Austin, TX – December 2023 Jobs Report: Cooling Engine, Still Revving

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The December 2023 jobs report for Austin paints a picture of a slowing, but still vibrant, labor market. While job growth continued, it fell considerably compared to previous months, reflecting a national trend of moderation. Understanding industry variations and potential shifts will be crucial for both employers and job seekers navigating this dynamic environment.

Key Points:

  • Unemployment remains steady: At 3.0%, the unemployment rate suggests a competitive job market for qualified applicants.
  • Job growth slows significantly: Adding only 200 net new positions, nonfarm employment reached 1,343,900. This marks a significant decline compared to previous months and the previous year.
  • Leisure & Hospitality leads the way: This sector added 800 jobs, potentially indicating continued expansion in restaurants, hotels, and tourism. Cooks, waiters and waitresses, customer service representatives could find opportunities.

Industry and Occupation Insights:

  • Growth: Leisure & Hospitality (+800), Construction (+300). Potential opportunities exist in: cooks, waiters and waitresses, customer service representatives, construction laborers.
  • Shrinks: Information Technology (-200). This decline in the tech sector raises questions about its future trajectory in Austin.

Historical Comparisons:

  • Similar unemployment rate: Compared to December 2022, the unemployment rate remained unchanged (3.0%).
  • Slower growth year-over-year: Job growth (200 jobs) fell significantly compared to December 2022 (1,100 jobs), reflecting a national trend of moderation.

Future Outlook:

Experts offer a cautiously optimistic view. The low unemployment rate and growth in key sectors suggest some resilience. However, the slowdown in tech and national economic uncertainties warrant close monitoring. Adaptability and upskilling in growth areas like healthcare, construction, and hospitality could be advantageous.

10 Growing Occupations in Austin, TX:

  1. Registered Nurses
  2. Software Developers and Applications Developers
  3. Sales Representatives
  4. Marketing Specialists
  5. Customer Service Representatives
  6. Physicians
  7. Accountants and Auditors
  8. Construction Laborers
  9. Teachers
  10. Truck Drivers

10 Companies Hiring Now in Austin, TX:

  1. Dell Technologies
  2. Apple
  3. Tesla
  4. Amazon
  5. Samsung
  6. Accenture
  7. Oracle
  8. HEB
  9. Baylor Scott
  10. Indeed