Cowen 'Bullish' on Amazon's Hiring Blitz as Growth 'Indicator'

Amazon's continued hiring blitz is a “bullish indicator,” Cowen analyst John Blackledge wrote investors Friday. The company recruited 500,000 new employees last year to keep pace with the COVID-19 “pandemic-driven demand surge” and to help staff a 50% increase in its fulfillment and logistics network, he said. Amazon's continued investment in fulfillment head count “underlines the continued strong eCommerce demand,” said the analyst. Cowen’s April consumer tracker survey showed 34% of 2,500 respondents increased their online spending, consistent with 35% in March. Cowen is “especially encouraged by the strong eCommerce spending in spite of respondents’ increased comfort around returning to physical venues.”