American retailer Macy’s (NYSE:M) plans to hire more than 38,000 temporary and full-time employees for the upcoming holiday season. The number is lower than 2022’s hiring of 41,000 employees and substantially below 2021’s hiring of 76,000 workers. Macy’s recruitment plans reflect a tough retail market, as American retailers grapple with weak consumer sentiment, labor challenges, and the uncertainty of the U.S. economy.
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The 2023 U.S. holiday sales growth is expected to be the weakest in the past five years, as persistent inflation continues to dig a hole in consumers’ pockets. Other retailers have also opted to hire fewer seasonal positions this year than in the past.
Macy’s will be hiring for three banners, namely Macy’s, Bloomingdale’s, and Bluemercury stores, as well as its distribution centers.
Is Macy’s Stock a Good Buy?
Following Macy’s mixed Q2FY23 results on August 22, several Wall Street analysts cut the price target on M stock. The retailer gave a cautious outlook for the second half of FY23, citing pickier and price-sensitive customers. Year-to-date, M stock has lost 44.9%.
On TipRanks, Macy’s has a Hold consensus rating based on two Buys, five Holds, and two Sell ratings. The average Macy’s price forecast of $14.63 implies 36.3% upside potential from current levels.
