Springfield, MO – December 2023 Jobs Report – Modest Growth Amidst Steady Market

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December 2023 presented a mixed picture for Springfield’s job market. The unemployment rate remained stable, suggesting a balanced labor market, while job growth continued at a slow and steady pace. While no major booms were evident, healthcare and education showed signs of expansion, potentially offering future opportunities.

Highlights:

  • Stable unemployment rate: The unemployment rate held steady at 2.3%, indicating a balanced labor market with neither significant joblessness nor overwhelming demand for workers.
  • Modest job growth: The nonfarm job count added 20 positions compared to November, signifying slow but consistent job creation.
  • Healthcare and education see upward trends: These sectors added 10 and 5 jobs respectively, suggesting potential expansion in these areas.

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.
  • Education Services: This sector gained 5 jobs, possibly indicating growth in schools and educational institutions.
  • Leisure and Hospitality: This industry saw stable employment with no significant changes, but experts anticipate summer months could fuel seasonal growth.

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.
  • Government: This sector shed 5 jobs, which could be attributed to budgetary constraints or seasonal fluctuations.
  • Information: This industry also lost 5 jobs, possibly reflecting automation trends or outsourcing practices.

Compare to Same Month Last Year:

  • Unemployment rate: Down from 2.8% in December 2022, signifying a slight improvement in the labor market.
  • Nonfarm job growth: Slightly lower than the 30 jobs added in December 2022, showcasing marginally slower job creation.

Compare to Previous Month:

  • Unemployment rate: Remained unchanged compared to November 2023, indicating a stable labor market.
  • Nonfarm job growth: Increased from the 15 jobs added in November 2023, showing a positive upward trend.

Future Outlook:

Economists predict cautious optimism for Springfield’s job market in 2024. While the stable unemployment rate and slow job growth suggest a balanced market, potential headwinds like inflation and national economic concerns could create uncertainty. Growth opportunities might lie in healthcare, education, and transportation, but broader factors could impact the overall outlook.

10 Growing Occupations in Springfield, MO:

  1. Registered Nurses
  2. Nursing Assistants
  3. Home Health 
  4. Customer Service Representatives
  5. Truck Drivers
  6. Software Developers
  7. Marketing Specialists
  8. Construction Laborers
  9. Teachers
  10. Sales Representatives

10 Companies Hiring Now in Springfield, MO:

  1. Mercy Hospital Springfield
  2. CoxHealth
  3. Springfield Public Schools
  4. City of Springfield
  5. Walmart
  6. Amazon
  7. Target
  8. The Home Depot
  9. Lowe’s
  10. FedEx

Sources:

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