The US labour market showed signs of a steady slowdown in October, with job openings increasing moderately and layoffs declining, according to the latest Job Openings and Labor Turnover Survey (JOLTS) report released by the Bureau of Labor Statistics on Tuesday. Job openings, a key indicator of labour demand, rose by 372,000 to 7.744 million at the end of October. However, the September figures were revised downward to 7.372 million from the initially reported 7.443 million. Economists polled by Reuters had anticipated 7.475 million vacancies. Labour Market Dynamics While job openings increased, hires dropped by 269,000 to 5.313 million, and layoffs fell by 169,000 to 1.633 million. These figures suggest a gradual cooling of the labour market rather than a sharp contraction. Hurricanes and strikes also impacted October’s labour market data. Rebuilding efforts in storm-affected regions and the resolution of strikes at Boeing and another aerospace company are expected to contribute to a ...
Crocs Inc. saw its shares drop by as much as 16% in US premarket trading after the shoemaker reduced its sales growth expectations and warned of significant declines in its casual HeyDude brand.
Despite the crucial back-to-school shopping period, Crocs reported flat sales growth in the third quarter. The company now expects 2024 sales growth of just 3%, the low end of its previous guidance range of 3% to 5%. Weighing down revenues is the HeyDude brand, with full-year sales expected to fall by 14.5% compared to last year, a steeper decline than the previous guidance of 8% to 10%.
Crocs CEO Andrew Rees acknowledged the difficulties facing the brand, stating, “HEYDUDE’s recent performance and the current operating environment are signaling it will take longer than we had initially planned for the brand to turn a corner.”
Crocs had experienced a resurgence in popularity over the past few years, following endorsements from celebrities like Justin Bieber and Post Malone, which helped the company triple its annual sales. However, recent setbacks include bans on Crocs in schools across the US due to safety concerns, which the company has called “baffling.”
As of Monday, Crocs shares were up 47% for the year, outperforming the S&P 500’s 22% rise.
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