New Bedford’s January 2024 jobs report presents a picture of moderate growth with nuanced undercurrents. While the unemployment rate edged up to 4.0%, the labor force added 59 jobs, marking the 7th consecutive month of positive gains. However, this growth was overshadowed by job losses in key sectors like manufacturing and healthcare.
Highlights:
- Labor force: Increased by 59 jobs, reaching 83,900
- Employment: Grew by 2 jobs, totaling 79,900
- Unemployment rate: Rose to 4.0%, from 3.1% in December 2023
- Job gains: Observed in Education & Health Services (+72) and Leisure & Hospitality (+62)
What Industries and Occupations Grew:
- Education & Health Services: Added 72 jobs, primarily in Healthcare Support Occupations (+50)
- Leisure & Hospitality: Increased by 62 jobs, driven by growth in Food Preparation & Serving Related Occupations (+45)
- Professional & Business Services: Saw modest gains (+25) in Management Occupations (+18)
What Industries and Occupations Shrank:
- Manufacturing: Lost 83 jobs, concentrated in Production Occupations (-75)
- Healthcare & Social Assistance: Declined by 20 jobs, mainly in Healthcare Practitioners & Technical Occupations (-19)
- Trade, Transportation & Utilities: Experienced minor losses (-13)
Compare to Same Month Last Year:
- Labor force: Up 1.2% from January 2023 (82,900)
- Employment: Increased by 0.2% year-over-year (79,700)
- Unemployment rate: Remained unchanged from January 2023 (4.0%)
Compare to Previous Month:
- Labor force: Grew by 0.6% from December 2023 (83.4%)
- Employment: Decreased by 0.3% month-over-month (80.2%)
- Unemployment rate: Rose by 0.9 percentage points from December 2023 (3.1%)
Future Outlook:
The outlook for New Bedford’s job market remains cautiously optimistic. The ongoing development of the offshore wind industry presents potential opportunities, while established sectors like healthcare and tourism are expected to see continued growth. However, concerns regarding workforce shortages and the impact of automation on manufacturing jobs linger.
10 Growing Occupations:
- Registered Nurses
- Home Health Aides & Personal Care Aides
- Chefs & Head Cooks
- Waiters & Waitresses
- Customer Service Representatives
- Truck Drivers
- Software Developers & Applications Developers
- Physical Therapist Assistants
- Elementary School Teachers
- Sales Representatives
10 Companies Hiring Now:
- Southcoast Hospitals Group
- Bristol County Sheriff’s Office
- City of New Bedford
- The Ashley Furniture Homestore
- Domino’s Pizza
- Lowe’s Companies, Inc.
- Walmart
- CVS Health
- Shaw’s Supermarkets
- AmerisourceBergen
Resources: