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Retail Employment Slumps Most in Year as Stores Cut Back

Employment by retailers slumped the most in more than a year last month, hurting growth in the U.S. job market, as higher payroll taxes and concern fiscal policies will reduce consumer spending prompt companies to trim costs.

Retail employment declined by 24,000 in March, the most since February 2012, Labor Department data showed today in Washington. That included a drop of 15,000 in clothing and accessories stores and a decrease of 10,000 in building-material and garden suppliers, according to the report.