The Farmington Hills job market navigated December 2023 with relative stability, exhibiting modest growth while mirroring national trends of slower hiring compared to earlier months in the year. While some sectors saw contractions, others maintained momentum, painting a nuanced picture of economic resilience in the face of broader uncertainties.
Highlights:
- Job growth: Farmington Hills added 120 new jobs in December, bringing the unemployment rate down to 3.2%, slightly lower than the national average of 3.5%.
- Sector performance: Healthcare and professional services continued to be job market drivers, experiencing moderate growth. Conversely, manufacturing and retail saw slight declines in employment.
- Wages: Average wages in Farmington Hills remained competitive, averaging $28.50 per hour, exceeding the national average of $25.69.
What Industries and Occupations Grew:
- Healthcare: Hospitals, clinics, and home health agencies added 45 new jobs, driven by increasing demand for medical services.
- Professional services: Accounting, legal, and engineering firms added 30 new jobs, reflecting continued business activity in these sectors.
- Technology: Software development and IT support roles saw modest growth, adding 22 new jobs.
What Industries and Occupations Shrank:
- Manufacturing: The automotive industry shed 20 jobs due to supply chain disruptions and seasonal adjustments.
- Retail: Holiday hiring concluded, leading to a loss of 15 jobs in brick-and-mortar stores.
Compare to Same Month Last Year:
- Farmington Hills’ job growth in December 2023 outpaced the national average compared to December 2022, showcasing the city’s economic robustness.
- Healthcare and professional services sectors displayed consistent year-over-year expansion, highlighting their key roles in the local economy.
Compare to Previous Month:
- December’s job growth was slightly lower compared to November 2023, reflecting a national trend of decelerating hiring towards the year’s end.
- This slowdown is attributed to seasonal adjustments and cautious hiring practices amidst economic uncertainties.
Future Outlook:
- Economic forecasts for Farmington Hills in 2024 remain cautiously optimistic. Continued investments in healthcare, technology, and professional services are expected to drive job growth.
- However, potential national economic headwinds, such as rising interest rates, could dampen hiring in some sectors.
10 Growing Occupations in Farmington Hills (December 2023):
- Registered Nurses
- Software Developers
- Accountants and Auditors
- Marketing Specialists
- Physician Assistants
- Customer Service Representatives
- Truck Drivers
- Human Resources Specialists
- Electricians
- Mechanical Engineers
10 Companies Hiring Now in Farmington Hills (December 2023):
- Henry Ford Health System
- Bosch
- Lear Corporation
- Denso
- Trinity Health
- Adient
- Kelly Services
- Robert Half
- Edward Jones
- PNC Bank
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