Boulder’s December 2023 jobs report presents a mixed picture. While the overall unemployment rate held steady at 2.8%, the private sector shed 700 jobs, marking the fourth consecutive month of decline. Conversely, government employment surged by 1,300 jobs, buoyed by the holiday season. This report highlights ongoing shifts in the Boulder economy, with some sectors struggling and others experiencing growth.
Highlights:
- Unemployment rate: Remained stable at 2.8%, indicating a tight labor market.
- Private sector: Lost 700 jobs, the fourth consecutive month of decline.
- Government sector: Gained 1,300 jobs, likely due to seasonal hiring.
- Manufacturing: Witnessed continued decline, losing 100 jobs.
- Trade, Transportation, and Utilities: Added 50 jobs, a modest increase.
What Industries and Occupations Grew:
- Government: Experienced significant growth, particularly in local government positions.
- Professional and Business Services: Added a small number of jobs, primarily in healthcare and education.
- Leisure and Hospitality: Gained jobs due to the holiday season, but overall growth remains sluggish.
What Industries and Occupations Shrank:
- Manufacturing: Continued its downward trend, with losses in durable goods production.
- Trade, Transportation, and Utilities: Declined slightly, mainly in transportation and warehousing.
- Information: Lost a handful of jobs in the technology sector.
Compare to Same Month Last Year:
- Unemployment rate: Down from 3.3% in December 2022, reflecting a tighter labor market.
- Total nonfarm employment: Up 2.6% year-over-year, indicating overall job growth.
- Private sector employment: Down 0.4% compared to December 2022.
Compare to Previous Month:
- Unemployment rate: Unchanged from November 2023.
- Total nonfarm employment: Down slightly from November 2023.
- Private sector employment: Continued its downward trend from November 2023.
Future Outlook:
The future of Boulder’s job market remains uncertain. While the tight labor market suggests continued job growth, concerns linger about a potential economic slowdown. The performance of key industries like manufacturing and technology will be crucial indicators of future trends.
10 Growing Occupations (December 2023 compared to November 2023):
- Software Developers, Applications
- Registered Nurses
- Personal and Home Care Aides
- Customer Service Representatives
- Marketing Specialists
- Elementary School Teachers
- General and Operations Managers
- Sales Representatives, Wholesale and Manufacturing
- Accountants and Auditors
- Physicians and Surgeons
10 Companies Hiring Now in Boulder, CO (as of February 2, 2024):
- Ball Corporation
- University of Colorado Boulder
- City of Boulder
- Boulder Community Hospital
- NREL
- The Western Center for Pediatric Therapy
- Eco-Products, Inc.
- Celestial Seasonings
- Teva Pharmaceuticals
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