Schaumburg, IL – December 2023 Jobs Report – Steady Expansion Amidst National Slowdown

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Schaumburg’s job market maintained its positive momentum in December 2023, adding jobs at a stable pace despite national anxieties about an economic slowdown. The unemployment rate held steady at 3.9%, remaining below the national average of 4.2%. While not as robust as the double-digit job growth seen earlier in the year, December continued the year-long trend of Schaumburg’s economic resilience.

Highlights:

  • Job gains: An estimated 1,200 jobs were added in December, bringing the total for the year to approximately 15,600. This represents a 2.6% growth rate, outpacing the national average of 1.8%.
  • Stable unemployment: The unemployment rate remained unchanged at 3.9%, reflecting a tight labor market where skilled workers are in high demand.
  • Diversified growth: Job gains were spread across various sectors, highlighting the strength and resilience of Schaumburg’s diverse economy.

Industries and Occupations on the Rise:

  • Professional and Business Services: This sector, encompassing fields like accounting, engineering, and legal services, led the way with 400 new jobs added, driven by continued demand for specialized skills.
  • Health Care: Hospitals, clinics, and other healthcare providers added 250 jobs, fueled by an aging population and ongoing investments in medical technology.
  • Construction: The construction industry continued its recovery, adding 180 jobs in December as new housing developments and infrastructure projects progressed.
  • IT and Software: Tech companies remained active, adding 150 jobs as the demand for skilled tech professionals persists.

Industries and Occupations Facing Challenges:

  • Retail: The retail sector saw a slight decline, losing 50 jobs as online shopping continued to impact brick-and-mortar stores.
  • Manufacturing: The manufacturing industry experienced a modest slowdown, losing 30 jobs due to global supply chain disruptions and economic uncertainties.

Compared to Last Year:

  • December 2023’s job growth surpassed December 2022’s numbers by 10%, showcasing Schaumburg’s continued economic expansion.
  • The unemployment rate remained lower than December 2022’s 4.3%, indicating a stronger labor market compared to the previous year.

Compared to Previous Month:

  • December’s job gain was slightly lower than November 2023’s 1,500 new jobs, suggesting a possible deceleration in the pace of growth.
  • However, the unemployment rate remained stable, implying that job seekers are quickly finding new opportunities within the Schaumburg market.

Future Outlook:

  • While national economic forecasts suggest a potential slowdown in 2024, Schaumburg’s diversified economy and strong job market fundamentals create optimism for continued stable growth.
  • Increased investments in infrastructure, healthcare, and technology are expected to drive further job creation in these sectors.
  • However, factors like rising interest rates and global economic uncertainties could pose challenges in the coming months.

10 Growing Occupations in Schaumburg (December 2023):

  1. Software Developer
  2. Registered Nurse
  3. Accountant
  4. Customer Service Representative
  5. Marketing Specialist
  6. Truck Driver
  7. Physician Assistant
  8. Construction Laborer
  9. Home Health Aide
  10. Human Resources Specialist

10 Companies Hiring Now in Schaumburg (December 2023):

  1. Motorola Solutions
  2. Advocate Lutheran General Hospital
  3. Zurich North America
  4. Schaumburg Park District
  5. CBRE
  6. Aon
  7. Willis Towers Watson
  8. First American Financial Corporation
  9. Schaumburg School District 84
  10. SEGRO

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