Milwaukee, WI – December 2023 Jobs Report: Cautious Optimism Despite National Headwinds

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The December 2023 jobs report for Milwaukee paints a picture of cautious optimism. While job growth slowed compared to previous months, key industries witnessed expansion, offering opportunities for qualified job seekers. However, national economic uncertainties necessitate mindful observation of the future landscape.

Highlights:

  • Unemployment dips again: The rate stands at 2.9%, marking a welcome decline from November 2023 and offering a promising sign for job seekers.
  • Job growth cools down: Nonfarm jobs added only 60 positions, reaching 858,600, showing a decrease from previous months’ momentum.
  • Trade, Transportation & Utilities leads the way: This sector added 20 jobs, showcasing potential growth in warehousing, logistics, and retail trade. Warehouse associates, truck drivers, and retail salespersons could see opportunities.

What Industries and Occupations Grew:

  • Trade, Transportation & Utilities: This sector added 20 jobs, reflecting potential growth in warehousing, logistics, and retail trade. Warehouse associates, truck drivers, and retail salespersons could benefit.
  • Professional & Business Services: This sector added 10 jobs, encompassing areas like finance, consulting, or technology. Accountants, marketing specialists, and IT professionals could find opportunities.
  • Construction: This sector added 10 jobs, showcasing potential growth in residential and commercial building projects. Construction laborers, carpenters, and electricians could see opportunities.

What Industries and Occupations Shrank:

  • No industries reported significant job losses in December 2023. However, some seasonal positions in leisure and hospitality might have ended with the holiday season.

Compare to Same Month Last Year:

  • Unemployment rate: Lower than 3.1% in December 2022, highlighting a significant improvement in the labor market.
  • Nonfarm job growth: Lower than the 130 jobs added in December 2022, showcasing a deceleration in hiring compared to the previous year.

Compare to Previous Month:

  • Unemployment rate: Decreased by 0.1% compared to November 2023, indicating a slightly less competitive job market for applicants.
  • Nonfarm job growth: Significantly lower than the 240 jobs added in November 2023, marking a slowdown in hiring.

Future Outlook:

Experts offer a cautiously optimistic outlook for Milwaukee’s job market in 2024. The stable unemployment rate and growth in key sectors like trade and construction suggest potential resilience. However, monitoring national economic trends and their impact on specific industries, especially manufacturing, is crucial. Adaptability and upskilling will be key in navigating potential shifts.

10 Growing Occupations in Milwaukee, WI:

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

10 Companies Hiring Now in Milwaukee, WI:

  1. Johnson Controls International
  2. Advocate Aurora Health
  3. Northwestern Mutual
  4. Harley-Davidson Inc.
  5. ManpowerGroup
  6. US Bank
  7. Kohl’s Corporation
  8. Rockwell Automation
  9. GE Healthcare
  10. Amazon

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