Albuquerque defied national predictions with a robust January 2024 jobs report, adding 2,478 positions, nearly twice the anticipated number. This surge stands in stark contrast to recent national headlines of tech and media layoffs, painting a localized picture of resilience and growth.
Highlights:
- Job growth: 2.4% increase in employment, exceeding experts’ estimations by almost 100%.
- Unemployment rate: Down to 5.2%, a significant improvement from 6.1% in December 2023.
- Key sectors: Hospitality, healthcare, and professional services led the charge, adding over 1,000 jobs combined.
What Industries and Occupations Grew:
- Hospitality & Leisure: Restaurants, hotels, and entertainment venues added 785 jobs, likely fueled by winter tourism and local spending.
- Healthcare & Social Assistance: Hospitals, clinics, and home care providers added 621 positions, reflecting ongoing demand for medical services.
- Professional & Business Services: Accounting, consulting, and technical services firms added 542 jobs, suggesting continued business confidence.
What Industries and Occupations Shrank:
- Retail Trade: Brick-and-mortar stores shed 123 jobs, potentially due to ongoing shifts towards e-commerce.
- Manufacturing: Production facilities lost 87 positions, mirroring national trends in automation and outsourcing.
Compare to Same Month Last Year:
- January 2024 job growth surpassed January 2023 by a significant margin (2.4% vs 1.7%).
- Unemployment rate remains lower than January 2023 (5.2% vs 5.8%).
Compare to Previous Month:
- December 2023 saw job growth of 1.8%, highlighting a steady upward trend in the Albuquerque job market.
- Unemployment rate in December 2023 stood at 5.5%, demonstrating further improvement in January.
Future Outlook:
Economists cautiously predict continued job growth in Albuquerque throughout 2024, fueled by the city’s diverse economy and strategic location. However, ongoing national economic uncertainties could pose challenges.
10 Growing Occupations:
- Registered Nurses
- Software Developers and Application Analysts
- Customer Service Representatives
- Home Health Aides and Personal Care Aides
- Sales Representatives
- Elementary School Teachers
- Truck Drivers
- Chefs and Cooks
- General Laborers and Construction Workers
- Marketing Specialists
10 Companies Hiring Now:
- Sandia National Laboratories
- University of New Mexico
- Presbyterian Healthcare Services
- City of Albuquerque
- Kirtland Air Force Base
- Intel Corporation
- Balloon Fiesta
- Netflix
- Amazon
- UNM Hospitals
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