The declining living standards of the working class are feeding directly into the retail apocalypse and mass layoffs of retail workers will only exacerbate the issue. Workers’ wages have seen little to no growth in the last four decades, and any economic growth experienced since 2008 has gone to the wealthiest of the wealthy.
US “retail apocalypse” expected to exceed annual high with more than 1,100 store closures announced in one day
Within the first quarter of this year, the number of retail stores set to be closed already surpasses the total number of closures in 2018. Based on information from Coresight Research, more than 6,300 stores are already set to close in 2019. Coresight counted 5,528 closings in 2018 which included the liquidation of hundreds of Toys“R”Us locations in the US, and Kmart and Sears stores.
America Created Just 20,000 Jobs in February