Overview: December’s jobs report for New York City presents a mixed bag. While overall employment showed modest growth, some industries felt the seasonal slowdown. However, the unemployment rate reached a record low, highlighting optimism for the city’s economic future in 2024.
Highlights:
- Unemployment rate: 4.5%, the lowest recorded for New York City/County.
- Job gains: Leisure & Hospitality, Trade, Transportation & Utilities, Professional & Business Services, and Social Assistance sectors added jobs in December.
- Year-over-year growth: Positive employment growth compared to December 2022 in most industries.
Industries and Occupations that Grew:
- Leisure & Hospitality: Restaurants, hotels, and tourism-related businesses experienced a seasonal uptick.
- Trade, Transportation & Utilities: This sector, encompassing retail, transportation, and logistics, saw moderate growth, potentially due to holiday shopping activity.
- Professional & Business Services: This broad sector includes healthcare, education, and legal services, all adding jobs in December.
- Social Assistance: Increased government social service spending likely contributed to job growth in this sector.
Industries and Occupations that Shrunk:
- Construction: This industry typically experiences a winter slowdown.
- Manufacturing: Job losses in this sector were minimal.
- Other Services: This includes personal care and laundry services, which may have seen reduced demand during the holidays.
Comparison to Same Month Last Year:
- Overall employment: Up 0.8% compared to December 2022.
- Unemployment rate: Down from 5.3% in December 2022.
Comparison to Previous Month:
- Overall employment: Down 0.1% from November 2023.
- Unemployment rate: Down from 4.6% in November 2023.
Future Outlook:
New York City’s job market exhibits continued growth potential in 2024, with opportunities across various sectors. Here are 10 occupations anticipated for significant growth:
- Registered Nurses
- Software Developers
- Home Health Aides
- Personal Care Aides
- Marketing Specialists
- Sales Representatives
- Customer Service Representatives
- Physicians
- Financial Analysts
- Truck Drivers
10 Companies Hiring Now:
- JPMorgan Chase
- Citigroup
- Bank of America
- Mount Sinai Health System
- NYU Langone Health
- Verizon
- Amazon
- Meta Platforms
- Deloitte
- Ernst & Young
Resources:
- Bureau of Labor Statistics, New York City, NY Metropolitan Statistical Area
- New York City Department of City Planning, Labor Force Data