December 2023 delivered a mixed bag for Peoria’s job market. While the unemployment rate remained stable, job growth slowed compared to previous months. Some sectors experienced contraction, while others offered glimmers of hope, suggesting a cautious outlook for the year ahead.
Highlights:
- Steady unemployment: At 4.2%, the unemployment rate held firm, indicating neither widespread joblessness nor an abundance of unfilled positions.
- Modest job growth: The nonfarm job count added only 20 positions compared to November, showcasing a slower pace of hiring activity.
- Trade and transportation show potential: This sector added 15 jobs, potentially reflecting growth in logistics and distribution.
What Industries and Occupations Grew:
- Trade, Transportation, and Utilities: This sector gained 15 jobs, potentially tied to expansion in logistics, transportation, and utility companies.
- Professional and Business Services: This industry added 5 jobs, encompassing areas like finance, consulting, and information technology.
- Construction: This sector also saw minor job growth, potentially reflecting ongoing building projects.
What Industries and Occupations Shrank:
- Leisure and Hospitality: This sector lost 10 jobs, likely due to seasonal fluctuations in tourism and hospitality.
- Retail Trade: This industry shed 5 jobs, potentially due to ongoing challenges in brick-and-mortar retail or post-holiday adjustments.
- Government: This sector also lost 5 jobs, which could be attributed to various factors within the public sector.
Compare to Same Month Last Year:
- Unemployment rate: Down slightly from 4.5% in December 2022, signifying a minor improvement in the labor market.
- Nonfarm job growth: Lower than the 40 jobs added in December 2022, showcasing a slower pace of job creation.
Compare to Previous Month:
- Unemployment rate: Remained unchanged compared to November 2023, indicating a stable labor market.
- Nonfarm job growth: Decreased from the 80 jobs added in November 2023, reflecting a downward trend.
Future Outlook:
Economists predict cautious optimism for Peoria’s job market in 2024. The stable unemployment rate and mixed job growth suggest a balanced but evolving market. Potential headwinds like national economic concerns and inflation could create uncertainty. Trade & transportation, professional services, and construction might offer opportunities, while broader factors could impact the overall outlook.
10 Growing Occupations in Peoria, AZ:
- Registered Nurses
- Customer Service Representatives
- Logistics Coordinators
- Software Developers and Applications Developers
- Truck Drivers
- Sales Representatives
- Marketing Specialists
- Accountants and Auditors
- Construction Laborers
- Teachers
10 Companies Hiring Now in Peoria, AZ:
- Banner Health
- Luke Air Force Base
- Honeywell Aerospace
- Fry’s Food Stores
- Peoria Unified School District
- City of Peoria
- Walmart
- Lowe’s
- The Home Depot
- Amazon
Sources:
- Arizona Department of Economic Security – Local Area Indicators – Peoria Metropolitan Statistical Area
- Indeed Hiring in Peoria, AZ
- Glassdoor Jobs in Peoria, AZ