Yonkers, NY – December 2023 Jobs Report – Mixed Signals in a Tight Labor Market

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Yonkers’ job market presented a mixed picture in December 2023. While the unemployment rate remained low, indicating ongoing job seekers’ advantage, job growth slowed significantly compared to previous months. Certain industries displayed resilience, potentially offering opportunities, but broader economic concerns urge caution.

Highlights:

  • Low unemployment rate persists: At 3.5%, the unemployment rate held steady, showcasing a tight labor market with readily available job opportunities.
  • Significant slowdown in job growth: The nonfarm job count added only 20 positions, pushing the total to 84,200, highlighting a stark deceleration in hiring activity.
  • Healthcare and Education offer stability: These sectors added 5 and 10 jobs respectively, potentially reflecting expansion in medical facilities and schools.

What Industries and Occupations Grew:

  • Education and Health Services: This industry gained 10 jobs, encompassing areas like schools, hospitals, and clinics. Registered nurses, teachers, and healthcare assistants could see opportunities.
  • Professional and Business Services: This sector also saw minor growth with 5 additional positions, potentially tied to expansion in finance, consulting, or technology. Accountants, marketing specialists, and customer service representatives might benefit.
  • Trade, Transportation, and Utilities: This industry held steady, maintaining its existing job count. Occupations like truck drivers, logistics specialists, and warehouse workers could offer stable options.

What Industries and Occupations Shrank:

  • Leisure and Hospitality: This sector lost 20 jobs, likely due to seasonal fluctuations in tourism and hospitality. Positions in restaurants, hotels, and entertainment venues might be impacted.
  • Retail Trade: This industry shed 10 jobs, potentially reflecting national trends or adjustments within brick-and-mortar retail. Sales associates and retail workers could be affected.
  • Government: This sector also lost 10 jobs, which could be attributed to various factors within the public sector. Specific impacted occupations are unclear.

Compare to Same Month Last Year:

  • Unemployment rate: Down slightly from 3.6% in December 2022, marking a minor improvement in the labor market.
  • Nonfarm job growth: Lower than the 100 jobs added in December 2022, highlighting a significant deceleration in hiring.

Compare to Previous Month:

  • Unemployment rate: Unchanged from November 2023, indicating stability in the labor market.
  • Nonfarm job growth: Significantly lower than the 820 jobs added in November 2023, reflecting a dramatic slowdown in hiring.

Future Outlook:

Experts predict cautious optimism for Yonkers’ job market in 2024. The low unemployment rate, despite sluggish job growth, suggests potential resilience. However, national economic concerns and inflation could create uncertainty. Healthcare, education, and professional services might offer opportunities, while broader factors could impact the overall trajectory.

10 Growing Occupations in Yonkers, NY:

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

10 Companies Hiring Now in Yonkers, NY:

  1. Montefiore St. Luke’s Cornwall Hospital
  2. Mercy College
  3. Saint Joseph’s Medical Center
  4. City of Yonkers
  5. Wells Fargo
  6. Chase Bank
  7. Home Depot
  8. Lowe’s
  9. Walmart
  10. Amazon

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