Iowa City, IA – January 2024 Jobs Report – Hiring Heats Up Despite Seasonal Dip

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  • 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:

  1. Registered Nurse
  2. Software Developer
  3. Truck Driver
  4. Physical Therapist
  5. Marketing Specialist
  6. Financial Analyst
  7. Accountant
  8. Customer Service Representative
  9. Sales Representative
  10. Construction Worker

10 Companies Hiring Now:

  1. University of Iowa
  2. Mercy Hospital
  3. Procter & Gamble
  4. Collins Aerospace
  5. Hy-Vee
  6. Sheller & Associates
  7. Veridian
  8. MidAmerican Energy
  9. Heartland Credit Union
  10. ACT, Inc.