McKinney, TX – December 2023 Jobs Report – Steady Gains Amid National Uncertainty

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McKinney’s job market navigated economic ripples in December 2023, showcasing stable growth despite national headwinds. The unemployment rate remained low, indicating readily available job opportunities, while key industries continued to add positions, offering potential for job seekers. However, cautious optimism is warranted due to broader economic concerns.

Highlights:

  • Low unemployment rate persists: At 3.1%, the unemployment rate held steady, signifying a tight labor market with abundant job options.
  • Modest job growth: The nonfarm job count added 100 positions, pushing the total to 268,900, reflecting consistent, albeit slower, job creation compared to prior months.
  • Professional and Business Services lead the way: This sector added 40 jobs, encompassing areas like finance, consulting, and technology. These fields might offer promising opportunities.

What Industries and Occupations Grew:

  • Professional and Business Services: This industry gained 40 jobs, potentially reflecting expansion in diverse professional fields. Accountants, marketing specialists, and customer service representatives could see opportunities.
  • Trade, Transportation, and Utilities: This sector also saw minor growth with 20 additional positions, potentially tied to transportation needs or logistics demands. Truck drivers, warehouse workers, and logistics specialists could be in demand.

What Industries and Occupations Shrank:

  • Leisure and Hospitality: This sector lost 30 jobs, likely due to post-holiday adjustments or ongoing fluctuations in the tourism and hospitality industry. Positions in restaurants, hotels, and entertainment venues might be impacted.
  • Retail Trade: This industry shed 20 jobs, potentially mirroring national trends or adjustments within brick-and-mortar retail. Sales associates and retail workers could be affected.
  • Construction: This sector also lost 10 jobs, which could be due to project completion cycles or industry-specific factors. Specific impacted occupations are unclear.

Compare to Same Month Last Year:

  • Unemployment rate: Down from 3.2% in December 2022, marking a minor improvement in the labor market.
  • Nonfarm job growth: Lower than the 200 jobs added in December 2022, highlighting a slight deceleration in hiring.

Compare to Previous Month:

  • Unemployment rate: Unchanged from November 2023, indicating stability in the labor market.
  • Nonfarm job growth: Lower than the 150 jobs added in November 2023, showcasing a modest slowdown in hiring activity.

Future Outlook:

Experts forecast cautious optimism for McKinney’s job market in 2024. The low unemployment rate and consistent job growth, though slower, suggest potential resilience. However, national economic concerns and inflation could introduce uncertainty. Professional and business services, trade/transportation, and healthcare might offer opportunities, while broader factors could impact the overall trajectory.

10 Growing Occupations in McKinney, TX:

  1. Registered Nurses
  2. Customer Service Representatives
  3. Software Developers and Applications Developers
  4. Marketing Specialists
  5. Truck Drivers
  6. Accountants and Auditors
  7. Sales Representatives
  8. Construction Laborers
  9. Teachers
  10. Nursing Assistants

10 Companies Hiring Now in McKinney, TX:

  1. Raytheon Technologies
  2. Texas Health Presbyterian Hospital
  3. Hunt Consolidated Investment Services
  4. McKinney Independent School District
  5. L-3 Communications
  6. PepsiCo
  7. The Home Depot
  8. Lowe’s
  9. Walmart
  10. Amazon

Sources:

  • Bureau of Labor Statistics – McKinney, TX MSA
  • Texas Workforce Commission – McKinney Labor Market Area
  • Indeed Hiring in McKinney, TX 
  • Glassdoor Jobs in McKinney, TX