Ann Arbor, MI – December 2023 Jobs Report – Encouraging Signs Point to Continued Growth

, ,

The December 2023 jobs report for Ann Arbor, Michigan, paints a picture of a recovering and growing job market. While some industries and occupations experienced contraction, overall, the report indicates positive momentum heading into 2024.

Overview:

  • The unemployment rate in the Ann Arbor Metropolitan Statistical Area (MSA) decreased slightly to 2.6% in December, down from 3.3% in November and 3.5% in December 2022. [Source: BLS]
  • Total nonfarm employment reached 207,100, surpassing December 2022 levels by 6.2%. [Source: BLS]
  • This growth was driven by gains in several sectors, including professional and business services, education and health services, and leisure and hospitality. [Source: BLS]

Highlights:

  • Ann Arbor’s unemployment rate remains well below the national average of 3.5%. [Source: BLS]
  • Job growth outpaced state and national trends, indicating Ann Arbor’s economic resilience. [Source: BLS]
  • The leisure and hospitality industry saw the most significant job gains, adding over 2,600 positions since November. [Source: BLS]

Industries and Occupations that Grew:

Industries and Occupations that Shrank:

Comparison to Same Month Last Year:

  • Total nonfarm employment increased by 6.2% compared to December 2022. [Source: BLS]
  • The unemployment rate decreased by 0.7 percentage points year-over-year. [Source: BLS]
  • Growth was widespread across various industries, highlighting a robust and diversified economy.

Comparison to Previous Month:

  • Total nonfarm employment decreased slightly by 2.5% from November 2023. [Source: BLS]
  • This is likely due to seasonal fluctuations common in December.
  • The unemployment rate remained unchanged compared to November. [Source: BLS]

Future Outlook:

  • The future outlook for Ann Arbor’s job market appears positive.
  • Economists predict continued job growth in 2024, driven by the strength of the healthcare, education, and technology sectors. [Source: University of Michigan Economic Outlook]
  • However, potential headwinds like inflation and rising interest rates could pose challenges.

10 Growing Occupations in Ann Arbor, MI:

  1. Registered Nurses
  2. Software Developers and Software Quality Assurance Analysts
  3. Personal Care Aides
  4. Home Health Aides
  5. Marketing Specialists
  6. Physicians and Surgeons
  7. General and Operations Managers
  8. Financial Analysts
  9. Elementary and Middle School Teachers
  10. Sales Representatives

10 Companies Hiring Now in Ann Arbor, MI:

  1. University of Michigan
  2. Domino’s Pizza
  3. Pfizer
  4. Ford Motor Company
  5. General Motors
  6. St. Joseph Mercy Health System
  7. Esperion Therapeutics
  8. Barracuda Networks
  9. Duo Security
  10. McKinley Inc.

For more detailed information, please refer to the following resources: