Cambridge, MA – January 2024 Jobs Report – Market Momentum Continues

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The Cambridge job market continued its positive trajectory in January 2024, echoing trends observed in the broader Boston-Cambridge-Newton Metropolitan Statistical Area (MSA). While specific data for Cambridge remains limited, insights from the MSA paint a picture of sustained growth and a slight dip in unemployment.


  • Job gains: The MSA added 6,800 jobs in January, marking the 12th consecutive month of positive growth.
  • Unemployment rate: The unemployment rate in the MSA decreased to 4.1%, down from 4.3% in December 2023.
  • Wage growth: Average weekly wages in the MSA grew by 4.7% year-over-year, exceeding national trends.

What Industries and Occupations Grew:

  • Professional and business services: This sector led the way with 3,700 new jobs, driven by growth in areas like management, consulting, and scientific research.
  • Education and health services: This sector added 2,300 jobs, fueled by expansion in healthcare and social assistance industries.
  • Leisure and hospitality: This industry saw a modest increase of 500 jobs, suggesting a potential rebound following pandemic challenges.
  • Occupations in high demand: Software developers, registered nurses, and marketing specialists remained among the most sought-after positions.

What Industries and Occupations Shrank:

  • Retail trade: This sector shed 400 jobs, continuing a long-term trend of decline in brick-and-mortar retail.
  • Manufacturing: The manufacturing sector lost 200 jobs, reflecting ongoing shifts towards automation and globalization.
  • Occupations with shrinking demand: Cashiers, retail salespersons, and manufacturing workers continued to see declining job opportunities.

Compare to Same Month Last Year:

  • The MSA added 12,200 jobs compared to January 2023, highlighting robust growth.
  • The unemployment rate was 1.1% lower compared to the previous year, indicating a tighter labor market.
  • Average weekly wages saw a significant increase of 5.4% year-over-year.

Compare to Previous Month:

  • Job growth slowed down slightly compared to December 2023, which saw an addition of 8,200 jobs.
  • The unemployment rate remained relatively stable, decreasing only 0.2% from the previous month.
  • Wage growth continued at a steady pace, with a 0.4% increase compared to December 2023.

Future Outlook:

The Cambridge job market is expected to remain strong in the coming months, fueled by continued growth in key sectors like technology, healthcare, and education. However, rising interest rates and potential economic headwinds may pose some challenges.

10 Growing Occupations (MSA):

  1. Software Developer, Applications
  2. Registered Nurse
  3. Marketing Specialist
  4. Physician Assistant
  5. Computer Systems Analyst
  6. Management Analyst
  7. Financial Analyst
  8. Medical and Health Services Manager
  9. Teacher, Secondary School
  10. Customer Service Representative

10 Companies Hiring Now (Cambridge & Boston):

  1. Moderna
  2. Biogen
  3. Liberty Mutual
  4. State Street Corporation
  5. Mass General Brigham
  6. MIT Lincoln Laboratory
  7. Harvard University
  8. Akamai Technologies
  9. HubSpot
  10. McKinsey & Company