The December 2023 jobs report for Spokane Valley, WA paints a mixed picture of the local economy. While overall employment continued an upward trend, some sectors experienced a contraction, indicating a nuanced market with pockets of opportunity and challenge.
Overview:
- The unemployment rate in December 2023 reached 4.1%, up slightly from 3.8% in November but still below the national average of 3.5%.
- Job growth remained positive, with nonfarm employment increasing by 2.6% year-over-year and 0.4% compared to November 2023.
- However, some industries, such as information and mining, logging, and construction, showed job losses over the past year.
Highlights:
- Trade, transportation, and utilities continued to be the leading sector for job growth, adding 1,600 positions year-over-year.
- The professional and business services sector also saw significant expansion, with 700 new jobs since December 2022.
- Leisure and hospitality, despite facing national challenges, showed resilience in Spokane Valley, adding 400 jobs year-over-year.
Industries and Occupations that Grew:
- Retail salespeople led the pack in terms of occupational growth, with 400 new positions added year-over-year.
- Other growing occupations included registered nurses, customer service representatives, and truck drivers.
- Trade, transportation, and utilities added the most jobs overall, followed by professional and business services and leisure and hospitality.
Industries and Occupations that Shrunk:
- The information sector lost 100 jobs year-over-year, primarily in computer and mathematical occupations.
- Mining, logging, and construction also saw a decline, with 100 fewer jobs compared to December 2022.
- Administrative support occupations, including secretaries and bookkeeping clerks, experienced a decrease of 200 positions.
Comparison to Same Month Last Year:
- Spokane Valley’s December 2023 unemployment rate was 0.8% higher than in December 2022.
- However, nonfarm employment increased by 2.6% year-over-year, demonstrating continued economic growth.
- Certain industries, like trade, transportation, and utilities, saw even stronger job growth compared to the previous year.
Comparison to Previous Month:
- Unemployment rose slightly from 3.8% in November to 4.1% in December.
- Nonfarm employment remained relatively stable, increasing by a modest 0.4% compared to November 2023.
- Trade, transportation, and utilities added the most jobs month-over-month, followed by professional and business services.
Future Outlook:
The future economic outlook for Spokane Valley is uncertain. While the overall trend points towards continued job growth, headwinds like inflation and potential national economic slowdown could pose challenges. Identifying in-demand industries and occupations can help job seekers navigate the evolving market.
10 Growing Occupations:
- Retail Salespersons
- Registered Nurses
- Customer Service Representatives
- Truck Drivers
- Software Developers and Applications Developers
- General and Operations Managers
- Marketing Specialists
- Physician Assistants
- Home Health and Personal Care Aides
- Licensed Practical and Licensed Vocational Nurses
10 Companies Hiring Now:
- Amazon
- Providence Health Care
- Spokane Public Schools
- Walmart
- Lowe’s Companies, Inc.
- US Bank
- Kaiser Permanente
- The Home Depot
- Starbucks
- Target
Please note: This information is based on data from the Bureau of Labor Statistics and represents the most current data available at the time of publication. Job market conditions can change rapidly, so it is always advisable to conduct your own research and consult with career guidance professionals for personalized advice.
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