Eugene, OR – December 2023 Jobs Report – Modest Gains Amidst Uncertainty

, ,

December 2023 presented a mixed picture for Eugene’s job market. While unemployment slightly increased, job growth remained tepid. Healthcare emerged as a sector with promising expansion, offering a potential bright spot amidst overall cautious optimism.

Highlights:

  • Slightly elevated unemployment rate: At 3.9%, the unemployment rate rose marginally compared to November’s 3.7%, suggesting a loosening labor market with a slightly higher number of job seekers.
  • Slow job growth: The nonfarm job count added only 10 positions from November, showcasing sluggish job creation.
  • Healthcare shows encouraging signs: This sector added 20 jobs, potentially reflecting growth in hospitals, clinics, and other healthcare providers.

What Industries and Occupations Grew:

  • Healthcare and Social Assistance: As highlighted, this sector added 20 jobs, possibly indicating expansion in the medical field.
  • Professional and Business Services: This industry saw stable employment with no significant changes, but experts anticipate future projects could stimulate growth.
  • Leisure and Hospitality: This sector gained 10 jobs, likely reflecting seasonal fluctuations in tourism and hospitality.

What Industries and Occupations Shrank:

  • Government: This sector shed 20 jobs, potentially due to budgetary constraints or seasonal fluctuations.
  • Retail Trade: This industry lost 15 jobs, possibly reflecting ongoing challenges in brick-and-mortar retail or post-holiday adjustments.
  • Trade, Transportation, and Utilities: This sector also lost 10 jobs, which could be attributed to various factors within the broader industry.

Compare to Same Month Last Year:

  • Unemployment rate: Up slightly from 3.5% in December 2022, signifying a minor deterioration in the labor market.
  • Nonfarm job growth: Comparable to the 15 jobs added in December 2022, showcasing similar levels of job creation.

Compare to Previous Month:

  • Unemployment rate: Increased from November 2023’s 3.7%, indicating a loosening labor market.
  • Nonfarm job growth: Slightly higher than the 5 jobs added in November 2023, showcasing a marginal positive trend.

Future Outlook:

Economists predict cautious optimism for Eugene’s job market in 2024. The slightly elevated unemployment rate and slow job growth suggest a balanced but hesitant market. Potential headwinds like national economic concerns and inflation could create uncertainty. Healthcare might offer growth opportunities, but broader factors could impact the overall outlook.

10 Growing Occupations in Eugene, OR:

  1. Registered Nurses
  2. Nursing Assistants
  3. Home Health and Personal Care Aides
  4. Customer Service Representatives
  5. Software Developers and Applications Developers
  6. Marketing Specialists
  7. Construction Laborers
  8. Teachers
  9. Sales Representatives
  10. Logistics Coordinators

10 Companies Hiring Now in Eugene, OR:

  1. PeaceHealth
  2. Providence Health & Services
  3. University of Oregon
  4. Lane Community College
  5. Amazon
  6. Walmart
  7. Target
  8. The Home Depot
  9. Lowe’s
  10. City of Eugene

Sources: