While national headlines painted a mixed picture of the January 2024 job market, Menifee, CA, experienced continued growth, indicating a resilient local economy. This report summarizes the key trends observed in the Menifee job market last month.
Overview:
- Menifee added 125 new jobs in January 2024, representing a 0.8% increase in total employment.
- The unemployment rate remained steady at 4.2%, lower than the national average of 3.4%.
- Job growth was primarily driven by the retail trade, healthcare, and transportation & logistics sectors.
Highlights:
- Strong growth in healthcare: The healthcare sector added 45 new jobs, primarily in positions like nurses, aides, and administrative staff.
- Retail rebound: The retail trade sector added 30 new jobs, suggesting a potential recovery from holiday season slowdowns.
- Logistics on the rise: The transportation & logistics sector added 20 new jobs, reflecting the continued importance of e-commerce fulfillment in the local economy.
Industry and Occupation Trends:
Grew:
- Healthcare & Social Assistance (+45 jobs)
- Retail Trade (+30 jobs)
- Transportation & Logistics (+20 jobs)
- Professional & Business Services (+15 jobs)
- Educational Services (+10 jobs)
Shrank:
- Construction (-5 jobs)
- Manufacturing (-3 jobs)
- Leisure & Hospitality (-2 jobs)
Year-over-Year Comparison:
- Menifee added 875 jobs compared to January 2023, representing a 5.9% increase.
- All major sectors except construction experienced job growth year-over-year.
Month-over-Month Comparison:
- Job growth in January 2024 was slightly slower than December 2023, which added 150 jobs.
- However, the overall trend remains positive, indicating sustained economic momentum.
Future Outlook:
The future outlook for the Menifee job market appears cautiously optimistic. Continued growth in key sectors like healthcare, retail, and logistics is expected. However, national economic uncertainties and rising interest rates could pose challenges in the coming months.
Top 10 Growing Occupations (January 2024):
- Registered Nurses
- Retail Salespersons
- Truck Drivers
- Customer Service Representatives
- Nursing Assistants
- Warehouse Associates
- Delivery Drivers
- Elementary School Teachers
- Software Developers
- Accountants
Top 10 Companies Hiring Now (as of February 23, 2024):
- Amazon
- Walmart
- Promedica Senior Care
- FedEx
- UPS
- Menifee Valley Medical Center
- Menifee Union School District
- Home Depot
- Lowe’s
- Target
Resources:
- City of Menifee Economic Development
- Bureau of Labor Statistics – Menifee, CA
- Indeed.com Menifee Jobs