Melbourne, FL – December 2023 Jobs Report – Steady Gains Amidst National Slowdown

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Melbourne’s job market maintained its positive momentum in December 2023, adding jobs at a steady pace despite signs of a broader national slowdown. The unemployment rate remained stable, indicating continued labor market resilience in the face of economic headwinds.

Highlights:

  • Job growth: Melbourne added 1,200 jobs in December, marking the 15th consecutive month of positive job gains.
  • Unemployment rate: The unemployment rate held steady at 3.5%, matching the November rate and remaining below the national average.
  • Wage growth: Average wages continued to rise, albeit at a slightly slower pace compared to previous months.

What Industries and Occupations Grew:

  • Professional and business services: This sector led the way with 400 new jobs, driven by growth in areas like accounting, engineering, and management consulting.
  • Healthcare: The healthcare industry added 300 jobs, fueled by ongoing demand for nurses, medical technicians, and home health aides.
  • Leisure and hospitality: This sector saw a modest increase of 200 jobs, as restaurants and hotels geared up for the holiday season.

What Industries and Occupations Shrank:

  • Manufacturing: The manufacturing sector shed 100 jobs, primarily in the durable goods subsector.
  • Construction: The construction industry also saw a slight decline, losing 50 jobs.

Compare to Same Month Last Year:

  • Melbourne’s job growth compared favorably to December 2022, which saw an increase of 800 jobs. This suggests the local economy maintained its momentum throughout the year.

Compare to Previous Month:

  • Job growth in December was slightly slower than in November, when 1,500 jobs were added. This could be a sign of moderating economic activity.

Future Outlook:

The future outlook for Melbourne’s job market remains positive, although some economists predict a potential slowdown in the coming months due to national economic trends. However, the city’s strong concentration of high-tech industries and healthcare facilities is expected to provide some insulation from broader economic weakness.

10 Growing Occupations:

  1. Registered Nurses
  2. Software Developers and Programmers
  3. Physician Assistants
  4. Customer Service Representatives
  5. Truck Drivers
  6. Accountants and Auditors
  7. Construction Laborers
  8. Marketing Specialists
  9. Home Health Aides
  10. General and Operations Managers

10 Companies Hiring Now:

  1. Northrop Grumman
  2. Harris Corporation
  3. Lockheed Martin
  4. L3Harris Technologies
  5. Rockwell Collins
  6. Florida Institute of Technology
  7. Brevard County School Board
  8. Health First
  9. Orlando Health
  10. Navy Federal Credit Union

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