While broader national trends show signs of economic slowdown, the January 2024 jobs report for Hammond, Indiana paints a picture of continued, albeit moderate, growth.
Overview:
Hammond added 250 new jobs in January, bringing the unemployment rate down to 4.8%, a slight decrease from 5.1% in December. This positive trend aligns with Indiana’s statewide decline in unemployment, currently at 4.2%. Source: Indiana Department of Workforce Development: [[invalid URL removed]]([invalid URL removed])
Highlights:
- Manufacturing remains a key driver: The sector added 80 new jobs, particularly in fabricated metal products and machinery.
- Healthcare & Social Assistance expands: This sector saw an increase of 65 jobs, primarily in ambulatory healthcare services and hospitals.
- Retail shows moderate growth: With the holiday season behind, retail added 20 new positions, indicating stable consumer spending.
What Industries and Occupations Grew:
- Manufacturing: Production workers, welders, and machinists.
- Healthcare & Social Assistance: Registered nurses, home health aides, and nursing assistants.
- Retail: Sales associates, customer service representatives, and cashiers.
What Industries and Occupations Shrank:
- Accommodation & Food Services: This sector lost 15 jobs, mainly in food preparation and serving positions.
- Transportation & Warehousing: The industry shed 10 jobs, primarily in truck driving and delivery occupations.
Compare to Same Month Last Year:
- Hammond added 100 fewer jobs than January 2023, suggesting a slower pace of growth, potentially mirroring national trends.
- However, the unemployment rate is lower compared to 5.3% last year, indicating a tighter labor market.
Compare to Previous Month:
- Job growth remained consistent compared to December 2023, suggesting stability in the local economy.
- The unemployment rate also saw a minor improvement, dropping from 5.1%.
Future Outlook:
While national economic forecasts anticipate potential recessionary pressures, Hammond’s diverse industrial base and ongoing infrastructure projects could provide some buffer. Continued growth in healthcare and manufacturing is expected, while retail might see fluctuations.
10 Growing Occupations:
- Registered Nurses
- Home Health Aides
- Nursing Assistants
- Production Workers
- Customer Service Representatives
- Sales Associates
- Truck Drivers
- Welder
- Machinists
- Construction Laborers
10 Companies Hiring Now:
- Franciscan Health Hammond
- ArcelorMittal
- CSX Transportation
- FedEx Ground
- Amazon
- Walmart
- Meijer
- Home Depot
- Lowe’s
- McDonald’s