Retailers across the nation are struggling to adapt to consumer demand and new technologies, leading to massive job cuts and thousands of announced store closures. The retail landscape is likely to evolve even further, as tools like virtual reality enter the shopping experience, according to one workplace authority.
Technology and automation could replace millions of jobs in the next decade, with a December estimate from the White House suggesting 3.1 million jobs could be replaced in transportation alone. Robotics spending is expected to hit over $135 billion by 2019, according to International Data Corporation. What could this mean for the job market?
The pace of downsizing increased in April, as US-based employers announced workforce reductions totaling 65,141 during the month, according to the latest report released Thursday from global outplacement consultancy Challenger, Gray & Christmas, Inc.
The April figure represents a 35 percent increase over March, when employers announced 48,207 planned layoffs. Last month’s job cuts were 5.8 percent higher than the 61,582 recorded in April 2015.