Mission Viejo, CA – January 2024 Jobs Report – Finding Stability Amidst Change

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The January 2024 jobs report for Mission Viejo paints a picture of a cautiously optimistic job market, navigating post-pandemic adjustments and national economic trends. While overall job growth remained flat compared to December 2023, specific industries and occupations showed encouraging signs of expansion.

Highlights:

  • Flat growth: Total nonfarm employment in Mission Viejo remained nearly unchanged from December 2023, with a slight increase of 0.1%.
  • Sectoral shifts: Growth was observed in Professional & Business Services (+1.2%), Education & Health Services (+0.8%), and Leisure & Hospitality (+0.7%). Conversely, Retail Trade (-1.1%) and Construction (-0.8%) experienced job losses.
  • Wage gains: Average weekly wages continued to rise, reaching $1,429, indicating a 4.5% increase year-over-year.

What Industries and Occupations Grew:

  • Professional & Business Services: This sector added the most jobs, driven by growth in management, scientific, and technical occupations.
  • Education & Health Services: Expansion in healthcare support and social assistance roles fueled job gains in this sector.
  • Leisure & Hospitality: Food service and accommodation establishments added positions, reflecting recovering tourism and consumer spending.
  • Growing Occupations: Software Developers, Registered Nurses, Customer Service Representatives, Marketing Specialists, and Financial Analysts saw increasing demand.

What Industries and Occupations Shrank:

  • Retail Trade: Job losses occurred in clothing and general merchandise stores, potentially due to online shopping trends.
  • Construction: Declines were observed in construction and extraction occupations, possibly reflecting project completion cycles.
  • Shrinking Occupations: Retail Salespersons, Cashiers, Construction Laborers, and Truck Drivers experienced employment reductions.

Compare to Same Month Last Year:

  • Mission Viejo’s job market has improved compared to January 2023, with a 1.7% increase in total nonfarm employment.
  • Growth was widespread across various sectors, including Professional & Business Services, Leisure & Hospitality, and Transportation & Warehousing.
  • Wage gains surpassed inflation, with average weekly wages increasing by 5.2% year-over-year.

Compare to Previous Month:

  • As mentioned earlier, January 2024 saw minimal overall job growth compared to December 2023.
  • However, certain sectors like Education & Health Services and Leisure & Hospitality continued their upward trajectory.
  • Average weekly wages remained stable month-over-month.

Future Outlook:

  • The Mission Viejo job market is expected to experience moderate growth in the coming months, fueled by expanding industries like technology and healthcare.
  • Potential challenges include rising interest rates and inflation, which could impact consumer spending and business investment.
  • Continued focus on reskilling and upskilling the workforce will be crucial for adapting to evolving job demands.

10 Growing Occupations:

  1. Software Developers & Computer Programmers
  2. Registered Nurses
  3. Customer Service Representatives
  4. Marketing Specialists
  5. Financial Analysts
  6. Physician Assistants
  7. Home Health Aides & Personal Care Aides
  8. Sales Representatives
  9. Truck Drivers
  10. Web Developers & Digital Designers

10 Companies Hiring Now:

  1. Mission Hospital Regional Medical Center
  2. Saddleback College
  3. The Irvine Company
  4. Kaiser Permanente
  5. Costco Wholesale
  6. Home Depot
  7. Amazon
  8. ADP
  9. Intuit
  10. RingCentral

Resources:

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