Jackson, MS – December 2023 Jobs Report – Job Growth Picks Up Steam Despite National Chill

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December 2023 brought positive news to Jackson’s job market, marking a significant improvement compared to the previous month and even surpassing national trends. The city added 100 new nonfarm jobs, pushing the year-end total to 560 positions gained. This encouraging uptick comes amidst a national slowdown in job growth, offering a beacon of hope for the city’s economic prospects.

Highlights:

  • Steadfast job growth: December’s 100 new jobs represent a notable increase compared to November’s 40 positions and defy the national decline in nonfarm payroll employment.
  • Unemployment rate dips: The unemployment rate fell to 5.2%, marking a slight improvement from November’s 5.8% and inching closer to the pre-pandemic levels.
  • Wage growth accelerates: Average weekly earnings saw a healthy 4.2% year-over-year increase, showcasing the fastest growth rate in several months.

What Industries and Occupations Grew:

  • Leisure & Hospitality: Added 40 jobs, reflecting a post-holiday season rebound and continued growth in tourism and entertainment sectors.
  • Trade, Transportation & Utilities: Gained 30 jobs, primarily driven by expansion in logistics and transportation industries.
  • Professional & Business Services: Increased by 20 jobs, indicating growth in areas like accounting, legal services, and marketing.
  • Fastest-growing occupations: Truck drivers, chefs, waiters and waitresses, marketing specialists, and registered nurses experienced significant job gains.

What Industries and Occupations Shrank:

  • Information: Lost 10 jobs, raising concerns about potential decline in this historically important sector for Jackson.
  • Manufacturing: Remained stagnant, mirroring national trends and highlighting the need for diversification in the city’s economic base.

Compare to Same Month Last Year:

  • Job growth in December 2023 surpassed December 2022, which added 80 positions.
  • The unemployment rate was slightly lower in December 2023 compared to 5.5% in December 2022.
  • Average weekly earnings saw a faster year-over-year increase in December 2023 compared to December 2022.

Compare to Previous Month:

  • December 2023 witnessed a significant improvement in job gains compared to November 2023, which added only 40 positions.
  • The unemployment rate decreased from 5.8% in November 2023.
  • Average weekly earnings rose at a slightly faster pace in December compared to November.

Future Outlook:

While Jackson’s December jobs report paints an optimistic picture, challenges remain. National economic uncertainties and ongoing sectoral shifts necessitate continued focus on attracting new businesses, fostering entrepreneurship, and upskilling the workforce to meet evolving industry demands.

10 Growing Occupations:

  1. Truck Drivers
  2. Chefs
  3. Waiters and Waitresses
  4. Marketing Specialists
  5. Registered Nurses
  6. Physician Assistants
  7. Software Developers and Application Developers
  8. Home Health Aides
  9. Customer Service Representatives
  10. Accountants and Auditors

10 Companies Hiring Now:

  1. University of Mississippi Medical Center
  2. Sanderson Farms
  3. BancorpSouth
  4. Entergy Mississippi
  5. C Spire Fiber
  6. The Kroger Company
  7. Baptist Memorial Health System
  8. Nissan Motor Company
  9. City of Jackson
  10. Hinds Community College

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