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Idaho Workforce Development Council Meeting January 8, 2015

Stay updated with the latest economic and labor market statistics of Idaho. Learn about the current employment trends, unemployment rates, and real-time job listings data. Gain valuable insights for research and decision-making.

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Idaho Workforce Development Council Meeting January 8, 2015

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  1. Economic Update Idaho Workforce Development Council MeetingJanuary 8, 2015 Bob Uhlenkott Chief Research Officer Idaho Department of Labor

  2. Today’s Topics • Economic Update / Labor Market Components • Employment, Unemployment, Labor Force and Gas Prices • Transmittal #7 – GSA Approval for Job Listing Scraping Data • Client Job Listing Matches – Choose Idaho • Economic and Labor Market REAL-TIMEMetrics - Publishing

  3. Economic Report: Executive Summary November - 2014 Idaho’s number of nonfarm jobs remained unchanged in November from the previous month while the unemployment rate decreased by two-tenths to 3.9%. Idaho • Unemployment Rate is 3.9% for November. • Labor force participation rate decreased by 0.2% for November. • Total nonfarm employment level remained unchanged from October. Nation • The unemployment rate remained unchanged from October at 5.8%. • Total nonfarm increased 0.2% from October. Sources: Bureau of Labor Statistics, Idaho Department of Labor, U.S. Census Bureau

  4. Idaho Nonfarm JobsCurrent Employment Statistics Annualized Forecasts November 2014 YOY = 1.9% Short Term forecast through 2016 = 1.6% Long Term forecast through 2022 = 1.5% Sources: Bureau of Labor Statistics, Idaho Department of Labor, U.S. Census Bureau

  5. Prerecession Level - “3rd Derivative” Forecast Sources: Bureau of Labor Statistics, Idaho Department of Labor, U.S. Census Bureau

  6. Prerecession Level - “3rd Derivative” Forecast Sources: Bureau of Labor Statistics, Idaho Department of Labor, U.S. Census Bureau

  7. State and National Unemployment RateCurrent and Historical Compared Sources: Bureau of Labor Statistics, Idaho Department of Labor, U.S. Census Bureau

  8. Idaho and National Labor Force Compared Sources: Bureau of Labor Statistics, Idaho Department of Labor, U.S. Census Bureau

  9. Labor Force Participation Rate

  10. November 2014 Unemployment Rate with a 70 percent Labor Force Participation Rate (LFPR) 13.9% 3.9%

  11. Oil and Gas Prices Today $48.59 a barrel $2.18 a gallon

  12. Gas Prices – National Average (1976-2015) All-Time Low 1998 Source: US Dept. of Energy

  13. What would be all-time lows in real terms? $48.59 a barrel Fall to $14.00 a barrel $2.18 a gallon Fall to $1.35 a gallon

  14. Crude Oil Profit Levels OPEC $10 to $20 per barrel to be lucrative Alaska Drilling $70 to $80 per barrel to be lucrative SHALE Around $62 a barrel to be lucrative Source: US Dept. of Energy

  15. National Bureau of Economic Research Business Cycles Analysis and the “R” word! Peak to Peak Analysis Idaho Department of Labor – Communications and Research. - 2014

  16. Real-Time Labor Statistics Job Listings Data Transmittal #7 Internet Job Scraping Technology 1 - Internal client job listing matches for Choose Idaho. 2 - Economic and labor market indicators for research and publication.

  17. Real-Time Labor Statistics Job Listings Data • According to these data there are: • 28,000 unique job listings in November 2014 • 15,000 of them are NEW and unique Job Listings in the last thirty days.

  18. Real-Time Labor Statistics Job Listings Data • HOT JOBs in REAL TIME

  19. Thank You! Bob Uhlenkott Bob.uhlenkott@labor.idaho.gov 208.332.3570 ext. 3217

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