The December 2023 jobs report for Roseville paints a picture of cautious optimism. The city added 20 nonfarm jobs, bringing the year-end total to a positive 150 new positions. While this growth surpasses national trends, it falls short of previous months, reflecting broader concerns within the tech sector.
Highlights:
- Modest job growth: December saw an addition of 20 jobs, contributing to a year-end total of 150 new positions.
- Ultra-low unemployment rate: Roseville boasts an impressively low unemployment rate of 2.3%, significantly lower than the national average of 3.5%.
- Wage growth remains strong: Average weekly earnings increased by 5.1% year-over-year, outpacing national trends.
What Industries and Occupations Grew:
- Professional & Business Services: Added 10 jobs, primarily driven by growth in technology consulting, accounting, and finance sectors.
- Trade, Transportation & Utilities: Gained 5 jobs, reflecting expansion in logistics and transportation industries.
- Leisure & Hospitality: Increased by 3 jobs, likely due to post-holiday season hiring in restaurants and retail businesses.
- Fastest-growing occupations: Software developers and application developers, marketing specialists, customer service representatives, and accountants and auditors saw notable job gains.
What Industries and Occupations Shrank:
- Manufacturing: Remained stagnant, highlighting ongoing challenges in this historically important sector for Roseville.
- Construction: Lost 2 jobs, raising concerns about potential future contraction in this previously expanding area.
Compare to Same Month Last Year:
- Job growth in December 2023 surpassed December 2022, which added 10 positions.
- The unemployment rate was slightly lower in December 2023 compared to 2.5% in December 2022.
- Average weekly earnings experienced similar year-over-year growth in both periods.
Compare to Previous Month:
- December 2023 saw a decrease in job gains compared to November 2023, which added 30 positions.
- The unemployment rate held steady from November 2023.
- Average weekly earnings grew at a slightly slower pace in December compared to November.
Future Outlook:
While Roseville’s job market exhibits stability, potential national economic headwinds and uncertainties within the tech sector necessitate continued diversification and adaptation. Attracting and retaining businesses in diverse industries, alongside investments in workforce development programs, will be crucial for sustained economic growth.
10 Growing Occupations:
- Software Developers and Application Developers
- Marketing Specialists
- Customer Service Representatives
- Accountants and Auditors
- Registered Nurses
- Sales Representatives
- Financial Analysts
- Physicians and Surgeons
- Physical Therapists
- Teachers
10 Companies Hiring Now:
Resources:
- Bureau of Labor Statistics
- California Employment Development Department
- City of Roseville