December 2023 presented a nuanced picture for Newport News’ job market. While the unemployment rate remained low and job growth held steady, some sectors experienced contraction, suggesting cautious optimism tempered by national economic concerns.
Highlights:
- Low unemployment rate: At 3.2%, the unemployment rate remained stable, indicating a tight labor market with strong demand for workers.
- Modest job growth: The nonfarm job count added 20 positions compared to November, showcasing a consistent but slower pace of job creation.
- Mixed sectoral performance: Healthcare and professional services saw growth, while retail and leisure & hospitality experienced job losses.
What Industries and Occupations Grew:
- Healthcare and Social Assistance: This sector added 15 jobs, potentially reflecting expansion in hospitals, clinics, and other healthcare providers.
- Professional and Business Services: This industry gained 10 jobs, encompassing areas like consulting, finance, and advertising.
What Industries and Occupations Shrank:
- Retail Trade: This sector lost 10 jobs, potentially due to ongoing challenges in brick-and-mortar retail or post-holiday adjustments.
- Leisure and Hospitality: This industry shed 5 jobs, likely reflecting seasonal fluctuations in tourism and hospitality.
- Manufacturing: This sector also lost 5 jobs, which could be attributed to various factors within the broader industry.
Compare to Same Month Last Year:
- Unemployment rate: Down from 3.5% in December 2022, signifying a minor improvement in the labor market.
- Nonfarm job growth: Lower than the 50 jobs added in December 2022, showcasing a slowdown in job creation.
Compare to Previous Month:
- Unemployment rate: Remained unchanged compared to November 2023, indicating a stable labor market.
- Nonfarm job growth: Increased from the 10 jobs added in November 2023, reflecting a small upward trend.
Future Outlook:
Economists predict cautious optimism for Newport News’ job market in 2024. The low unemployment rate and consistent job growth suggest a resilient market, but potential headwinds like national economic concerns and inflation could create uncertainty. Healthcare, professional services, and other sectors may offer opportunities, while broader factors could impact the overall outlook.
10 Growing Occupations in Newport News, VA:
- Registered Nurses
- Nursing Assistants
- Customer Service Representatives
- Software Developers and Applications Developers
- Sales Representatives
- Marketing Specialists
- Truck Drivers
- Accountants and Auditors
- Teachers
- Construction Laborers
10 Companies Hiring Now in Newport News, VA:
- Huntington Ingalls Industries
- Canon Virginia Inc.
- Sentara Healthcare
- Newport News Public Schools
- City of Newport News
- Langley Air Force Base
- Walmart
- The Home Depot
- Lowe’s
- Hilton
Sources:
- Virginia Employment Commission – Hampton Roads, VA MSA
- Indeed Hiring in Newport News, VA
- Glassdoor Jobs in Newport News, VA