Mobile, AL – December 2023 Jobs Report – Navigating Steady Waters, Eyes on Horizon

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December 2023 presented a nuanced picture for Mobile’s job market. The unemployment rate remained stable, while job growth saw a slight decline compared to November. Some sectors like healthcare and construction offered promise, while others experienced contraction. Overall, cautious optimism prevails as the market navigates national economic uncertainties.

Highlights:

  • Stable unemployment rate: At 4.5%, the unemployment rate remained unchanged, indicating neither widespread joblessness nor overwhelming demand for workers.
  • Modest job growth: The nonfarm job count added only 10 positions compared to November, showcasing a slower pace of job creation.
  • Healthcare and construction offer glimmers of hope: These sectors added 20 and 5 jobs respectively, suggesting potential growth opportunities.

What Industries and Occupations Grew:

  • Healthcare and Social Assistance: This sector added 20 jobs, potentially reflecting expansion in hospitals, clinics, and other healthcare providers.
  • Construction: This industry gained 5 jobs, possibly tied to ongoing residential and commercial building projects.
  • Other Services: This sector saw stable employment with no significant changes, but experts anticipate future projects could stimulate growth in areas like personal and repair services.

What Industries and Occupations Shrank:

  • Retail Trade: This sector lost 15 jobs, potentially due to ongoing challenges in brick-and-mortar retail or post-holiday adjustments.
  • Leisure and Hospitality: This industry shed 10 jobs, likely reflecting seasonal fluctuations in tourism and hospitality.
  • Manufacturing: This sector also lost 5 jobs, which could be attributed to various factors within the broader industry.

Compare to Same Month Last Year:

  • Unemployment rate: Down from 4.7% in December 2022, signifying a minor improvement in the labor market.
  • Nonfarm job growth: Lower than the 40 jobs added in December 2022, showcasing a slowdown in job creation.

Compare to Previous Month:

  • Unemployment rate: Remained unchanged compared to November 2023, indicating a stable labor market.
  • Nonfarm job growth: Decreased from the 25 jobs added in November 2023, reflecting a small downward trend.

Future Outlook:

Economists predict cautious optimism for Mobile’s job market in 2024. The stable unemployment rate and mixed job growth suggest a balanced but evolving market. Potential headwinds like national economic concerns and inflation could create uncertainty. Healthcare, construction, and other services might offer growth opportunities, but broader factors could impact the overall outlook.

10 Growing Occupations in Mobile, AL:

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

10 Companies Hiring Now in Mobile, AL:

  1. Airbus
  2. Mobile Infirmary
  3. ThyssenKrupp
  4. Austal USA
  5. International Paper
  6. Walmart
  7. Target
  8. The Home Depot
  9. Lowe’s
  10. City of Mobile

Sources: