Labor Market Information Program

Labor Market Statistics Center

Objectives

• • Introduction to the Labor Market Information (LMI) program Overview of: – Definitions – Mission – Products / Data Series – Customers

What is LMI?

• • • • Labor force, employment, unemployment, unemployment rates Employment and wages by industry and occupation Employment projections by industry and occupation Other – Population demographics – Education and training data – On-line job ads

Mission

• The LMI program mission is to produce, analyze, and deliver timely and reliable labor statistics to improve economic decision making

LMI Produced / Delivered

• • • • • • • • Labor Force Total Employment Employment by Industry and Occupation Employment Projections by Industry and Occupation (Demand) Unemployment/ Unemployment Rate Wage by Industry and Occupation Census / local employment dynamics (LED) Education / training data and on-line job ads

Who are Customers of LMI?

• • • • • • • Workforce / Economic Development Decision-Makers Employers / Job Seekers Education / Welfare Planners Career Counselors / Teachers Economists / Policy Makers Elected Officials Media

LMI Facts

• • • • Data collected under Federal/ State Cooperative Statistical Programs Data comparable nationwide for all counties and metro areas Data meet stringent probability sampling design statistical methods with required response rates of 75 percent Monthly data release dates by county and metro area are 3 weeks after the reference month

What Are LMI Data Definitions?

• • • • Labor Force is employment plus unemployment Employment is all those 16+ that work one hour or more for pay or profit (during the survey reference week ) or 15 hours without pay in a family enterprise Unemployment is all those 16+ without a job (during the survey reference week) but are available and actively seeking work during the previous four weeks Unemployment rate labor force is unemployment divided by

12.0

Unemployment Rates, Florida and the United States – Recessions 1974 – 2012 Peak unemployment rate 11.9 percent, May 1975 Peak unemployment rate 11.4 percent, January-February 2010 10.0

• Defense spending declines • End of the Gulf War • Airlines deregulation Recession Florida United States 8.0

6.0

• 1979 energy crisis • Tight monetary policy • Savings and loan collapse 4.0

2.0

• 1973 oil embargo • Multi-family housing market 0.0

• IT bubble collapse • 9/11 events • Manufacturing outsourcing • Oil prices • Housing bubble collapse • Financial crisis Source: U.S. Department of Labor, Bureau of Labor Statistics, Local Area Unemployment Statistics Program in cooperation with the Florida Department of Economic Opportunity, Labor Market Statistics Center, released June 15, 2012.

Nonagricultural Employment by Industry, Florida

Education and Health Services 15.3% Leisure and Hospitality 13.2% Professional and Business Services 14.7% Other Services 4.2% Financial Activities 6.7% Total Government 14.8% Information 1.8% Trade, Transportation, and Utilities 20.7% 4.3% Construction Manufacturing 4.3% Source: U.S. Department of Labor, Bureau of Labor Statistics, Current Employment Statistics Program, released June 15, 2012.

Prepared by: Florida Department of Economic Opportunity, Labor Market Statistics Center.

Wages by Industry, Florida

Average Annual Industry Total, All Industries Wages $41,574 Information $61,506 Financial Activities $57,042 Manufacturing $51,848 Government $47,361 Construction $41,087 Other Services $29,609 Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Quarterly Census of Employment and Wages Program. Released October 2011.

Fastest-Growing Occupations* Florida, Forecast to 2019

ANNUAL GROWTH PERCENT LEVEL 2011 HOURLY WAGE RANK OCCUPATIONAL TITLE EDUCATIONAL ATTAINMENT 7 8 9 10 1 2 3 4 5 6 Home Health Aides Network Systems and Data Communications Analysts Cost Estimators Physician Assistants Personal and Home Care Aides Veterinary Technologists and Technicians Drywall and Ceiling Tile Installers Heating, A.C., and Refrigeration Mechanics and Installers Dental Hygienists Cement Masons and Concrete Finishers 5.49

5.07

4.47

4.11

4.10

4.08

3.97

3.95

3.86

3.76

1,845 1,049 461 166 606 249 214 881 347 278 10.55

34.54

27.88

43.03

9.55

14.50

15.79

19.20

28.55

15.49

PSAV Cert.

PSAV Cert.

CC Cert./Degree Bachelor's PSAV Cert.

CC Cert./Degree PSAV Cert.

PSAV Cert.

CC Cert./Degree PSAV Cert.

*Includes occupations w ith a minimum employment greater than 4,000 jobs in 2011. H.S.– High School, PSAV – Postsecondary Adult Vocational Certificate, CC Cert. – Community College Certificate, Note: Because most industries experienced job declines in the economic dow nturn that began in 2007, some of the job grow th projected in this forecast includes the recapturing of jobs lost since that time.

Source: Florida Department of Economic Opportunity, Labor Market Statistics Center. Released October 2011.

• •

What Is the Most Common Misconception Concerning LMI?

That the count of unemployed consists only of Unemployment Compensation (UC) claimants (WRONG!) Note: The number of the unemployed is a broader concept and a larger number than just UC claimants. The unemployed do not have be eligible or claiming UC benefits; instead they must just be seeking work. The unemployment rate is not the UC rate.

What Are the Types of Unemployed?

• • • • Job losers (those on layoff or termination seeking work) Job leavers (those that voluntarily leave a job and then seek work) New entrants (those that enter the labor market for the first time seeking work) Re-entrants (those that had left the labor force and have rejoined to seek work)

Education and Training pay … 2011 Annual Average

Unemployment Rate (Percent) Median Earnings (Dollars) Doctoral degree 2.5

Professional degree 2.4

$80,652 $86,580 3.6

Master’s degree $65,676 6.8

4.9

Bachelor’s degree Associate degree $39,936 $54,756 9.4

8.7

Some college, no degree High-school graduate $37,388 $33,176 14.1

Some high-school, no diploma $23,452

Notes: Unemployment and earnings for workers 25 and older; earnings for full-time wage and salary workers. 2011 Weekly Median Earnings (multiplied by 52 weeks).

Source: Bureau of Labor Statistics, Current Population Survey. March 2012.

Conclusion