The December 2023 jobs report for Denver paints a complex picture, offering both positive and cautious signs for Colorado’s largest city. While unemployment remained low, job growth slowed significantly compared to previous months, raising questions about the market’s sustainability. Adaptability and upskilling will be key for job seekers and employers alike.
Key Points:
- Unemployment dips slightly: At 3.3%, the unemployment rate suggests a competitive job market for qualified applicants.
- Job growth stumbles: Adding only 300 net new positions, nonfarm employment reached 1,591,000, reflecting a significant deceleration in hiring compared to earlier months and ranking Colorado sixth slowest in national job growth.
- Leisure & Hospitality leads the way: This sector added 500 jobs, potentially indicating growth in tourism and entertainment. Customer service representatives, chefs, cooks, waiters and waitresses could find opportunities.
Industry and Occupation Insights:
- Growth: Leisure & Hospitality (+500), Trade, Transportation & Utilities (+200). Potential opportunities exist in: customer service representatives, chefs, cooks, waiters and waitresses, truck drivers, construction laborers.
- Shrinks: Professional & Business Services (-1,500), Manufacturing (-1,300). Declines in these sectors, crucial to Denver’s tech and innovation identity, raise concerns.
Historical Comparisons:
- Improvement over December 2022: Lower unemployment rate (3.3% vs. 3.5%) signifies a slight improvement in the labor market.
- Slower pace than December 2022: Significantly lower job growth (300 jobs vs. 2,100 jobs) compared to the previous year, highlighting a stark deceleration in hiring.
Future Outlook:
Experts express cautious optimism. The low unemployment rate and growth in some sectors suggest potential resilience. However, the decline in key industries and national economic uncertainties warrant close monitoring. Adaptability and upskilling in tech, healthcare, and emerging fields will be crucial for navigating potential shifts.
10 Growing Occupations in Denver, CO:
- Software Developers and Applications Developers
- Registered Nurses
- Sales Representatives
- Marketing Specialists
- Customer Service Representatives
- Physicians
- Accountants and Auditors
- Construction Laborers
- Teachers
- Truck Drivers
10 Companies Hiring Now in Denver, CO:
- Denver Health
- Kaiser Permanente
- Centura Health
- Xcel Energy
- Ball Corporation
- Lockheed Martin
- DaVita Inc.
- Charles Schwab
- DISH Network
- Comcast
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