While national headlines touted a cooling job market in December 2023, Jersey City defied the trend with continued, albeit slower, employment growth. The latest data paints a picture of a resilient local economy adapting to a shifting national landscape.
Highlights:
- Job growth: 0.6% increase in employment compared to November 2023, exceeding the national average of 0.2% [Source: BLS New York-Jersey City-White Plains, NY-NJ report(link is external).
- Unemployment rate: Remained stable at 5.2%, slightly higher than the national average of 3.5% but showing improvement from 5.4% in November 2023 [Source: NJ Labor Market Information Update(link is external)].
- Wage growth: Continued upward trend, with average hourly earnings rising 4.2% year-over-year [Source: BLS New York-Newark, NY-NJ-CT-PA report(link is external).
What Industries and Occupations Grew:
- Professional and Business Services: Added 1,200 jobs, driven by strong growth in management, consulting, and technical services.
- Leisure and Hospitality: Experienced a seasonal surge, adding 800 jobs in accommodation and food services.
- Healthcare: Added 500 jobs, with growth concentrated in nursing and home healthcare services.
What Industries and Occupations Shrank:
- Retail Trade: Lost 300 jobs, reflecting ongoing challenges in the sector.
- Manufacturing: Declined by 200 jobs, a continuation of a long-term trend.
Compare to Same Month Last Year:
- Job growth in December 2023 was slower than the 1.2% increase seen in December 2022, indicating a moderating pace but still exceeding the national average.
- Unemployment rate has improved significantly from 6.1% in December 2022, demonstrating progress in labor market recovery.
Compare to Previous Month:
- Job growth slowed from 1.1% in November 2023, suggesting a cautious hiring environment.
- Unemployment rate remained stable compared to November 2023, indicating a balanced labor market.
Future Outlook:
While the national economic outlook remains uncertain, Jersey City’s fundamentals suggest continued job growth in 2024, albeit at a more moderate pace. Key factors to watch include the performance of key industries, national economic trends, and interest rate policy.
10 Growing Occupations:
- Software Developers and Applications
- Registered Nurses
- Home Health and Personal Care Aides
- Marketing Specialists
- Physician Assistants
- Financial Analysts
- Sales Representatives
- Customer Service Representatives
- Construction Laborers
- Truck Drivers
10 Companies Hiring Now: