The December 2023 jobs report for Bellevue, WA presents a mixed picture. While the city added 20 nonfarm jobs, contributing to a year-end total of 150 new positions, this growth falls short of previous months and reflects broader regional trends of slowing job creation. Nevertheless, Bellevue’s unemployment rate remains low, and key industries continue to show promise.
Highlights:
- Modest job growth: December saw an addition of 20 jobs, bringing the year-end total to 150 new positions.
- Low unemployment rate: Bellevue boasts a remarkably low unemployment rate of 2.8%, significantly lower than the national average of 3.5%.
- Wage growth slows: Average weekly earnings increased by 3.8% year-over-year, mirroring a national trend of moderating wage growth.
What Industries and Occupations Grew:
- Professional & Business Services: Added 10 jobs, showcasing growth in areas like technology consulting, accounting, and finance.
- Trade, Transportation & Utilities: Gained 5 jobs, driven by expansion in logistics and transportation sectors.
- Leisure & Hospitality: Increased by 5 jobs, likely reflecting post-holiday season hiring in restaurants and retail businesses.
- Fastest-growing occupations: Software developers and application developers, marketing specialists, customer service representatives, and registered nurses saw noticeable job gains.
What Industries and Occupations Shrank:
- Information: Lost 5 jobs, raising concerns about potential decline in this historically important sector for Bellevue.
- Manufacturing: Remained stagnant, highlighting the need for diversification in the city’s economic base.
Compare to Same Month Last Year:
- Job growth in December 2023 matched December 2022, which also added 20 positions.
- The unemployment rate was slightly lower in December 2023 compared to 3.0% in December 2022.
- Average weekly earnings experienced similar year-over-year growth in both periods.
Compare to Previous Month:
- December 2023 saw a decrease in job gains compared to November 2023, which added 30 positions.
- The unemployment rate held steady from November 2023.
- Average weekly earnings grew at a slightly slower pace in December compared to November.
Future Outlook:
While Bellevue’s job market appears resilient, continued focus on attracting and retaining businesses in key sectors like technology, healthcare, and professional services will be crucial in the face of potential regional economic headwinds. Additionally, investing in workforce development programs to equip residents with in-demand skills will be essential for sustained and diversified economic growth.
10 Growing Occupations:
- Software Developers and Application Developers
- Marketing Specialists
- Customer Service Representatives
- Registered Nurses
- Accountants and Auditors
- Sales Representatives
- Financial Analysts
- Physicians and Surgeons
- Physical Therapists
- Teachers
10 Companies Hiring Now:
- Amazon
- Microsoft
- Boeing
- T-Mobile
- Expedia Group
- Costco Wholesale
- Starbucks
- Nordstrom
- Providence Health System
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