firm’s report cited the closure of roughly 800 Toys ‘R” Us store locations nationwide (the chain marked its final day in business on June 29) as a driving force behind the decline in occupancy. “The Toys ‘R’ Us closings impacted the second-quarter statistics more than any other retailer has in any quarter over the last nine years,” Reis said.

The country’s largest department stores also have been busy shuttering physical stores as more consumers opt to shop online. Bon-Ton, Macy’s, Sears, Kmart and J.C. Penney are among the big-name retailers reducing their store counts. That list is likely to grow even longer, as Reis said it does not anticipate the vacancy rate to improve in the near future.

For some context on our disappearing retail jobs (a piece from April, 2017)

The Silent Crisis of Retail Employment

What to do when department-store jobs—or mining and manufacturing jobs—go away


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