The Rochester Hills job market saw tepid growth in January 2024, with slight gains in professional and service sectors offset by losses in manufacturing and retail. While the national jobs landscape continues to navigate post-pandemic fluctuations, Rochester Hills maintained a relatively stable employment environment.
Highlights:
- Total nonfarm jobs: Increased by 0.5% compared to December 2023.
- Unemployment rate: Remained steady at 3.2%, slightly above the national average.
- Job growth: Concentrated in professional and business services, healthcare, and leisure & hospitality.
- Job losses: Occurred in manufacturing, retail trade, and transportation & warehousing.
What Industries and Occupations Grew:
- Professional & Business Services: Added 1.2% jobs, including positions in management, consulting, and technical fields.
- Healthcare & Social Assistance: Gained 0.8% jobs, primarily in healthcare practitioners and support roles.
- Leisure & Hospitality: Increased by 0.7%, driven by growth in food service and accommodation jobs.
- Fast-growing occupations: Registered nurses, software developers, personal care aides, marketing specialists, and customer service representatives.
What Industries and Occupations Shrank:
- Manufacturing: Lost 0.4% jobs, with declines in production and transportation occupations.
- Retail Trade: Declined by 0.3%, impacted by ongoing shifts in consumer behavior and online shopping trends.
- Transportation & Warehousing: Shed 0.2% jobs, primarily in transportation and material moving roles.
- Declining occupations: Manufacturing workers, retail salespersons, truck drivers, cashiers, and administrative assistants.
Compare to Same Month Last Year:
- Total nonfarm jobs: Up 1.8% compared to January 2023, indicating steady long-term growth.
- Unemployment rate: Lower than January 2023 (3.5%), reflecting a tighter labor market.
- Job growth: Similar distribution across sectors as in January 2023, with gains in professional services, healthcare, and leisure & hospitality.
Compare to Previous Month:
- Total nonfarm jobs: Increased slightly from December 2023, suggesting a positive start to the year.
- Unemployment rate: Remained unchanged, indicating stability in the labor market.
- Job growth: Primarily concentrated in professional & business services in December, while January saw broader sectoral gains.
Future Outlook:
The Rochester Hills job market is expected to experience moderate growth in 2024, with continued strength in professional & business services, healthcare, and technology sectors. However, ongoing global economic uncertainties and potential interest rate hikes could pose challenges to the manufacturing and retail industries.
10 Growing Occupations:
- Registered Nurses
- Software Developers and Applications Developers
- Personal Care Aides
- Marketing Specialists
- Customer Service Representatives
- Physician Assistants
- Home Health Aides
- Wind Turbine Service Technicians
- Solar Photovoltaic Installers
- Medical and Clinical Laboratory Technicians
10 Companies Hiring Now:
- General Motors
- Stellantis (Chrysler)
- Ascension Macomb-Oakland Hospital
- Beaumont Hospital, Royal Oak
- Oakland University
- Rochester Hills Public Schools
- Kelly Services
- Robert Half International
- ADP
- Amazon
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