No response returned

Retailers are betting they can handle the holiday shopping rush with . 

From Nov. 1 to Dec. 31, retail stores are expected to hire between 265,000 and 365,000 seasonal workers, down from the 442,000 seasonal hires companies brought on last year, to the National Retail Federation (NRF), a trade organization. 

That would mark the lowest level of seasonal retail hiring in 15 years, according to the NRF.

At the same time, the organization expects holiday sales to hit a record, surpassing $1 trillion for the first time as spending rises between 3.7% to 4.2%.

The decline in expected seasonal hiring comes as the broader labor market is showing signs of strain, with some businesses across the nation holding off on adding new workers. At the same time, layoffs , with job cuts this year through October rising to their highest levels since 2020. 

The group's hiring expectations "reflect the softening and slowing labor market," NRF chief economist Mark Mathews said in a Thursday press briefing.

"But nevertheless, we are confident that retailers will be prepared to meet consumers with the prices, with the goods, and the convenient savings and value they're looking for this holiday season," he added.

Despite , holiday spending is projected to hold up as shoppers continue to prioritize the season's celebrations over other purchases, he said.

"People save for it, they plan for it, they prioritize it and we think that's going to happen again this year," Mathews noted. 

To be sure, consumers are expressing concern about rising prices, with inflation in recent months due partly to wide-ranging tariffs on imported goods. Retailers are handing some of those tariff costs to shoppers, with a Federal Reserve Bank of St. Louis analysis that companies about one-third of the new import duties onto consumers from May through July.

"All signals are consumers continue to be concerned about inflation and rising prices," NRF senior economist Jack Kleinhenz said during the press briefing. "Despite these concerns, I believe consumers are still willing to spend, even though their sentiment is at very low levels." 

While retailers are planning fewer seasonal hires this year, some have added additional staff in the past few years, which could help compensate, NRF economists added.

"You might see less hiring, but we are seeing less firing in the retail industry," Matthews said. "Those two are running neck and neck."

For example, Target said it's current retail employees if they want to pick up additional shifts during the holidays before adding new seasonal hires.