Salt Lake City’s job market navigated contrasting national trends in December 2023. While the unemployment rate remained low, job growth slowed slightly compared to November. However, key industries continued to expand, suggesting resilience and potential opportunities for job seekers.
Highlights:
- Low unemployment rate persists: At 2.8%, the unemployment rate held steady, showcasing a tight labor market with readily available job opportunities.
- Modest job growth: The nonfarm job count added 200 positions, pushing the total to 1,734,700, indicating consistent, albeit slower, job creation compared to previous months.
- Education and Healthcare lead the way: These sectors added 9,800 and 3,400 jobs respectively, reflecting expansion in schools, healthcare providers, and social services.
What Industries and Occupations Grew:
- Education and Health Services: This sector gained 9,800 jobs, encompassing areas like schools, hospitals, clinics, and social services. Registered nurses, teachers, and healthcare assistants were among the growing occupations.
- Professional and Business Services: This industry also saw minor growth with 600 additional positions, potentially tied to expansion in finance, consulting, and technology. Accountants, marketing specialists, and customer service representatives might see opportunities.
- Trade, Transportation, and Utilities: This sector held steady, maintaining its existing job count. Occupations like truck drivers, logistics specialists, and warehouse workers could offer stable options.
What Industries and Occupations Shrank:
- Leisure and Hospitality: This sector shed 200 jobs, likely due to seasonal fluctuations in tourism and hospitality. Positions in restaurants, hotels, and entertainment venues might be impacted.
- Retail Trade: This industry lost 100 jobs, potentially reflecting ongoing challenges in brick-and-mortar retail or post-holiday adjustments. Sales associates and retail workers could be affected.
- Manufacturing: This sector also lost 100 jobs, mirroring national trends or industry-specific factors. Specific affected occupations are unclear.
Compare to Same Month Last Year:
- Unemployment rate: Down slightly from 2.9% in December 2022, marking a minor improvement in the labor market.
- Nonfarm job growth: Higher than the 100 jobs added in December 2022, showcasing continued, albeit slower, expansion compared to last year.
Compare to Previous Month:
- Unemployment rate: Unchanged from November 2023, indicating stability in the labor market.
- Nonfarm job growth: Lower than the 1,200 jobs added in November 2023, highlighting a slowdown in hiring activity.
Future Outlook:
Experts predict cautious optimism for Salt Lake City’s job market in 2024. The low unemployment rate and consistent job growth, though slower, suggest potential resilience. However, national economic concerns and inflation could create uncertainty. Education, healthcare, and professional services might offer opportunities, while broader factors could impact the overall trajectory.
10 Growing Occupations in Salt Lake City, UT:
- Registered Nurses
- Customer Service Representatives
- Software Developers and Applications Developers
- Marketing Specialists
- Teachers
- Accountants and Auditors
- Construction Laborers
- Nursing Assistants
- Truck Drivers
- Sales Representatives
10 Companies Hiring Now in Salt Lake City, UT:
- Intermountain Healthcare
- University of Utah
- The Church of Jesus Christ of Latter-day Saints
- Salt Lake City Corporation
- Wells Fargo
- Zion’s Bank
- L-3 Communications
- Qualtrics
- Adobe
- Fidelity Investments
Sources:
- Utah Department of Workforce Services – Utah’s Employment Summary: December 2023
- Bureau of Labor Statistics – Salt Lake City, UT MSA