The Job Market Is Still Hot
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Welcome back to FN Daily, where we break down the biggest stories happening in footwear and retail.
Today, we're talking about November's job openings report, Adidas' lawsuit against Thom Browne and Bloomingdale’s opening a third small format “Bloomie’s” store.
Here's what you need to know:
The number of job openings was 10.5 million on the last business day of November, a sign that the hot labor market has yet to cool, even as the Federal Reserve looks to curb spending and inflation.
The total number of November job openings marked little change from?October’s?10.3 million jobs,?according to a?Wednesday release?from the Bureau of Labor Statistics.
Zoom out: As?inflation?soars, the job market has stayed tight as wages increase across various industries. Meanwhile, in an effort to curb spending and rising prices, the Federal Reserve has implemented a series of interest rate hikes in recent months.
Adidas started 2023 in court as the trial involving the brand’s 2021 trademark infringement complaint against?Thom Browne?Inc. kicked off Tuesday in Manhattan’s Southern District Court.
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The trial in front of Judge Jed Rakoff began with attorneys on each side laying out their opening arguments to a jury, which will decide if the New York-based luxury designer infringed on Adidas’ trademark for its signature three parallel stripes pattern.
Bloomingdale’s is making a further investment in its smaller format “Bloomie’s” concept stores with the announcement of a third location – this time in Seattle.
According to a Wednesday statement, the new store marks the company’s first West Coast Bloomie’s location as well as the entry of the Bloomingdale’s brand into the Seattle area.
The store is slated to open in the early fall of this year at the University Village outdoor shopping mall in the Ravenna neighborhood, located just north of downtown Seattle.
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