December Jobs Report: 216K jobs added, life sciences a major contributor with +25.3k jobs added
All eyes were on the December Jobs Report from the Bureau of Labor Statistics, in hopes we would see a "Goldilocks" situation where numbers were not so robust as to trigger more interest rate hikes and not so low as to raise worries about the economy. So how did things shake out? The market is continuing to show surprising resiliency as it surpasses analyst expectations with 216k jobs added (175k job additions predicted) and unemployment rate remaining steady at 3.7%.
With today's report, Federal Reserve officials are likely not too worried, since it shows the job market is not taking a sharp decline. In 2024, officials are hopeful of pulling off a so-called "soft landing," in which inflation reaches the Fed's 2% target without a sharp rise in unemployment. While Fed officials have signaled that they're wary of upside risks to inflation, they're also highly attentive to any signs of a rapidly weakening economy threatening the possibility of that soft landing.
In terms of hiring in life sciences, this latest report showed our industry as a top performer. The BLS report showed Professional, scientific and technical services with 25.3k jobs added and published an unemployment rate that remains steady at 2.5%. Many organizations slowed hiring as the year closed out, but we're anticipating an uptick moving forward as digital transformation and AI/Automation take center stage for a majority of business strategies in 2024. Here's a look at key Life Sciences industry data.
Key Life Sciences Jobs Report Insights
Total Jobs Added: +216k
Life Sciences Jobs Added: +25.3k in Professional, Technical and Scientific Sciences
Life Sciences Unemployment Rate: 2.5% which is up slightly from November
YOY Gains: +267.3k jobs which averages +22.3k jobs per month
Long-Term Growth Outlook for Life Sciences
The field of life, physical, and social science occupations is set to experience an above-average growth rate through 2032. Projections estimate an annual average of 136,800 new openings, reflecting both employment growth and the need to replace workers who permanently exit these occupations.
In May 2022, the median annual wage for individuals in these occupations stood at $74,330, surpassing the median annual wage for all occupations, which was $46,310, according to the U.S. Bureau of Labor Statistics. This underscores the promising career prospects and economic significance of the life sciences sector.
Professional & Business Services, the sector that includes Life Sciences, is experiencing significant growth overall. This is a breakdown of employee increases in that sector in states where there is a Real Staffing office:
- Texas: Up 39,300 employees year-over-year (December 2022 to December 2023)
- Massachusetts: Up 4,900 employees year-over-year (December 2022 to December 2023)
Source: BLS
Read more: Life Sciences industry boosts local economies
Massachusetts Leads Way in Life Sciences
Massachusetts, where Real Staffing has a Boston-based office, is rapidly growing in the life sciences industry. The state is the envy of the world in the research and development space, according to the 2023 industry snapshot from MassBio. The MassBio snapshot outlined several key highlights:
- Massachusetts is continuing to establish itself in biomanufacturing, with growth in Suffolk County (+29.1%) and Worcester County (+18.4%).
- Massachusetts companies raked in 32% of all national venture capital dollars, with an average round of funding of $34.2 million compared to $15.6 million nationally.
- 11 Massachusetts headquartered companies have been acquired for a disclosed total of $10.47 billion (vs. $4.47 billion over the same time last year).
- 62 million square feet of lab and manufacturing space across Massachusetts
The CEO of MassBio stated skills training, workforce diversity, regionalization, and biomanufacturing are critical in life sciences to extend the lead heading into the future.
Read more: How to prepare your resume for AI screening technology
Connect With Top Talent
As the industry continues to show major growth, Real Staffing is ready to help connect the best life sciences talent with the top companies in the U.S. Our consultants are up to date on the latest market trends, allowing us to offer truly in-depth knowledge regarding the unique challenges and requirements facing your business or your career. " target="_blank">Contact a Real Staffing consultant today to get started.