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:
- Registered nurses
- Physician assistants
- Home health aides
- Software developers
- Marketing specialists
- General and operations managers
- Computer and information systems managers
- Financial managers
- Sales managers
- Customer service representatives
10 Companies Hiring Now:
- Yale University
- Yale New Haven Health System
- Anthem, Inc.
- United Technologies Corporation
- Subway
- Yale School of Medicine
- Albertus Magnus College
- Quinnipiac University
- City of New Haven
- Yale Peabody Museum of Natural History
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