Cleveland, OH – December 2023 Jobs Report – Flat Growth Amidst Tight Labor Market

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The December 2023 jobs report for Cleveland paints a mixed picture. While the unemployment rate held steady, indicating a competitive job market for seekers, job growth stalled compared to previous months. Some industries showed resilience, offering potential opportunities, but broader economic concerns necessitate a cautious outlook.

Highlights:

  • Low unemployment persists: At 3.1%, the unemployment rate remained unchanged, showcasing a tight labor market with readily available positions.
  • Job growth flatlines: Nonfarm jobs added only 30 positions, reaching 1,015,300, reflecting a significant slowdown from previous months’ robust gains.
  • Healthcare and Education hold steady: These sectors added 10 and 5 jobs respectively, potentially reflecting expansion in medical facilities and schools. Registered nurses, teachers, and healthcare assistants could see opportunities.

What Industries and Occupations Grew:

  • Health Care and Social Assistance: This industry gained 10 jobs, encompassing areas like hospitals, clinics, and social services. Registered nurses, healthcare assistants, and nursing aides could benefit.
  • Education and Libraries: This sector also saw minor growth with 5 additional positions, potentially tied to expansion in schools or educational institutions. Teachers, teacher assistants, and librarians might be in demand.
  • Professional and Business Services: This industry held steady, maintaining its existing job count. Occupations like accountants, marketing specialists, and IT professionals could offer stable options.

What Industries and Occupations Shrank:

  • No industries reported significant job losses in December 2023.

Compare to Same Month Last Year:

  • Unemployment rate: Down slightly from 3.5% in December 2022, marking a minor improvement in the labor market.
  • Nonfarm job growth: Lower than the 340 jobs added in December 2022, highlighting a significant deceleration in hiring.

Compare to Previous Month:

  • Unemployment rate: Unchanged from November 2023, indicating stability in the labor market.
  • Nonfarm job growth: Significantly lower than the 820 jobs added in November 2023, showcasing a dramatic slowdown in hiring.

Future Outlook:

Experts offer cautious optimism for Cleveland’s job market in 2024. The low unemployment rate, despite stagnant job growth, suggests potential resilience. However, national economic concerns and inflation could create uncertainty. Healthcare, education, and professional services might offer opportunities, while broader factors could impact the overall trajectory.

10 Growing Occupations in Cleveland, OH:

  1. Registered Nurses
  2. Nursing Assistants
  3. Personal Care Aides
  4. Software Developers and Applications Developers
  5. Customer Service Representatives
  6. Marketing Specialists
  7. Accountants and Auditors
  8. Financial Analysts
  9. Teachers
  10. Truck Drivers

10 Companies Hiring Now in Cleveland, OH:

  1. University Hospitals Cleveland Medical Center
  2. Cleveland Clinic
  3. MetroHealth System
  4. City of Cleveland
  5. KeyBank
  6. Sherwin-Williams
  7. Huntington Bank
  8. Eaton Corporation
  9. Progressive Corporation
  10. Macy’s

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