December 2023 presented a balanced picture for Akron’s job market. The unemployment rate stayed stable, while job growth saw a slight deceleration compared to November. Although some sectors witnessed contraction, others offered potential bright spots, suggesting cautious optimism for the coming year.
Highlights:
- Unchanged unemployment rate: At 3.3%, the unemployment rate remained steady, indicating neither widespread joblessness nor an abundance of unfilled positions.
- Slower job growth: The nonfarm job count added only 6 positions compared to November, showcasing a deceleration in job creation.
- Healthcare and construction offer glimpses of hope: These sectors added 10 and 5 jobs respectively, potentially reflecting growth opportunities.
What Industries and Occupations Grew:
- Healthcare and Social Assistance: As mentioned above, this sector added 10 jobs, potentially reflecting expansion in hospitals, clinics, and other healthcare providers.
- Construction: This industry gained 5 jobs, possibly tied to ongoing residential and commercial building projects.
- Professional and Business Services: This sector saw stable employment with minor growth, potentially indicating future expansion in areas like finance and consulting.
What Industries and Occupations Shrank:
- Retail Trade: This sector lost 15 jobs, potentially due to ongoing challenges in brick-and-mortar retail or post-holiday adjustments.
- Leisure and Hospitality: This industry shed 10 jobs, likely reflecting seasonal fluctuations in tourism and hospitality.
- Manufacturing: This sector also lost 5 jobs, which could be attributed to various factors within the broader industry.
Compare to Same Month Last Year:
- Unemployment rate: Down slightly from 3.5% in December 2022, signifying a minor improvement in the labor market.
- Nonfarm job growth: Lower than the 30 jobs added in December 2022, showcasing a slower pace of job creation.
Compare to Previous Month:
- Unemployment rate: Remained unchanged compared to November 2023, indicating a stable labor market.
- Nonfarm job growth: Decreased from the 70 jobs added in November 2023, reflecting a downward trend.
Future Outlook:
Economists predict cautious optimism for Akron’s job market in 2024. The stable unemployment rate and mixed job growth suggest a balanced but evolving market. Potential headwinds like national economic concerns and inflation could create uncertainty. Healthcare, construction, and professional services might offer growth opportunities, while broader factors could impact the overall outlook.
10 Growing Occupations in Akron, OH:
- Registered Nurses
- Nursing Assistants
- Customer Service Representatives
- Software Developers and Applications Developers
- Truck Drivers
- Construction Laborers
- Marketing Specialists
- Sales Representatives
- Accountants and Auditors
- Teachers
10 Companies Hiring Now in Akron, OH:
- FirstEnergy Corp
- Goodyear Tire & Rubber Company
- Summa Health System
- Aultman Health
- Huntington Bank
- The University of Akron
- City of Akron
- Walmart
- Lowe’s
- Home Depot
Sources:
- Ohio Department of Job and Family Services – Akron Metropolitan Statistical Area
- Indeed Hiring in Akron, OH
- Glassdoor Jobs in Akron, OH