Part 3/8:
Job Market Struggles Amid Retail Decline
The question remains: what will happen to the employees losing their jobs? Given the current sluggish retail environment, opportunities for new employment in the same field may be limited. Many will likely have to explore entirely different career paths, often leading to a difficult transition not made by choice but necessity.
The trend extends beyond retail; 2024 marks a record high for corporate bankruptcy filings in the United States, reminding many of the Great Financial Crisis (GFC). Companies are grappling with high interest rates and rising debt burdens, with U.S. corporate debt hitting an all-time high of $8.45 trillion. This grim backdrop suggests that economic challenges may continue to mount in the coming years.