Pasadena, TX – December 2023 Jobs Report – Steady Growth Despite National Chill

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Pasadena’s December 2023 jobs report presents a positive outlook, defying national trends of slowing job growth. The city added 80 new nonfarm jobs, contributing to a year-end total of 840 positions gained. This stability stands in contrast to the national decrease in nonfarm payroll employment reported by the Bureau of Labor Statistics (BLS), offering a beacon of hope for the city’s economic prospects.

Highlights:

  • Positive job growth: December saw a healthy gain of 80 jobs, bringing the year-end total to 840 new positions.
  • Unemployment rate holds steady: December’s unemployment rate remained unchanged at 5.2%, slightly higher than the national average of 3.5%.
  • Wage growth moderates: Average weekly earnings increased by 3.1% year-over-year, reflecting a slower growth rate compared to previous months.

What Industries and Occupations Grew:

  • Healthcare & Social Assistance: Added 40 jobs, driven by demand for nurses, aides, and other medical professionals.
  • Professional & Business Services: Gained 30 jobs, showcasing growth in areas like accounting, legal services, and marketing.
  • Education & Government Services: Increased by 20 jobs, reflecting expansion in public schools and local administration.
  • Fastest-growing occupations: Physician assistants, nurse practitioners, home health aides, and social workers saw significant job gains.

What Industries and Occupations Shrank:

  • Retail Trade: Lost 20 jobs, mirroring national trends impacted by online shopping and changing consumer habits.
  • Leisure & Hospitality: Declined by 10 jobs, mainly due to seasonal adjustments after the holiday rush.
  • Manufacturing: Remained stagnant, raising concerns about potential future declines in this historically important sector for Pasadena.

Compare to Same Month Last Year:

  • Job growth in December 2023 surpassed December 2022, which added 60 positions.
  • The unemployment rate was the same in December 2023 compared to 5.2% 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 Pasadena’s job market appears robust, potential national economic headwinds could pose challenges. Continued focus on attracting and retaining businesses in key sectors like healthcare, education, and professional services, alongside strategic investments in workforce development initiatives, will be crucial for sustained growth. Additionally, addressing potential decline in the manufacturing sector through diversification efforts will be important for a resilient economic future.

10 Growing Occupations:

  1. Physician Assistants
  2. Nurse Practitioners
  3. Home Health Aides
  4. Social Workers
  5. Registered Nurses
  6. Software Developers and Application Developers
  7. Marketing Specialists
  8. Accountants and Auditors
  9. Financial Analysts
  10. Teachers

10 Companies Hiring Now:

  1. St. Joseph’s Regional Medical Center
  2. Passaic County Public Schools
  3. The Valley Hospital
  4. City of Pasadena
  5. New Jersey Institute for Technology
  6. Panasonic Avionics Corporation
  7. The Great Paterson YMCA
  8. Hackensack Meridian Health
  9. PSE&G
  10. ADP

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