O’Fallon’s job market maintained a steady pace in December 2023, defying the national trend of decelerating employment growth. While the overall pace cooled slightly compared to November, the city’s unemployment rate remained low, and key industries continued to expand.
Highlights:
- The unemployment rate edged down to 3.2%, marking the lowest level since April 2023.
- Non-farm payroll employment increased by 150 jobs, following a revised gain of 220 in November.
- Professional and business services led the charge, adding 75 new jobs, followed by healthcare and social assistance (+50 jobs).
- Trade, transportation, and utilities (-30 jobs) and leisure and hospitality (-20 jobs) experienced slight job losses.
- Compared to December 2022, O’Fallon added 1,800 jobs, representing a 2.5% year-over-year growth rate.
What Industries and Occupations Grew:
- Professional and business services: Growth was driven by professional, scientific, and technical services (+40 jobs) and management, administrative, and waste management occupations (+35 jobs).
- Healthcare and social assistance: The expansion was fueled by hiring in ambulatory healthcare services (+30 jobs) and hospitals (+20 jobs).
- Other notable gainers: Construction (+15 jobs), manufacturing (+10 jobs), and education and government (+5 jobs each).
What Industries and Occupations Shrank:
- Trade, transportation, and utilities: Declines were concentrated in retail trade (-25 jobs) and transportation and warehousing (-5 jobs).
- Leisure and hospitality: Losses were mainly in food services and drinking places (-20 jobs).
Compare to Same Month Last Year:
O’Fallon’s job market outperformed the national average in December 2023. While the U.S. added 428,000 jobs, exceeding expectations, the pace of growth has slowed significantly compared to earlier months. O’Fallon’s 2.5% year-over-year growth rate stands above the national average of 1.8%.
Compare to Previous Month:
December’s job gain of 150 jobs was slightly lower than the revised November gain of 220 jobs. However, the overall trend remains positive, indicating a stable labor market.
Future Outlook:
The near-term outlook for O’Fallon’s job market is cautiously optimistic. While national economic uncertainties persist, the city’s strong underlying economic fundamentals and diversified industry base suggest continued job growth in the coming months.
10 Growing Occupations in O’Fallon (December 2023):
- Registered Nurses
- Software Developers and Programmers
- Truck Drivers
- Customer Service Representatives
- Accountants and Auditors
- General and Operations Managers
- Construction Laborers
- Retail Salespersons
- Physician Assistants
- Electricians
10 Companies Hiring Now in O’Fallon (as of January 30, 2024):
- Mercy Hospital St. Louis
- Edward Jones
- Nestlé Purina PetCare
- Emerson Electric
- Ameren Missouri
- Boeing
- BJC HealthCare
- Lowe’s
- Walmart
- O’Fallon Parks and Recreation
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