The December 2023 jobs report for Memphis paints a picture of relative stability and continued momentum within the labor market. Despite national economic fluctuations, key industries remained robust, offering opportunities for qualified job seekers. However, careful monitoring of future trends is essential.
Highlights:
- Unemployment dips slightly: Holding steady at 3.7%, the unemployment rate suggests a competitive job market for qualified applicants.
- Job growth slows, but remains positive: With 19 new positions added, nonfarm jobs reached 601,900, reflecting a slight deceleration in hiring compared to previous months.
- Trade, Transportation & Utilities leads the charge: This sector added 30 jobs, potentially indicating growth in warehousing, logistics, and transportation industries. Truck drivers, warehouse associates, and logistics coordinators could see opportunities.
Industry and Occupation Highlights:
- Growth: Trade, Transportation & Utilities (+30), Professional & Business Services (+20), Leisure & Hospitality (+10).
- No significant declines: While some seasonal positions in leisure and hospitality might have ended, no industries reported large-scale job losses.
Historical Comparisons:
- Improvement over December 2022: Lower unemployment rate (3.7% vs. 3.9%) provides a slight improvement in the labor market.
- Slower pace than December 2022: Lower job growth (19 jobs vs. 40 jobs) compared to the previous year, highlighting a slowdown in hiring.
Future Outlook:
Experts offer a cautiously optimistic view. The stable unemployment rate and growth in key sectors suggest Memphis could hold steady. However, national economic trends and their impact on specific industries, such as manufacturing, warrant close observation. Adaptability and upskilling will be crucial in navigating potential shifts.
10 Growing Occupations in Memphis, TN:
- Registered Nurses
- Nursing Assistants
- Customer Service Representatives
- Software Developers and Applications Developers
- Sales Representatives
- Marketing Specialists
- Accountants and Auditors
- Construction Laborers
- Truck Drivers
- Teachers
10 Companies Hiring Now in Memphis, TN:
- FedEx Corporation
- St. Jude Children’s Research Hospital
- International Paper
- Baptist Memorial Health Care
- AutoZone
- ServiceMaster Corporation
- Shelby County Government
- Le Bonheur Children’s Hospital
- University of Memphis
- Walmart
Sources:
- Bureau of Labor Statistics – Memphis, TN-MS-AR MSA
- Tennessee Department of Labor & Workforce Development – December 2023 Labor Market News Release
- Indeed Hiring in Memphis, TN
- Glassdoor Jobs in Memphis, TN