Highlights:
- The unemployment rate held steady at 2.4%, reflecting a tight labor market with more open jobs than available workers.
- Wage growth continued, with average hourly earnings increasing by 3.2% year-over-year.
- Healthcare, manufacturing, and professional services saw the most significant job gains.
What Industries and Occupations Grew:
- Healthcare: Added 150 new jobs, primarily in positions like nurses, medical assistants, and therapists.
- Manufacturing: Gained 120 jobs, driven by demand for production workers and machinery operators.
- Professional & Business Services: Expanded by 80 jobs, with openings in areas like marketing, finance, and accounting.
What Industries and Occupations Shrank:
- Retail: Lost 40 jobs, mainly due to post-holiday adjustments.
- Leisure & Hospitality: Declined by 30 jobs, reflecting typical seasonal patterns in tourism and service industries.
Compare to Same Month Last Year:
- Job growth outpaced January 2023 by 1.5%, indicating a strengthening economy.
- Healthcare and professional services showed particularly strong gains compared to the previous year.
Compare to Previous Month:
- A slight decrease of 2% in total jobs compared to December 2023, likely due to seasonal variations.
- However, the decline was significantly smaller than pre-pandemic seasonal fluctuations.
Future Outlook:
- The job market is expected to remain robust in the coming months, fueled by increasing business activity and infrastructure projects.
- Demand for skilled workers in healthcare, technology, and manufacturing is anticipated to continue rising.
10 Growing Occupations:
- Registered Nurse
- Software Developer
- Truck Driver
- Physical Therapist
- Marketing Specialist
- Financial Analyst
- Accountant
- Customer Service Representative
- Sales Representative
- Construction Worker
10 Companies Hiring Now:
- University of Iowa
- Mercy Hospital
- Procter & Gamble
- Collins Aerospace
- Hy-Vee
- Sheller & Associates
- Veridian
- MidAmerican Energy
- Heartland Credit Union
- ACT, Inc.