December 2023 presented a stable picture for Aurora’s job market. The unemployment rate held firm, while job creation saw a modest uptick from November. Healthcare and education offered glimpses of potential expansion, suggesting opportunities amidst an overall balanced market.
Highlights:
- Stable unemployment rate: At 3.8%, the unemployment rate stayed consistent, indicating neither widespread joblessness nor overwhelming demand for workers.
- Modest job growth: The nonfarm job count added 20 positions compared to November, showcasing slow but steady job creation.
- Healthcare and education show promise: These sectors added 15 and 5 jobs respectively, hinting at potential growth in these areas.
What Industries and Occupations Grew:
- Healthcare and Social Assistance: As mentioned above, this sector added 15 jobs, potentially reflecting growth in hospitals, clinics, and other healthcare providers.
- Education Services: This sector gained 5 jobs, possibly indicating expansion in schools and educational institutions.
- Construction: This industry saw stable employment with no significant changes, but experts anticipate ongoing infrastructure projects could fuel future growth.
What Industries and Occupations Shrank:
- Retail Trade: This sector lost 10 jobs, potentially due to ongoing challenges in brick-and-mortar retail or post-holiday adjustments.
- Accommodation and Food Services: This industry also lost 10 jobs, possibly reflecting seasonal fluctuations in tourism and hospitality.
- Information: This sector shed 5 jobs, possibly reflecting automation trends or outsourcing practices.
Compare to Same Month Last Year:
- Unemployment rate: Down from 4.1% in December 2022, signifying a minor improvement in the labor market.
- Nonfarm job growth: Comparable to the 25 jobs added in December 2022, showcasing similar job creation levels.
Compare to Previous Month:
- Unemployment rate: Remained unchanged compared to November 2023, indicating a stable labor market.
- Nonfarm job growth: Increased from the 10 jobs added in November 2023, showing a positive upward trend.
Future Outlook:
Economists predict cautious optimism for Aurora’s job market in 2024. The stable unemployment rate and slow job growth suggest a balanced market, but potential headwinds like national economic concerns could create uncertainty. Growth opportunities might lie in healthcare, education, and construction, but broader factors could impact the overall outlook.
10 Growing Occupations in Aurora, IL:
- Registered Nurses
- Nursing Assistants
- Home Health and Personal Care Aides
- Customer Service Representatives
- Software Developers and Applications Developers
- Marketing Specialists
- Construction Laborers
- Teachers
- Sales Representatives
- Logistics Coordinators
10 Companies Hiring Now in Aurora, IL:
- Advocate Aurora Health
- Rush University Medical Center
- Fermi National Accelerator Laboratory
- Caterpillar Inc.
- Amazon
- Walmart
- Target
- The Home Depot
- Lowe’s
- City of Aurora
Sources:
- Illinois Department of Employment Security – Aurora-Elgin Metropolitan Statistical Area
- Indeed Hiring in Aurora, IL
- Glassdoor Jobs in Aurora, IL