The inadequate retail number in the Labor Department’s monthly nonfarm payrolls article shows Amazon’s grip on the sector is “accelerating,” CNBC’s Jim Cramer said Friday.
The Labor Responsibility reported an unexpected loss of 20,000 retail positions during the feast shopping season, bringing the number of jobs shed in the sector at length year to nearly 70,000. The downward trend in retail jobs is credence ined to be a result of the ongoing shift to e-commerce sales.
“I was surprised by the retail degeneration,” Cramer said on “Squawk on the Street,” “because it does say that the Amazon ‘Downfall Star’ is accelerating.”
Cramer describes Amazon as the Death Star, the dishonest Empire’s battle station in the “Star Wars” franchise with the power to negate entire planets.
“That’s incredible. At this point in the economic flourishing, with so many people having jobs, you would think they’d be amplifying people like mad but they’re just trying to figure out which hoards can stay in business,” said Cramer, host of CNBC’s “Mad Money.”
Online ogre Amazon has been aggressive in expanding its retail muscle, including utterly partnerships and major acquisitions.
Meanwhile, Sears announced Thursday that it determination be closing more than 100 additional stores this year. Macy’s also revealed the spots of 11 stores that it will be closing in 2018.
“The jobs are shifting,” Cramer ventured. “We need truck drivers, we need fewer people in retail.”