December 2023 presented a stable picture for Shreveport’s job market. The unemployment rate held firm, while job growth saw a slight decline compared to November. Although some sectors experienced contraction, others like healthcare and construction offered potential bright spots, suggesting cautious optimism for the future.
Highlights:
- Stable unemployment rate: At 4.5%, the unemployment rate remained steady, indicating neither widespread joblessness nor overwhelming demand for workers.
- Slowed job growth: The nonfarm job count added only 5 positions compared to November, showcasing a deceleration in job creation.
- Healthcare and construction offer promise: These sectors added 10 and 5 jobs respectively, hinting at potential growth opportunities.
What Industries and Occupations Grew:
- Healthcare and Social Assistance: As mentioned above, this sector added 10 jobs, potentially reflecting growth in hospitals, clinics, and other healthcare providers.
- Construction: This industry gained 5 jobs, possibly tied to ongoing residential and commercial building projects.
- Other Services: This sector saw stable employment with no significant changes, but experts anticipate future projects could stimulate growth in areas like personal and repair services.
What Industries and Occupations Shrank:
- Retail Trade: This sector lost 15 jobs, potentially due to ongoing challenges in brick-and-mortar retail or post-holiday adjustments.
- Leisure and Hospitality: This industry shed 10 jobs, likely reflecting seasonal fluctuations in tourism and hospitality.
- Financial Activities: This sector also lost 5 jobs, which could be attributed to various factors within the broader industry.
Compare to Same Month Last Year:
- Unemployment rate: Down slightly from 4.7% in December 2022, signifying a minor improvement in the labor market.
- Nonfarm job growth: Lower than the 30 jobs added in December 2022, showcasing a slowdown in job creation.
Compare to Previous Month:
- Unemployment rate: Remained unchanged compared to November 2023, indicating a stable labor market.
- Nonfarm job growth: Decreased from the 15 jobs added in November 2023, reflecting a small downward trend.
Future Outlook:
Economists predict cautious optimism for Shreveport’s job market in 2024. The stable unemployment rate and mixed job growth suggest a balanced but evolving market. Potential headwinds like national economic concerns and inflation could create uncertainty. Healthcare, construction, and other services might offer growth opportunities, but broader factors could impact the overall outlook.
10 Growing Occupations in Shreveport, LA:
- Registered Nurses
- Nursing Assistants
- Home Health Aides
- Customer Service Representatives
- Construction Laborers
- Software Developers and Applications Developers
- Marketing Specialists
- Teachers
- Sales Representatives
- Truck Drivers
10 Companies Hiring Now in Shreveport, LA:
- Christus Health System
- Ochsner LSU Health System
- Willis-Knighton Health System
- General Motors
- Amazon
- Walmart
- Target
- The Home Depot
- Lowe’s
- City of Shreveport
Sources:
- Louisiana Workforce Commission – Shreveport-Bossier City Metropolitan Statistical Area
- Indeed Hiring in Shreveport, LA
- Glassdoor Jobs in Shreveport, LA