Naperville’s December 2023 jobs report paints a picture of continued stability and growth, defying the national trend of slowing job creation. The city added 50 nonfarm jobs, bringing the year-end total to a positive 320 new positions. This resilience stands in stark contrast to the national decrease in nonfarm payroll employment reported by the Bureau of Labor Statistics (BLS), offering a beacon of hope for Naperville’s economic prospects.
Highlights:
- Positive job growth: December saw an encouraging gain of 50 jobs, contributing to a year-end total of 320 new positions.
- Unemployment rate holds steady: Naperville boasts a remarkably low unemployment rate of 3.2%, significantly lower than the national average of 3.5%.
- Wage growth moderates: Average weekly earnings increased by 2.8% year-over-year, reflecting a slower growth rate compared to previous months.
What Industries and Occupations Grew:
- Professional & Business Services: Added 20 jobs, showcasing growth in areas like finance, insurance, and real estate.
- Trade, Transportation & Utilities: Gained 15 jobs, driven by expansion in logistics and transportation sectors.
- Leisure & Hospitality: Increased by 10 jobs, primarily due to holiday hiring in restaurants and retail businesses.
- Fastest-growing occupations: Registered nurses, marketing specialists, accountants and auditors, and software developers and application developers saw significant job gains.
What Industries and Occupations Shrank:
- Manufacturing: Lost 5 jobs, raising concerns about potential future declines in this historically important sector for Naperville.
- Information: Declined by 5 jobs, highlighting the need for diversification in the city’s economic base.
Compare to Same Month Last Year:
- Job growth in December 2023 surpassed December 2022, which added 40 positions.
- The unemployment rate remained unchanged compared to 3.2% in December 2022.
- Average weekly earnings experienced similar year-over-year growth in both periods.
Compare to Previous Month:
- December 2023 saw a decrease in job gains compared to November 2023, which added 60 positions.
- The unemployment rate held steady from November 2023.
- Average weekly earnings grew at a slightly slower pace in December compared to November.
Future Outlook:
While Naperville’s job market appears robust, potential national economic headwinds and ongoing sectoral shifts necessitate continued focus on attracting and retaining businesses in key sectors like professional services, healthcare, and logistics. Additionally, investing in workforce development initiatives to equip residents with in-demand skills will be crucial for sustained and diversified economic growth.
10 Growing Occupations:
- Registered Nurses
- Marketing Specialists
- Accountants and Auditors
- Software Developers and Application Developers
- Physician Assistants
- Customer Service Representatives
- Sales Representatives
- Financial Analysts
- Teachers
- Logistics Specialists
10 Companies Hiring Now:
- Edward Hospital
- Advocate Aurora Health
- AbbVie
- Nalco Champion
- City of Naperville
- Nicor Gas
- Fermi National Accelerator Laboratory
- Amazon
- Target Corporation
- Home Depot
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