Buffalo, NY – December 2023 Jobs Report – Winter Chill Hits Employment Growth

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The December 2023 jobs report for Buffalo, NY paints a mixed picture. While the unemployment rate remained low compared to historical averages, job growth slowed significantly compared to previous months. The Bureau of Labor Statistics (BLS) reported a 4.5% unemployment rate for the Buffalo-Niagara Falls Metropolitan Statistical Area (MSA), representing an increase from 3.3% in November 2023 but still lower than the national average of 4.6%. However, total employment within the MSA decreased by 20,900 jobs from November to December, signifying a notable decline in hiring activity.

Highlights:

  • Unemployment rate: 4.5%, up from 3.3% in November but below the national average.
  • Job growth: -20,900 jobs compared to November, a significant decline.
  • Industries driving growth: Education and health services, professional and business services.
  • Industries experiencing losses: Leisure and hospitality, trade, transportation, and utilities.

What Industries and Occupations Grew:

  • Education and health services: This sector added 3,200 jobs, primarily in healthcare support occupations like aides, technicians, and nursing assistants.
  • Professional and business services: This sector gained 2,300 jobs, driven by growth in professional, scientific, and technical services.

What Industries and Occupations Shrank:

  • Leisure and hospitality: This sector lost 6,800 jobs, concentrated in food service and accommodation occupations like waiters, cooks, and hotel desk clerks.
  • Trade, transportation, and utilities: This sector shed 5,200 jobs, mainly in retail trade and transportation and warehousing occupations.

Compare to Same Month Last Year:

  • Unemployment rate: Up from 4.3% in December 2022.
  • Job growth: Down from a gain of 3,900 jobs in December 2022.

Compare to Previous Month:

  • Unemployment rate: Increased by 1.2 percentage points from November 2023.
  • Job growth: A significant decline from a gain of 4,600 jobs in November 2023.

Future Outlook:

The future outlook for the Buffalo job market remains uncertain. While the low unemployment rate indicates a tight labor market, the recent slowdown in job growth suggests potential challenges ahead. Further insights will be available in the coming months as economic data evolves.

10 Growing Occupations:

  1. Registered nurses
  2. Nursing assistants
  3. Home health aides
  4. Personal care aides
  5. Software developers and applications
  6. Truck drivers
  7. General and operations managers
  8. Marketing specialists
  9. Sales representatives
  10. Customer service representatives

10 Companies Hiring Now:

Resources:

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