December 2023 brought positive news to the St. Paul job market, as the Twin Cities Metropolitan Area continued its trend of steady employment growth. While the pace slowed slightly compared to earlier months, the overall outlook remains upbeat.
Highlights:
- Unemployment rate: 2.4%, the lowest for December on record and down from 2.9% in November. (Bureau of Labor Statistics)
- Job gains: 2,400 new jobs added, primarily in Leisure & Hospitality and Trade, Transportation & Utilities.
- Labor force participation: Up slightly from November, indicating more residents are seeking employment.
What Industries and Occupations Grew:
- Leisure & Hospitality: Added 1,300 jobs, reflecting the busy holiday season and increased consumer spending.
- Trade, Transportation & Utilities: Gained 500 jobs, driven by growth in warehousing and transportation.
- Professional & Business Services: Added 300 jobs, particularly in management and administrative roles.
- Fast-growing occupations: Registered Nurses, Software Developers and Customer Service Representatives.
What Industries and Occupations Shrank:
- Information: Shed 100 jobs, primarily in telecommunications and broadcasting.
- Construction: Lost 50 jobs, likely due to seasonal patterns.
- Financial Activities: Declined by 30 jobs, concentrated in insurance and real estate.
- Declining occupations: Insurance Sales Agents, Loan Officers and Financial Analysts.
Compare to Same Month Last Year:
- Unemployment rate: Down significantly from 3.8% in December 2022.
- Job growth: Slower than the 4,500 jobs added in December 2022, but still positive.
- Labor force participation: Similar to December 2022.
Compare to Previous Month:
- Unemployment rate: Decreased from 2.7% in November 2023.
- Job growth: Flat compared to November 2023.
- Labor force participation: Slightly higher than November 2023.
Future Outlook:
- The Twin Cities metro area is expected to see continued job growth in 2024, with sectors like Healthcare, Professional & Business Services, and Technology leading the way.
- However, rising interest rates and potential economic headwinds could dampen hiring later in the year. (Federal Reserve)
10 Growing Occupations:
- Registered Nurses
- Software Developers
- Customer Service Representatives
- Home Health Aides
- Personal Care Aides
- Truck Drivers
- Sales Representatives
- Marketing Specialists
- Financial Analysts
- Accountants
10 Companies Hiring Now:
- Target Corporation
- Mayo Clinic
- UnitedHealth Group
- Optum
- Wells Fargo
- US Bank
- Xcel Energy
- Best Buy
- Amazon
- Ameriprise Financial
Resources: