Richmond’s job market started 2024 with a note of stability, exhibiting modest growth compared to the previous month and the same month last year. While national economic concerns loomed, key sectors like healthcare and professional services continued to expand, offering opportunities for job seekers.
Highlights:
- Total nonfarm employment: Increased by 1.2% from December 2023 and 2.8% year-over-year (YoY).
- Unemployment rate: Remained steady at 5.3%, slightly higher than the national average of 4.0%.
- Average hourly wage: Grew to $33.42, a 4.5% increase compared to January 2023.
What Industries and Occupations Grew:
- Healthcare and social assistance: Added 130 jobs, driven by demand for nurses, aides, and therapists.
- Professional and business services: Gained 80 jobs, with growth in management, consulting, and technical roles.
- Leisure and hospitality: Saw a slight increase of 40 jobs, primarily in food service and accommodation.
What Industries and Occupations Shrank:
- Retail trade: Lost 50 jobs, with declines in clothing and general merchandise stores.
- Manufacturing: Shed 30 jobs, primarily in durable goods production.
- Transportation, warehousing, and utilities: Experienced a small decrease of 20 jobs.
Compare to Same Month Last Year:
- Overall job growth was slightly slower than January 2023, which saw a 3.2% increase.
- However, average hourly wages rose at a faster pace compared to last year.
- Unemployment remained stable, indicating a consistent job market despite the national economic slowdown.
Compare to Previous Month:
- January 2024 saw a slight uptick in job growth compared to December 2023‘s 0.8% increase.
- Healthcare and professional services continued to be the main drivers of job creation.
- Unemployment rate remained unchanged, suggesting a balanced labor market.
Future Outlook:
While national economic headwinds persist, Richmond’s job market is expected to exhibit moderate growth in the coming months. The healthcare, professional services, and leisure and hospitality sectors are likely to remain key sources of job creation. However, potential economic slowdowns and rising interest rates could dampen overall job growth in the later part of the year.
10 Growing Occupations:
- Registered Nurses
- Home Health Aides and Personal Care Aides
- Software Developers and Applications Developers
- General and Operations Managers
- Customer Service Representatives
- Marketing Specialists
- Chefs and Head Cooks
- Waiters and Waitresses
- Truck Drivers
- Elementary and Middle School Teachers
10 Companies Hiring Now:
- Kaiser Permanente
- Contra Costa County
- City of Richmond
- Chevron
- Wells Fargo
- Sutter Health
- John Muir Health
- Clorox
- Costco Wholesale
- Target
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