March 2, 2024

Springfield, MA – January 2024 Job Market Report – Hiring Spree Continues

Jobs Report, Massachusetts, Springfield, MA

The Springfield job market maintained its momentum in January 2024, continuing the positive trend observed in the latter half of 2023. Several sectors witnessed significant job growth, while the overall unemployment rate remained steady.

Highlights

The professional and business services sector led the surge in job creation, followed by healthcare and social assistance.
Trade, transportation, and utilities also saw notable growth.
The leisure and hospitality industry continued its recovery, adding new positions.
The unemployment rate held steady at 4.2%, indicating a tight labor market.

Industries and Occupations Grew

Professional and Business Services: Management, business and financial operations occupations, and computer and mathematical occupations experienced significant growth.
Healthcare and Social Assistance: Healthcare support occupations, such as nursing assistants and home health aides, were in high demand.
Trade, Transportation, and Utilities: Jobs in transportation and logistics, as well as installation, maintenance, and repair occupations, increased.
Leisure and Hospitality: Food preparation and serving related occupations continued to see growth.

Industries and Occupations Shrunk

There were minimal job losses reported across most sectors.

Compared to Last Year

The Springfield job market has grown steadily since January 2023. The unemployment rate has decreased by 0.8 percentage points, reflecting a stronger economy.

Compared to Previous Month

Job growth continued at a similar pace to December 2023.

Future Outlook

The Springfield job market is expected to remain stable in the coming months, with potential growth in healthcare, manufacturing, and professional services sectors.

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