Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
WWD reports the economy lost 533,000 jobs last month, "the steepest monthly fall since 1974 and a major hit to the most important underpinning for consumer spending." Of the half-million-plus jobs lost, "Apparel and accessories stores cut 17,600 jobs to employ 1.46 million, as department stores eliminated 3,500 positions to employ a total of 1.47 million," roughly 4%. Notes the fash trade: "Economists see employment as the single most important factor underlying consumer spending, which continued to fall last month. On Thursday, chains across the price spectrum reported dismal comparable-store sales despite a Black Friday sales boost." [WWD, subscription req]