Walmart corporate layoffs add to signs of slowing job market

Walmart, one of the country’s biggest employers, is conducting corporate  layoffs and restructuring, in another sign pointing to a slowdown in  the job market and the American economy.

Walmart described the move as an effort to reorganize itself.

In a statement, spokesman Jimmy Carter said the company is “updating our  structure and evolving select roles to provide clarity and better  position the company for a strong future.”

It will invest more in e-commerce, technology, health and wellness,  supply chain and advertising sales, the statement said, while also  creating new roles in services for customers and suppliers.

A person familiar with the layoffs, who spoke on the condition of  anonymity because they were not authorized to speak on the matter, said  about 200 corporate jobs will be cut.

Its announcement comes as the U.S. job market is cooling. Companies are  reducing the pace of new hires, and consumers are spending less on  nonessential goods amid rising fuel and food costs.

Walmart cut its  quarterly and full-year profit outlook last week, spooking investors  and sending its stocks into an 8 percent tumble at one point.

“The signal this sends is not a good one,” said Neil Saunders, managing  director and retail analyst at GlobalData, a London-based data company.

The largest drop came from retail, with 343,000 job openings disappearing, it said. The figure is the lowest since November.