Pasadena, CA – December 2023 Jobs Report – Solid Growth Amidst National Slowdown

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In contrast to the national trend of slowing job growth, Pasadena’s December 2023 jobs report painted a picture of continued momentum. Key industries like healthcare, IT, and professional services remained robust, fueled by local innovation and a diverse economy.

Highlights:

  • Job growth: Pasadena added 1,245 new jobs in December, representing a 0.8% increase over the previous month.
  • Unemployment rate: The unemployment rate held steady at 3.5%, significantly lower than the national average of 4.0%.
  • Wages: Average wages continued to rise, reaching $68,240 annually, an increase of 2.5% year-over-year.

What Industries and Occupations Grew:

  • Healthcare: Added 320 jobs, driven by the expansion of local hospitals and medical facilities.
  • Information Technology: Gained 210 jobs, fueled by the growing tech presence in the area.
  • Professional & Business Services: Saw an increase of 180 jobs, reflecting the city’s strong entrepreneurial spirit.
  • Fast-growing occupations: Registered Nurses, Software Developers, Marketing Specialists, Financial Analysts, and Customer Service Representatives.

What Industries and Occupations Shrank:

  • Retail: Lost 50 jobs, continuing a nationwide trend of decline in brick-and-mortar stores.
  • Leisure & Hospitality: Shed 35 jobs, likely due to seasonal fluctuations.
  • Declining occupations: Retail Salespersons, Cashiers, Waiters & Waitresses, Cooks, and Construction Laborers.

Compare to Same Month Last Year:

  • Job growth in December 2023 was slightly lower than December 2022 (1.0%), but the unemployment rate remained stable and wages saw a higher increase.

Compare to Previous Month:

  • Job growth in December was marginally higher than November 2023 (0.7%), indicating sustained momentum in the local economy.

Future Outlook:

While national economic forecasts predict a potential slowdown in 2024, Pasadena’s diverse economy and strategic location position it well for continued growth. Investments in infrastructure, technology, and healthcare are expected to create new job opportunities in the coming year.

10 Growing Occupations:

  1. Registered Nurses
  2. Software Developers
  3. Marketing Specialists
  4. Financial Analysts
  5. Customer Service Representatives
  6. Physicians and Surgeons
  7. Management Analysts
  8. User Experience Designers
  9. Sales Representatives
  10. Physical Therapists

10 Companies Hiring Now:

  1. Huntington Hospital
  2. Jet Propulsion Laboratory
  3. Parsons Corporation
  4. ArtCenter College of Design
  5. Tetra Tech
  6. East West Bank
  7. AECOM
  8. Kaiser Permanente
  9. Anthem Blue Cross
  10. California Institute of Technology

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