The Labor Market Stays Hot
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December's job openings prove the labor market is still hot. Plus Nicholas Kirkwood closes his namesake brand and Converse debuts a new silhouette.
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The number of job openings jumped to 11 million in December,?according to data released Wednesday by the Bureau of Labor Statistics.
This marks an increase from?November’s?10.5 million openings. Separations in December, which include quits, layoffs and discharges, were little changed from November at 5.9 million at a rate of 3.8%.
What does this mean? The better-than-expected number of jobs signifies a persistent demand for labor that is at odds with the Federal Reserve’s efforts to curb inflation. When the number of jobs outweighs the number of available workers, there is a higher likelihood of wage inflation, as companies compete to hire and maintain talent.
Nicholas Kirkwood is closing his namesake brand after “a wild, exhilarating journey.”
The British designer, known for his?inventive and architectural shoes, said on Instagram that he’s setting out on a new path after 18 years. He bought back the company from LVMH in 2020 and has spent the last several years incorporating sustainability into his designs and production.
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“I think, in many ways, the brand has run its course, for now,” said Kirkwood, who won FN’s Designer of the Year Award in both 2008?and 2011.
Converse will soon add a new silhouette to its ecosystem: the Chuck Taylor All Star Construct.
The shoe reimagines the original Chuck Taylor with an ’80s court heritage twist, explained Jocelyn Cienfuegos , director of product merchandise/footwear for men’s inline at Converse.
The strategy: Converse continues to offer consumers new looks infused with DNA from the timeless Chuck Taylor All Star. This strategy is centered around creating a Chuck Taylor ecosystem, which?leverages the shoe’s heritage while creating modernity.
“We look at Chuck Taylor as our greatest brand ambassador. It continues to be critical to the success of our business today, as well as an amazing source of creativity and inspiration for where we want to take our business in the future,” Converse VP of global footwear product Brandis Russell told FN.
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