Milwaukee’s job market kicked off 2024 with a robust performance, adding 11,100 total non-farm jobs compared to December 2023. This positive trend reflects a statewide improvement, with Wisconsin experiencing a net gain of 7,000 private-sector jobs during the same period. The unemployment rate dipped to 3.8%, nearing pre-pandemic levels.
Highlights:
- Job growth across various sectors: The gains were spread across diverse industries, with healthcare, professional and business services, and manufacturing leading the way.
- Low unemployment rate: The 3.8% unemployment rate suggests a tight labor market, potentially indicating wage growth and increased competition for skilled workers.
- Recovery from pandemic impact: While surpassing January 2021 levels, job numbers remain lower than pre-pandemic January 2020, highlighting the ongoing economic recovery process.
What Industries and Occupations Grew:
- Healthcare: Medical assistants, registered nurses, and pharmacists saw significant demand.
- Professional and Business Services: Jobs in accounting, management, and marketing experienced strong growth.
- Manufacturing: Production workers and engineers were in high demand across various manufacturing sectors.
- Other notable growth: Construction, transportation, and education sectors also added jobs.
What Industries and Occupations Shrank:
- Retail: Limited job growth in this sector, with some positions potentially shifting to e-commerce.
- Leisure and Hospitality: While rebounding from pandemic lows, this sector still saw job losses compared to pre-pandemic levels.
- Government: Public sector jobs remained relatively stable, with no significant changes reported.
Compare to Same Month Last Year:
- Significant improvement: January 2024 saw a substantial increase in jobs compared to January 2023, reflecting the state’s overall economic recovery.
- Unemployment rate decline: The January 2024 unemployment rate was lower than January 2023’s 4.2%, indicating a tighter labor market.
Compare to Previous Month:
- Positive momentum: Job growth continued from December 2023, suggesting sustained economic momentum in the early months of 2024.
- Unemployment rate remained stable: The 3.8% unemployment rate held steady compared to December 2023.
Future Outlook:
- Continued growth expected: Economists anticipate further job growth in 2024, driven by sectors like healthcare, manufacturing, and technology.
- Potential challenges: Rising inflation and interest rates could pose headwinds to economic growth in the latter half of the year.
- Labor market competition: The tight labor market may continue, emphasizing the need for employers to offer competitive compensation and benefits to attract and retain talent.
10 Growing Occupations:
- Registered Nurse
- Software Developer
- Truck Driver
- Customer Service Representative
- Marketing Manager
- Physician Assistant
- Accountant
- Construction Manager
- Mechanical Engineer
- Sales Representative
10 Companies Hiring Now:
- Advocate Aurora Health
- Johnson Controls International
- Northwestern Mutual
- Harley-Davidson Motor Company
- Ascension Wisconsin
- Rockwell Automation
- Kohl’s Corporation
- ManpowerGroup
- US Bank
- Fiserv
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