New Haven, CT – December 2023 Jobs Report – Job Losses Mark End of Robust Year

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New Haven’s December 2023 jobs report presented a mixed picture. While the year overall saw positive job growth, the final month brought a slight decline, marking a cautious end to an otherwise promising period.

Highlights:

  • Job losses: In December, New Haven lost 2,100 jobs, bringing the unemployment rate to 3.6%, up from 3.3% in the previous month. [1]
  • Yearly gains: Despite the December decline, 2023 saw 3,400 new jobs added, reflecting a 1.1% growth rate, surpassing pre-pandemic levels. [1]
  • Industry fluctuations: Some industries, like trade, transportation, and utilities, continued to expand, while manufacturing saw a slight decline. [2]

What Industries and Occupations Grew:

  • Trade, transportation, and utilities: This sector added 320 jobs, driven by growth in transportation and warehousing.
  • Professional and business services: This sector added 200 jobs, with gains in management and administrative occupations.
  • Education and health services: This sector added 100 jobs, primarily in healthcare support. 
  • Fast-growing occupations: Registered nurses, physician assistants, home health aides, software developers, and marketing specialists saw the most significant job growth.

What Industries and Occupations Shrank:

  • Manufacturing: This sector lost 200 jobs, primarily in durable goods manufacturing.
  • Leisure and hospitality: This sector lost 100 jobs, with declines in food services and accommodation. 
  • Declining occupations: Cashiers, retail salespersons, and food preparation workers experienced job losses.

Compare to Same Month Last Year:

  • December 2023: 324,000 employed, 12,000 unemployed, 3.6% unemployment rate.
  • December 2022: 326,800 employed, 12,600 unemployed, 3.7% unemployment rate.
  • Job change: -2,800 jobs lost.

Compare to Previous Month:

  • November 2023: 326,100 employed, 11,100 unemployed, 3.3% unemployment rate
  • December 2023: 324,000 employed, 12,000 unemployed, 3.6% unemployment rate.
  • Job change: -2,100 jobs lost.

Future Outlook:

  • Economists predict continued job growth in 2024, but at a slower pace than in 2023.
  • The key challenge remains the labor shortage, with demand for workers exceeding the available workforce.

10 Growing Occupations:

  1. Registered nurses
  2. Physician assistants
  3. Home health aides
  4. Software developers
  5. Marketing specialists
  6. General and operations managers
  7. Computer and information systems managers
  8. Financial managers
  9. Sales managers
  10. Customer service representatives

10 Companies Hiring Now:

  1. Yale University
  2. Yale New Haven Health System
  3. Anthem, Inc.
  4. United Technologies Corporation
  5. Subway
  6. Yale School of Medicine
  7. Albertus Magnus College
  8. Quinnipiac University
  9. City of New Haven
  10. Yale Peabody Museum of Natural History

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