Elgin Area Chamber Of Commerce: Big Lots Plans To Expand, Jobless Claims Fall, Factory Activity Growth Rises

Press release from the Elgin Area Chamber of Commerce:

March 04, 2022

Big Lots Plans to Expand

Discount retail Big Lots has more stores planned this year as it continues to build on the business gained during the pandemic.

Executives for the Westerville, Ohio-based company said during their earnings call with analysts that Big Lots is on course to meet or exceed 50 net new stores during current fiscal year. That would be more than double the 23 net new stores opened in the fiscal year that ended Jan. 29.

Real estate expansion is one of the key pillars to future growth along with a focus on furniture and other products and e-commerce, the company said.

Last year, the retailer’s sales exceeded $6 billion for the second consecutive year, an improvement on sales prior to the pandemic. For the year, sales were $6.15 billion compared to nearly $6.2 billion in 2020, the company’s best year ever.

Big Lots said it was able to rack up sales even as it was dealing with supply-chain disruptions and the rise in coronavirus cases in December and January.

Jobless Claims Fall

Fewer people applied for unemployment last week, keeping new claims at low levels as the labor market remains tight.

The Labor Department reported Thursday that 215,000 people filed new claims last week, 18,000 lower than the previous week and better than economists projected.

Continuing claims, those who are using benefits, didn’t change much. The four-week moving average is 1.54 million, which is the lowest level since April 4, 1970.

The report was published after an update from payroll company ADP that showed jobs in the private sector grew 475,000 in January. Economists are projecting the government’s report on Friday to show a 400,000 increase in jobs.

Factory Activity Growth Rises

Manufacturing activity across the country accelerated its pace of growth in February.

The Institute of Supply Management’s monthly index increased to 58.6% from 57.6% in January, marking 21 months of consecutive growth.

According to the institute, indices tracking new orders, backlogs of orders and production increased in February.

“The U.S. manufacturing sector remains in a demand-driven, supply chain-constrained environment,” said Timothy Fiore, ISM’s chairman for the manufacturing survey. Although the coronavirus still was a factor in February, Fiore said, “there were signs of relief, with recovery expected in March.”

ISM broadly tracks transportation equipment; machinery; computer and electronic products; food, beverage and tobacco products; chemical products; and petroleum and coal products. All six had moderate-to-strong growth.

Source: www.CoStar.com

This press release was produced by the Elgin Area Chamber of Commerce. The views expressed here are the author’s own.