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Retail Layoffs 'Illustrate the Struggling Nature of the Retail Sector'

Well, retail sector layoffs here in the United Kingdom have mirrored to some degree and, in some cases, accelerate and pass the numbers that you've seen in the United States. The Center for Retail Research here in Britain thinks that around 160,000 jobs were lost across the sector in the 11 months heading into the Christmas period of last year. And that really is a cataclysmic loss. The really important part of the British economy and a part of the economy that represents a lot of the underemployed in the demographic - women in particular - but also seasonal workers from outside the UK and those in the European Union as well. So, it's an important development and really does illustrate the struggling nature of the retail sector and the changing habits of spenders not only in the United States but the whole economies in other parts of the world." This video was originally published by TheStreet.

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