Interest rate hikes may not slow down holiday shoppers this year
As the Federal Reserve continues to raise interest rates in its bid to tame inflation, the central bank may be hoping that holiday shopping in the U.S. will be more muted than in years past. But according to analysts, factors including low unemployment and the potential for big discounts mean this holiday season is shaping up to be another busy one. In a sign of the uncertainty U.S. retailers now face, rival big box giants Walmart and Target announced two substantially different holiday hiring targets this week. While Walmart is now aiming for 40,000 new, mostly seasonal workers — down from 150,000 last year, Target is looking to bring on another 100,000 new workers this holiday season. That's the same figure it set last year. The uncertainty is further reflected in holiday spending forecasts. The U.S. consulting firm Deloitte now expects overall holiday sales to climb 4% to 6% this year compared with growth of 15.1% last winter. But it also expects e-commerce sales to climb betwee...