Overview: The December 2023 jobs report for Phoenix paints a promising picture with overall employment up, despite a slight decline from November and some seasonal fluctuations. The unemployment rate remains low, highlighting a positive outlook for the Phoenix job market in 2024.
Highlights:
- Unemployment rate: 3.4%, remaining steady and below the national average.
- Job gains: Financial Activities, Private Education & Health Services, Trade, Transportation & Utilities, and Professional & Business Services sectors added jobs in December.
- Year-over-year growth: Positive employment growth compared to December 2022 in most industries.
Industries and Occupations that Grew:
- Financial Activities: Banks, insurance companies, and related businesses added the most jobs, potentially due to year-end financial activity.
- Private Education & Health Services: This sector includes healthcare providers, educational institutions, and social services, all of which saw job gains.
- Trade, Transportation & Utilities: Retail, transportation, and logistics businesses benefited from holiday shopping activity and increased demand.
- Professional & Business Services: This broad sector includes legal, accounting, and management services, experiencing job growth in December.
Industries and Occupations that Shrunk:
- Construction: This industry typically experiences a slowdown during winter months.
- Government: Public sector employment saw a modest decline.
- Manufacturing: Job losses in this sector were minimal.
- Other Services: This includes personal care and laundry services, which may have seen reduced demand during the holidays.
Comparison to Same Month Last Year:
- Overall employment: Up 1.8% compared to December 2022.
- Unemployment rate: Down from 4.2% in December 2022.
Comparison to Previous Month:
- Overall employment: Down 0.1% from November 2023.
- Unemployment rate: Down from 3.5% in November 2023.
Future Outlook:
The Phoenix job market is expected to continue growing in 2024, with opportunities across various sectors. Here are 10 occupations anticipated for significant growth:
- Registered Nurses
- Software Developers and Software Quality Assurance Analysts
- Home Health Aides
- Personal Care Aides
- Wind Turbine Service Technicians
- Sales Representatives
- Customer Service Representatives
- Marketing Specialists
- Physician Assistants
- Truck Drivers
10 Companies Hiring Now:
- Banner Health
- Mayo Clinic
- Honeywell Aerospace
- JPMorgan Chase
- Wells Fargo
- Freeport-McMoRan
- PayPal
- Intel Corporation
- American Express
- University of Arizona
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