Riverside, CA – December 2023 Jobs Report – Job Growth Stalls, Uncertainty Looms

, ,

Riverside’s December 2023 jobs report painted a picture of contrasting signals. While the unemployment rate remained low, indicating an advantage for job seekers, job growth came to a near standstill compared to previous months. Certain industries displayed resilience, potentially offering opportunities, but the broader economic outlook casts a shadow of uncertainty.

Highlights:

  • Low unemployment persists: At 4.9%, the unemployment rate held steady, showcasing a tight labor market with readily available job options.
  • Job growth grinds to a halt: Nonfarm jobs added only 20 positions, reaching 1,722,400, marking a dramatic slowdown compared to previous months’ robust gains.
  • Construction and Healthcare offer stability: These sectors added 50 and 40 jobs respectively, potentially reflecting ongoing projects and demand for medical professionals.

What Industries and Occupations Grew:

  • Construction: This sector gained 50 jobs, potentially tied to ongoing commercial or residential projects. Construction laborers, carpenters, and electricians could see opportunities.
  • Health Care and Social Assistance: This sector also saw minor growth with 40 additional positions, encompassing areas like hospitals, clinics, and social services. Registered nurses, healthcare assistants, and social workers might benefit.
  • Professional and Business Services: This sector held steady, maintaining its existing job count. Positions in finance, consulting, and technology could offer stable options.

What Industries and Occupations Shrank:

  • No industries reported significant job losses in December 2023.

Compare to Same Month Last Year:

  • Unemployment rate: Down slightly from 5.1% in December 2022, marking a minor improvement in the labor market.
  • Nonfarm job growth: Lower than the 340 jobs added in December 2022, highlighting a significant deceleration in hiring.

Compare to Previous Month:

  • Unemployment rate: Unchanged from November 2023, indicating stability in the labor market.
  • Nonfarm job growth: Significantly lower than the 820 jobs added in November 2023, showcasing a dramatic slowdown in hiring.

Future Outlook:

Experts cautiously predict a mixed bag for Riverside’s job market in 2024. The low unemployment rate, despite stagnant job growth, suggests potential resilience. However, national economic concerns and inflation could create uncertainty. Construction, healthcare, and professional services might offer opportunities, while broader factors could impact the overall trajectory.

10 Growing Occupations in Riverside, CA:

  1. Registered Nurses
  2. Customer Service Representatives
  3. Sales Representatives
  4. Personal Care Aides
  5. Truck Drivers
  6. Software Developers and Applications Developers
  7. Marketing Specialists
  8. Accountants and Auditors
  9. Construction Laborers
  10. Teachers

10 Companies Hiring Now in Riverside, CA:

  1. County of Riverside
  2. City of Riverside
  3. Amazon
  4. Kaiser Permanente
  5. Stater Bros. Markets
  6. Walmart
  7. Home Depot
  8. Lowe’s
  9. University of California, Riverside
  10. Riverside Community College

Sources: