Last year the economy was humming, with federal pandemic money still bolstering many households, many workers getting generous raises and interest rates keeping the cost of loans historically low. Since then, the Federal Reserve has launched a rate-raising campaign aimed at squeezing borrowers and slowing the economy, while the Russian invasion of Ukraine triggered several months of record high gas prices.
Although historically, Fed rate hikes have often flipped the economy into a ditch, Fed officials say they would like to tame inflation without causing a painful recession. And so far, hiring and growth have continued, albeit at a slower pace.
Demand for holiday goods is expected to be strong, but far less than a year ago, economists say.
With unemployment rates low, many companies have complained of having trouble finding the workers they need to meet demand. But with the Fed’s efforts starting to undercut growth, the struggle to fill positions may be easing, according to Sabrina Wnorowski, Radial’s chief human resources officer at Radial.
Many people who had left the workforce are being persuaded by higher prices to return, she said.
Much of the most energetic growth of the past several years in Georgia has been in logistics, with many companies — including Amazon — adding distribution and warehouse centers, while ratcheting up wages to attract employees. But Radial’s competitors are not hiring as frenetically as a year ago, Wnorowski said.
Radial handles orders made online for a number of brands, including Calvin Klein, Tommy Hilfiger, Cole Haan, Gymshark and Godiva Chocolatier.
The company was created in the 2016 merger of Innotrac Corp. and the enterprise services unit of eBay. The next year, Radial was acquired by bpost, a Belgian-based logistics and e-commerce provider.