Overview: New York City’s job market started 2024 with a positive surge, adding 31,000 new jobs – outpacing national averages. However, experts urge cautious optimism as growth slowed compared to December 2023 and broader economic concerns loom.
Highlights:
- 31,000 new jobs added, exceeding state and national averages.
- Unemployment rate remained steady at 4.3%.
- Professional & Business Services sector led the surge, adding 12,000 jobs.
- Leisure & Hospitality saw continued recovery, adding 8,000 jobs.
- Construction remained stable, adding 3,000 jobs.
What Industries and Occupations Grew:
- Professional & Business Services: Management analysts, computer and information systems managers, software developers and accountants saw high demand.
- Leisure & Hospitality: Chefs, cooks, waiters and waitresses, bartenders, and customer service representatives.
- Construction: Carpenters, electricians, plumbers, and construction laborers.
- Education & Health Services: Registered nurses, physicians, and nursing assistants.
What Industries and Occupations Shrank:
- Finance & Insurance: Investment bankers, securities analysts, and financial advisors saw modest declines.
- Retail Trade: Cashiers, retail salespersons, and stock clerks were impacted by continued automation and online shopping trends.
- Information: Editors, writers, and reporters remained under pressure from digital media transformations.
Compare to Same Month Last Year:
- Job growth in January 2024 (31,000) was slightly lower than January 2023 (34,000) but remained positive.
- Unemployment rate improved from 4.5% in January 2023 to 4.3% in January 2024.
Compare to Previous Month:
- Job growth slowed down compared to December 2023, which added 42,000 jobs.
- This indicates a potential cooling trend in the job market, aligning with national forecasts.
Future Outlook:
- Economists predict moderate job growth throughout 2024, with potential headwinds from inflation and interest rate hikes.
- Sectors like technology, healthcare, and construction are expected to remain strong, while finance and retail could face challenges.
10 Growing Occupations in New York City:
- Software Developers & Applications Developers
- Registered Nurses
- Physician Assistants
- Home Health & Personal Care Aides
- Wind Turbine Service Technicians
- Solar Photovoltaic Installers
- Physical Therapist Assistants
- Construction Laborers
- Management Analysts
- Marketing Specialists
10 Companies Hiring Now in New York City:
- JPMorgan Chase & Co.
- Citigroup Inc.
- Bank of America Corporation
- Google LLC
- Amazon.com
- Meta Platforms Inc.
- New York City Public Schools
- Mount Sinai Health System
- Northwell Health
- Memorial Sloan Kettering Cancer Center
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