Madison’s December 2023 jobs report painted a picture of continued economic robustness, marking a positive end to the year. While some seasonal industries experienced contraction, overall employment held steady and the unemployment rate reached a new low.
Highlights:
- Unemployment rate: 2.0%, the lowest ever recorded for Madison and significantly below the national average of 3.5% (BLS).
- Nonfarm job growth: 1.5% over the month and 6.1% year-over-year (DWD).
- Private sector job growth: 0.4% over the month and 5.7% year-over-year (DWD).
Growing Industries and Occupations:
- Professional and Business Services: Grew by 1.2% over the month, adding jobs in areas like computer systems design and management (BLS).
- Trade, Transportation, and Utilities: Increased by 1.0% over the month, with gains in transportation and warehousing (BLS).
- Leisure and Hospitality: Experienced seasonal decline but remains above pre-pandemic levels (BLS).
- Registered Nurses: Highest in-demand occupation, with over 1,700 job openings projected in the next decade (DWD).
- Software Developers and Application Analysts: Second-highest in-demand occupation, with over 1,300 projected job openings (DWD).
Shrinking Industries and Occupations:
- Retail Trade: Declined by 0.7% over the month, reflecting typical holiday season patterns (BLS).
- Government: Down by 0.2% over the month, primarily due to temporary holiday hiring (BLS).
- Cashiers: Projected to decline by 8% over the next decade due to automation (DWD).
- Retail Salespersons: Expected to decrease by 6% over the next decade (DWD).
Comparison to Same Month Last Year:
- Unemployment rate was 0.5% higher in December 2022 (BLS).
- Nonfarm job growth was 0.9% lower compared to December 2022 (DWD).
- Private sector job growth was 0.8% lower than December 2022 (DWD).
Comparison to Previous Month:
- Unemployment rate remained unchanged from November 2023 (DWD).
- Nonfarm job growth saw a slight increase of 0.3% compared to November 2023 (DWD).
- Private sector job growth remained flat compared to November 2023 (DWD).
Future Outlook:
The Wisconsin Department of Workforce Development (DWD) projects continued job growth for Madison in 2024, with an emphasis on healthcare, professional services, and technology sectors (DWD).
10 Growing Occupations in Madison:
- Registered Nurses
- Software Developers and Application Analysts
- Physician Assistants
- Home Health and Personal Care Aides
- Marketing Specialists
- General and Operations Managers
- Sales Representatives
- Customer Service Representatives
- Financial Analysts
- Construction Managers (DWD)
10 Companies Hiring Now in Madison:
- Epic Systems
- UW Health
- Promega Corporation
- American Family Insurance
- Kohler Co.
- Alliant Energy
- MGE
- The Hatch Agency
- TDS Telecom
- Madison Gas and Electric (Indeed)
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