December 2023 presented a mixed bag for Hartford’s job market, marking the second consecutive month of job losses despite a positive year overall. While the unemployment rate remained low, concerns emerged around potential slowdowns in specific sectors.
Highlights:
- Total nonfarm jobs: December saw a decrease of 2,500 jobs (-0.4%), following November’s revised decline of 100 jobs (-0.1%).
- Unemployment rate: Despite job losses, the unemployment rate held steady at 3.4%, continuing the low unemployment trend of 2023.
- Year-over-year: Despite December’s dip, 2023 ended with a net gain of 22,700 jobs (1.4%) compared to December 2022.
What Industries and Occupations Grew:
- Trade, Transportation, and Utilities: This sector added 1,200 jobs (1.3%) in December, reflecting continued growth in e-commerce and logistics.
- Professional and Business Services: Modest growth of 200 jobs (0.3%) continued in this sector, driven by areas like healthcare and legal services.
- Registered Nurses: This occupation saw the most significant gains, adding 100 jobs (1.7%).
What Industries and Occupations Shrank:
- Manufacturing: This sector shed 500 jobs (-0.9%) in December, marking a continuation of its year-long decline.
- Government: December saw a loss of 400 jobs (-0.2%) in the government sector.
- Production Occupations: This occupational group lost 800 jobs (-2.4%), reflecting trends in manufacturing.
Compare to Same Month Last Year:
- Compared to December 2022, total nonfarm jobs in Hartford increased by 3,100 jobs (0.5%).
- The unemployment rate remained stable at 3.4%, indicating sustained low unemployment across both years.
Compare to Previous Month:
- November 2023 saw a revised job loss of 100 jobs (-0.1%), marking the beginning of the two-month decline.
- The unemployment rate held steady at 3.4% in both November and December.
Future Outlook:
The future trajectory of Hartford’s job market remains uncertain. While 2023 ended with positive growth, December’s job losses and potential slowdowns in key sectors raise concerns. Continued monitoring of key economic indicators and industry-specific trends will be crucial for understanding the future health of the local economy.
10 Growing Occupations (Hartford-West Hartford-East Hartford MSA):
- Registered Nurses
- Software Developers and Applications Developers
- Personal Care Aides
- Home Health and Personal Care Aides
- Marketing Specialists
- General and Operations Managers
- Physician Assistants
- Financial Analysts
- Sales Representatives, Wholesale and Manufacturing
- Customer Service Representatives
10 Companies Hiring Now in Hartford, CT (as of February 6, 2024):
- Aetna
- Travelers
- The Hartford
- Eversource Energy
- United Technologies Corporation
- Pratt & Whitney
- Aetna Foundation
- Saint Francis Hospital
- Hartford Public Schools
- City of Hartford
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