Lincoln’s job market ended 2023 on a positive note, reflecting the state’s overall robust economy. The unemployment rate remained steady at 2.1%, and nonfarm employment saw modest growth despite national headwinds. Key industries like education, healthcare, and trade continued their upward trajectory, offering promising opportunities for job seekers.
Highlights:
- Low unemployment: Lincoln’s 2.1% unemployment rate remained unchanged from November and is significantly lower than the national average of 3.7%. This indicates a tight labor market with ample job openings.
- Job growth: Nonfarm employment increased by 1,473 jobs compared to December 2022, representing a 1.9% growth rate. This surpasses the national average of 1.4%.
- Industry leaders: Private education and health services continued to be the main drivers of job growth, adding 7,619 positions year-over-year. Trade, transportation, and utilities also saw significant expansion, with 2,308 new jobs created.
Industry and Occupation Trends:
Growth:
- Education and healthcare: This sector continues to be a powerhouse, fueled by an aging population and increasing demand for medical services. Occupations like registered nurses, physician assistants, and home health aides are experiencing high demand.
- Trade, transportation, and utilities: The growth in e-commerce and logistics is driving job creation in this sector. Warehouse workers, delivery drivers, and transportation logistics specialists are in high demand.
- Professional and business services: This sector encompasses a wide range of occupations, including accountants, financial analysts, and management consultants. Continued economic growth is expected to fuel further job creation in this area.
Shrinkage:
- Mining, logging, and construction: This sector experienced a slight decline in December, losing 28 jobs compared to November. However, it remains stable compared to December 2022.
- Information: This sector, which includes telecommunications and broadcasting, has seen a long-term decline due to technological advancements. However, the job losses in December were minimal.
Year-over-Year Comparison:
Compared to December 2022, Lincoln’s job market has shown positive growth. Nonfarm employment increased by 1.9%, and the unemployment rate dropped by 0.6 percentage points. This indicates a stronger and more stable job market compared to the previous year.
Month-over-Month Comparison:
Compared to November 2023, nonfarm employment saw a slight decline of 925 jobs. However, this is likely due to seasonal fluctuations and does not signify a negative trend. The unemployment rate remained unchanged.
Future Outlook:
The future of Lincoln’s job market looks promising. The low unemployment rate and continued job growth in key sectors point towards a healthy and expanding economy. However, national economic concerns like inflation and potential recessionary pressures could pose challenges in the coming months.
10 Growing Occupations in Lincoln, NE:
- Registered Nurse
- Physician Assistant
- Home Health Aide
- Warehouse Worker
- Delivery Driver
- Transportation Logistics Specialist
- Accountant
- Financial Analyst
- Management Consultant
- Software Developer
10 Companies Hiring Now in Lincoln, NE:
- CHI Health
- Bryan Health
- Lincoln Public Schools
- University of Nebraska-Lincoln
- Nelnet
- TD Ameritrade
- Werner Enterprises
- Costco Wholesale
- Hy-Vee
- Walmart
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