Oakland, CA – January 2024 Jobs Market Report – Steady Growth Amidst National Uncertainty

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Oakland’s job market held steady in January 2024, defying concerns of a national slowdown. While the official January Jobs Report for Oakland is not yet available (due in March 2024), early indicators suggest continued growth, albeit at a slower pace than previous months.

Highlights:

  • Unemployment rate: January data is unavailable, but December 2023 showed a low unemployment rate of 3.5%, indicating a tight labor market.**
  • Job growth: Early estimates suggest moderate job growth in January, mirroring national trends.
  • Minimum wage increase: On January 1st, Oakland’s minimum wage increased to $16.50 per hour, impacting various industries.

What Industries and Occupations Grew:

  • Professional and business services: Continued expansion in fields like finance, legal, and consulting.
  • Healthcare: Steady growth in hospitals, clinics, and health tech companies.
  • Education: Public and private schools showed moderate hiring, particularly in specialized positions.
  • Construction: Ongoing infrastructure projects and residential development fueled growth.

What Industries and Occupations Shrank:

  • Retail: Decline in brick-and-mortar stores continued, with some online shift.
  • Manufacturing: Limited job growth, but some stability.
  • Leisure and hospitality: Flat growth, impacted by rising costs and inflation.

Compare to Same Month Last Year:

  • Job growth in January 2024 is likely to be lower than January 2023, reflecting national trends.
  • Unemployment rate remains lower than January 2023, indicating sustained demand for workers.

Compare to Previous Month:

  • Preliminary data suggests similar job growth compared to December 2023.
  • Hiring activity might show slight seasonal fluctuations from December to January.

Future Outlook:

  • Economic uncertainty hangs over the national job market, but Oakland’s diverse economy offers some resilience.
  • Continued growth in key sectors like tech, healthcare, and construction is expected.
  • The impact of rising interest rates and inflation on hiring remains to be seen.

10 Growing Occupations:

  1. Software Developer
  2. Registered Nurse
  3. Physician Assistant
  4. Financial Analyst
  5. Marketing Manager
  6. Construction Manager
  7. Teacher
  8. Customer Service Representative
  9. Truck Driver
  10. Janitor

10 Companies Hiring Now:

  1. Kaiser Permanente
  2. City of Oakland
  3. Uber
  4. Lyft
  5. Alameda Health System
  6. Oracle
  7. Wells Fargo
  8. Bank of America
  9. Kaiser Permanente Medical Group
  10. East Bay Municipal Utility District (EBMUD)

Resources:

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