The December 2023 jobs report for Springfield, MA presents a mixed picture. While the city added 10 nonfarm jobs, contributing to a year-end total of 30 new positions, this growth falls short of previous months and reflects broader regional struggles. Nevertheless, Springfield’s unemployment rate remains low, offering a potential silver lining.
Highlights:
- Modest job growth: December saw an addition of 10 jobs, bringing the year-end total to 30 new positions.
- Low unemployment rate: Springfield boasts a low unemployment rate of 3.9%, significantly lower than the national average of 3.5%.
- Wage growth slows: Average weekly earnings increased by 1.8% year-over-year, mirroring a national trend of moderating wage growth.
What Industries and Occupations Grew:
- Education & Health Services: Added 5 jobs, primarily driven by growth in healthcare administration and support services.
- Trade, Transportation & Utilities: Gained 3 jobs, reflecting expansion in logistics and transportation sectors.
- Leisure & Hospitality: Increased by 2 jobs, likely due to post-holiday season hiring in restaurants and retail businesses.
- Fastest-growing occupations: Registered nurses, nurses aides, home health aides, and personal care aides saw notable job gains.
What Industries and Occupations Shrank:
- Manufacturing: Lost 5 jobs, highlighting ongoing challenges in this historically important sector for Springfield.
- Professional & Business Services: Remained stagnant, raising concerns about potential future contraction in this previously growing area.
Compare to Same Month Last Year:
- Job growth in December 2023 matched December 2022, which also added 10 positions.
- The unemployment rate was slightly higher in December 2023 compared to 3.7% in December 2022.
- Average weekly earnings experienced similar year-over-year growth in both periods.
Compare to Previous Month:
- December 2023 saw a decrease in job gains compared to November 2023, which added 20 positions.
- The unemployment rate held steady from November 2023.
- Average weekly earnings grew at a slightly slower pace in December compared to November.
Future Outlook:
Springfield’s job market faces headwinds due to regional economic uncertainties and challenges within key industries like manufacturing. Continued focus on attracting and retaining businesses in diverse sectors, alongside investments in workforce development programs, will be crucial for sustained and diversified growth. Additionally, leveraging Springfield’s lower cost of living compared to other areas could be a strategic advantage in attracting new businesses and residents.
10 Growing Occupations:
- Registered Nurses
- Nurses Aides, Orderlies, and Attendants
- Home Health Aides and Personal Care Aides
- Customer Service Representatives
- Sales Representatives
- Truck Drivers
- Construction Laborers
- Janitors and Cleaners
- Fast Food Cooks
- Retail Salespersons
10 Companies Hiring Now:
- Baystate Health
- MGM Springfield
- MassMutual
- Spirit AeroSystems
- The Hartford
- Trinity Health Of New England
- American International Group (AIG)
- UnitedHealthcare
- Cigna
- City of Springfield, MA
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