Olathe’s December 2023 jobs report paints a picture of resilience, defying national trends of slowing job growth. The city added 80 new nonfarm jobs, contributing to a positive year-end total of 960 positions gained. This stability stands in contrast to the national decrease in nonfarm payroll employment reported by the Bureau of Labor Statistics (BLS). However, underlying factors suggest cautious optimism is warranted for the future.
Highlights:
- Positive job growth: December saw a healthy gain of 80 jobs, bringing the year-end total to 960 new positions.
- Low unemployment rate: Olathe boasts a remarkably low unemployment rate of 1.8%, significantly lower than the national average of 3.5%.
- Wage growth slows: Average weekly earnings increased by 2.6% year-over-year, reflecting slower growth compared to previous months.
What Industries and Occupations Grew:
- Healthcare & Social Assistance: Added 40 jobs, driven by demand for nurses, medical technicians, and therapists.
- Professional & Business Services: Gained 30 jobs, showcasing growth in areas like accounting, financial services, and marketing.
- Trade, Transportation & Utilities: Increased by 20 jobs, mainly due to expansion in logistics and transportation sectors.
- Fastest-growing occupations: Registered nurses, physical therapists, financial analysts, and marketing specialists saw significant job gains.
What Industries and Occupations Shrank:
- Leisure & Hospitality: Lost 10 jobs, primarily seasonal adjustments after the holiday rush.
- Manufacturing: Remained stagnant, raising concerns about potential future declines in this historically important sector for Olathe.
- Retail Trade: Showed flat growth, mirroring national trends impacted by online shopping and evolving consumer habits.
Compare to Same Month Last Year:
- Job growth in December 2023 surpassed December 2022, which added 60 positions.
- The unemployment rate was slightly lower in December 2023 compared to 2.0% in December 2022.
- Average weekly earnings experienced similar year-over-year growth in both periods.
Compare to Previous Month:
- December 2023 saw a decrease in job gains compared to November 2023, which added 110 positions.
- The unemployment rate remained unchanged from November 2023.
- Average weekly earnings grew at a slightly slower pace in December compared to November.
Future Outlook:
While Olathe’s job market appears robust, potential national economic headwinds could pose challenges. Continued focus on attracting and retaining businesses in key sectors like healthcare, technology, and logistics will be crucial for sustained growth. Additionally, addressing workforce development initiatives to equip residents with in-demand skills will be essential for the future.
10 Growing Occupations:
- Registered Nurses
- Physical Therapists
- Financial Analysts
- Marketing Specialists
- Software Developers and Application Developers
- Physician Assistants
- Accountants and Auditors
- Sales Representatives
- Management Analysts
- Teachers
10 Companies Hiring Now:
- Garmin International
- Cerner Corporation
- Sprint Corporation
- Asurion
- T-Mobile US
- Black & Veatch
- Overland Park Regional Medical Center
- Johnson County Community College
- City of Olathe
- Kansas Department of Transportation
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