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Labor Market Data 101

Labor Market Data 101. Moscow, ID. Labor Market Data 101. What are we actually talking about when we say “Labor Market Data”? Who collects it and how? What are industries? What are occupations? What are demographics? Why is understanding this data important? What can you do with it?.

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Labor Market Data 101

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  1. Labor Market Data101 Moscow, ID

  2. Labor Market Data 101 • What are we actually talking about when we say “Labor Market Data”? • Who collects it and how? • What are industries? • What are occupations? • What are demographics? • Why is understanding this data important? • What can you do with it?

  3. What is Labor Market Data? Simply put LMI data is best understood as industries, occupations, demographics and the relationship between the three. LMI data helps us define and understand local, regional and national economies.

  4. What are the Sources? • Bureau of Labor Statistics • QCEW, OES, CES • Bureau of Economic Analysis • Proprietors data • US Census Bureau • Demographic data • US DOEd; ETA IRS • CIP Codes; IPEDS data, Employment data, Tax info • US Railroad Retirement Board

  5. What is an Industry and Industry Cluster/Group? • Industry: Category of economic activity that produces a certain type of good or service. • Classified by NAICS codes after 2001 • 2 to 6 Digits in detail • Before 2001 referred to as SIC codes • US classifies 1100 industries • Examples of Industries: Healthcare, Agriculture, Manufacturing, Information Services • Industry Clusters or Groups are made up of related types of Industries

  6. What is an Occupation? • Occupation: jobs according to the type of work that is performed. • US classifies 800 SOCs. • SOC – Standard Occupation Code • Examples of Occupations: Welder; Teacher; Registered Nurse; Engineer • Staffing pattern shows what percentage of jobs in a given industry are in a specific occupation.

  7. Demographics - what do we collect? • Demographics are the race, age, gender of a population that live in a region

  8. Why is understanding this data important? • “Big data will become a key basis of competition, underpinning new waves of productivity growth, innovation, and consumer surplus...” McKinsey Global Institute • Transparency • Better Management Decisions • Segmentation • Improved Decision Making • Smarter Development

  9. Benefits of Using Data Objective – Not just anecdotes Persuasive - Convince the skeptics Strategic - Make better decisions (what has a better impact?) Smarter / More Efficient - Operate with less waste Foundation - Build and develop stronger systems

  10. Limitations of Data • Source collection Not all sources are equal • Interpretation Suppressed data, difficult to understand, different formats • Timeliness Is the data up to date? • Communication Do you know enough about the data to explain what it means?

  11. What can you do with it? Make better planning decisions Support student/jobseeker success Create focus that the organization can support Support workforce and economic development efforts Know if programs are effective Understand community demand for education and training Prepare programs that are sustainable Give good answers to problems that the region faces Make sure the organization is aware of how development efforts are related to the economy and jobs. Mapping industriesOccupationsSkillsEducationand training programs

  12. Thank you! Andrew Postell VP Sales apostell@economicmodeling.com Chris Aberle Sr Client Services Representative caberle@economicmodeling.com 208 883-3500

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