December 2023 brought positive news for Rochester’s job market, with steady employment gains and a stabilizing unemployment rate. While complete data isn’t available yet, preliminary numbers from the Bureau of Labor Statistics (BLS) indicate a recovering economy on track for further development.
Highlights:
- Employment: Total employment in the Rochester Metropolitan Statistical Area (MSA) reached 600,200, representing an increase of 1,400 jobs from November 2023 and 4,900 jobs from December 2022.
- Unemployment: The unemployment rate remained stable at 4.1%, indicating a healthy and competitive labor market.
Growing Industries and Occupations:
- Professional and Business Services: This sector led the way with 500 new jobs, driven by growth in professional, scientific, and technical services occupations.
- Trade, Transportation, and Utilities: Employment jumped by 400 jobs, boosted by gains in transportation and warehousing positions.
- Education and Health Services: This sector added 300 jobs, primarily in healthcare support occupations and educational services.
- Leisure and Hospitality: Restaurants and hotels added 200 jobs, reflecting recovering tourism and consumer spending.
Shrinking Industries and Occupations:
- Government: Public sector employment decreased by 100 jobs, potentially due to seasonal fluctuations or budget constraints.
- Manufacturing: This sector shed 50 jobs, mainly in durable goods manufacturing.
- Information: Employment in telecommunications and information services dipped by 20 jobs.
Compared to Same Month Last Year:
- Total employment is up by 4,900 jobs compared to December 2022, representing a 0.8% increase.
- The unemployment rate has improved slightly, remaining stable at 4.1% compared to 4.2% in December 2022.
Compared to Previous Month:
- November 2023 saw minimal job gains, while December 2023 witnessed a more pronounced increase, suggesting a potential acceleration in hiring activity.
- The unemployment rate remained unchanged from November, further solidifying the trend of a stable labor market.
Future Outlook:
Experts predict continued job growth for Rochester in 2024, fueled by ongoing expansion in healthcare, professional services, and logistics sectors. However, potential headwinds such as rising interest rates and inflation could impact hiring activity.
10 Growing Occupations:
- Registered Nurses
- Software Developers and Applications
- Customer Service Representatives
- Truck Drivers
- Physical Therapists
- Sales Representatives
- Marketing Specialists
- Elementary and Middle School Teachers
- Home Health and Personal Care Aides
- Construction Laborers
10 Companies Hiring Now:
- University of Rochester
- Rochester Regional Health
- Wegmans Food Markets
- Paychex
- Eastman Kodak Company
- Xerox Corporation
- Constellation Brands
- Bausch & Lomb
- Harris Corporation
- Excellus BlueCross BlueShield
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