Santa Clara, CA – December 2023 Jobs Report – Resilience Amidst Tech Shifts

, ,

The Santa Clara County job market ended 2023 on a mixed note, reflecting the broader national trends of a softening tech sector tempered by robust job gains in other industries. While December saw a slight decline in overall employment compared to November, the year closed with positive gains and a low unemployment rate.

Highlights:

  • December job losses: 12,700 (-1.2%) compared to November 2023.
  • Year-end job gains: 13,300 (1.3%) compared to December 2022.
  • Unemployment rate: 4.0% in December, remaining relatively stable.

Industry and Occupation Growth:

  • Strongest growth: Trade, Transportation, and Utilities (+2,000 jobs), Professional and Business Services (+1,400 jobs), Government (+900 jobs).
  • Growing occupations: Software Developers, Registered Nurses, Customer Service Representatives, Sales Representatives, Truck Drivers (Source: Bureau of Labor Statistics).

Industry and Occupation Shrinkage:

  • Largest decline: Information Technology (-3,700 jobs), Construction (-1,200 jobs).
  • Declining occupations: Computer and Information Research Scientists, Computer User Support Specialists, Electrical and Electronics Engineers (Source: Bureau of Labor Statistics).

Compared to December 2022:

  • Overall employment slightly lower (-0.3%).
  • Unemployment rate remained steady at 4.0%.
  • Healthcare and Social Assistance (+4,300 jobs) and Professional and Business Services (+3,900 jobs) saw the strongest annual growth.

Compared to November 2023:

  • First monthly job decline since December 2022.
  • Construction and Information Technology led the job losses.
  • Leisure and Hospitality continued its upward trend (+1,100 jobs).

Future Outlook:

  • The Santa Clara County job market is expected to see moderate growth in 2024, with key sectors like Healthcare, Professional Services, and Trade showing continued strength.
  • The impact of tech industry adjustments on overall employment remains to be seen.
  • Job growth in emerging sectors like clean energy and artificial intelligence could provide new opportunities.

10 Growing Occupations in Santa Clara County:

  1. Software Developers
  2. Registered Nurses
  3. Customer Service Representatives
  4. Sales Representatives
  5. Truck Drivers
  6. General and Operations Managers
  7. Marketing Specialists
  8. Financial Analysts
  9. Physician Assistants
  10. Web Developers (Source: Bureau of Labor Statistics)

10 Companies Hiring Now in Santa Clara County:

  1. Apple
  2. Google
  3. Meta Platforms
  4. Nvidia
  5. Cisco Systems
  6. Samsung
  7. Intel
  8. Broadcom
  9. eBay
  10. PayPal (Source: Indeed, LinkedIn)

Please note: This information is based on publicly available data from the Bureau of Labor Statistics and other sources. While efforts have been made to ensure accuracy, the data may not be comprehensive or perfectly reflect the current job market conditions.

Cited Resources: