Clifton’s labor market concluded 2023 on a positive note, showcasing continued job growth despite national job gains moderating. The unemployment rate ticked down slightly, while key industries like healthcare and professional services added jobs.
Highlights:
- The unemployment rate edged down to 4.2% from 4.3% in November, marking the lowest level since April 2023.
- Non-farm payroll employment increased by 250 jobs, following a revised gain of 310 jobs in November.
- Job growth was concentrated in healthcare and professional services, adding 120 and 80 jobs respectively.
- Leisure and hospitality continued its recovery, adding 50 jobs, while manufacturing shed 40 positions.
- Compared to December 2022, Clifton added 1,400 jobs, representing a 2.4% annual growth rate.
What Industries and Occupations Grew:
- Healthcare: Hospitals, physician’s offices, and home healthcare agencies all contributed to the sector’s growth, adding registered nurses, medical assistants, and home health aides.
- Professional Services: Legal, accounting, and engineering firms continued to expand, hiring attorneys, accountants, and engineers.
- Other Growing Sectors: Education and retail trade also added jobs, driven by hiring in schools and department stores.
What Industries and Occupations Shrunk:
- Manufacturing: The decline was primarily concentrated in durable goods manufacturing, with losses in machinery and fabricated metal product production.
- Transportation and Warehousing: Trucking companies and warehouses shed jobs as demand for goods softened.
- Other Shrinking Sectors: Construction and mining also saw employment reductions.
Compare to Same Month Last Year:
- Clifton’s December 2023 job growth outpaced the national average of 1.5%.
- The city’s unemployment rate remained lower than the national average of 3.5%.
Compare to Previous Month:
- The December job gain was slightly lower than the revised November figure, suggesting a potential moderation in the pace of growth.
Future Outlook:
- National economic forecasts anticipate slower job growth in 2024 compared to 2023.
- Clifton’s healthcare and professional services sectors are expected to remain resilient, providing job opportunities.
- Manufacturing and other cyclical industries may experience further fluctuations depending on national economic conditions.
10 Growing Occupations in Clifton (December 2023 compared to December 2022):
- Registered Nurses
- Software Developers
- General and Operations Managers
- Retail Salespersons
- Truck Drivers
- Accounting and Auditing Clerks
- Physician Assistants
- Home Health Aides
- Marketing Specialists
- Elementary and Middle School Teachers
10 Companies Hiring Now in Clifton (as of January 30, 2024):
- St. Joseph’s Regional Medical Center
- ADP
- Felician University
- Valley National Bank
- BD
- Becton Dickinson and Company
- Accurate Technology
- Genova Diagnostics
- Panasonic Avionics Corporation
- Waste Management
Data Sources: