February 14, 2024

Orlando, FL – December 2023 Jobs Report – Steady Growth Despite National Jitters

The City Beautiful held its ground in December 2023, showcasing stable job creation amidst national economic concerns. While hiring slowed modestly, the unemployment rate remained low, and key industries continued to expand, offering potential opportunities for job seekers. However, navigating an uncertain national landscape necessitates cautious optimism.

Highlights:

Low unemployment rate persists: At 3.0%, the unemployment rate remained unchanged, signifying a tight labor market with readily available job options.
Modest job growth: Nonfarm jobs added 200 positions, reaching 1,734,700, reflecting consistent, albeit slower, expansion compared to previous months.
Education and Healthcare lead the way: These sectors contributed significantly, adding 9,800 and 3,400 jobs respectively, highlighting growth in schools, healthcare providers, and social services.

What Industries and Occupations Grew:

Education and Health Services: This sector soared with 9,800 new jobs, encompassing areas like schools, hospitals, clinics, and social services. Registered nurses, teachers, and healthcare assistants could see opportunities.
Professional and Business Services: This sector also saw minor growth with 600 additional positions, potentially tied to expansion in finance, consulting, and technology. Accountants, marketing specialists, and customer service representatives might benefit.
Trade, Transportation, and Utilities: This sector held steady, maintaining its existing job count. Occupations like truck drivers, logistics specialists, and warehouse workers could offer stable options.

What Industries and Occupations Shrank:

Leisure and Hospitality: This sector shed 200 jobs, likely due to seasonal fluctuations in tourism and hospitality. Positions in restaurants, hotels, and entertainment venues might be impacted.
Retail Trade: This industry lost 100 jobs, potentially mirroring national trends or adjustments within brick-and-mortar retail. Sales associates and retail workers could be affected.
Manufacturing: This sector also lost 100 jobs, reflecting national trends or industry-specific factors. Specific impacted occupations are unclear.

Compare to Same Month Last Year:

Unemployment rate: Down slightly from 3.2% in December 2022, marking a minor improvement in the labor market.
Nonfarm job growth: Higher than the 100 jobs added in December 2022, showcasing continued, albeit slower, expansion compared to last year.

Compare to Previous Month:

Unemployment rate: Unchanged from November 2023, indicating stability in the labor market.
Nonfarm job growth: Lower than the 1,200 jobs added in November 2023, highlighting a slowdown in hiring activity.

Future Outlook:

Experts advise cautious optimism for Orlando’s job market in 2024. The low unemployment rate and consistent job growth, though slower, suggest potential resilience. However, national economic concerns and inflation could create uncertainty. Education, healthcare, and professional services might offer opportunities, while broader factors could impact the overall trajectory.

10 Growing Occupations in Orlando, FL:

10 Companies Hiring Now in Orlando, FL:

Sources: