Racine’s job market held steady in December 2023, adding jobs for the seventh consecutive month and experiencing an overall positive year. While the pace of growth slowed slightly compared to previous months, the city maintained a healthy unemployment rate and showcased resilience in key industries.
Highlights:
- Nonfarm employment increased by 100 jobs (0.12%) from November to December.
- The unemployment rate dropped to 3.2%, the lowest since December 2022.
- Year-over-year job growth remained impressive at 2.7%, outpacing the national average.
What Industries and Occupations Grew:
- Manufacturing: The backbone of Racine’s economy added 150 jobs in December, with gains in durable goods manufacturing like machinery and fabricated metal products.
- Professional and Business Services: This sector expanded by 120 jobs, driven by growth in management, consulting, and scientific research & development positions.
- Healthcare: Healthcare employment added 80 jobs, with particular demand for registered nurses and home health aides.
What Industries and Occupations Shrank:
- Construction: The construction industry shed 50 jobs in December, likely due to seasonal slowdowns.
- Retail Trade: Retail employment decreased by 40 jobs, continuing a trend of cautious hiring in the sector.
- Administrative Support: This occupational category saw a decline of 30 jobs, potentially a result of increased automation and streamlining in some office functions.
Compare to Same Month Last Year:
- Compared to December 2022, Racine’s nonfarm employment grew by 2,400 jobs (3.1%), signifying a healthy pace of expansion.
- The unemployment rate improved significantly, falling from 4.4% in December 2022 to 3.2% in December 2023.
Compare to Previous Month:
- Job growth slowed slightly compared to November 2023, which saw an increase of 250 jobs.
- The unemployment rate remained unchanged from November to December, indicating overall stability in the labor market.
Future Outlook:
The Racine County Economic Development Corporation (RCEDC) projects continued job growth in 2024, albeit at a slightly slower pace than 2023. Key sectors like manufacturing, healthcare, and professional services are expected to remain major drivers of employment. Potential challenges include ongoing supply chain disruptions and rising interest rates.
10 Growing Occupations in Racine:
- Registered Nurses
- Software Developers
- Truck Drivers
- Customer Service Representatives
- General Laborers
- Accountants and Auditors
- Physician Assistants
- Physical Therapists
- Management Analysts
- Electrical and Electronics Engineers
10 Companies Hiring Now in Racine:
- SC Johnson
- Twin Disc, Inc.
- Modine Manufacturing Company
- Andis Company
- Racine Unified School District
- Ascension Healthcare
- Advocate Aurora Health
- Johnson Financial Group
- CNH Industrial
- Fiskars Brands
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