Introduction to Labor Market Information (LMI)

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Feb 16, 2014 (3 years and 5 months ago)

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Introduction to
Labor Market
Information (LMI)

Trends, Tools and Resources

What is Labor Market
Information?


Interaction between individuals competing for
jobs and employers competing for workers,
usually in a
particular geographic region
.


Describes how a particular labor market is
functioning:


What jobs are available?


People with requisite skills/experience to fill those
jobs?

Why Should We Care About
LMI?


Helps staff and job seekers make better decisions
about career preparation.


Helps job seekers and job developers identify
industries/occupations to target in the job
search.


Job developers need to become “industry
experts” in order to work effectively with
employers.

Types of LMI


General LMI


Labor force information


Unemployment rate


Industry Information


Occupational Information

Potential LMI Issues


Accuracy


Timeliness


Usability

General Trends

Workplace/Economic Trends and Implications
for Career Planning and Job Search

Technology Changes


Smart Systems and digitized work


Automation/Self Service


“Just
-
in
-
Time” scheduling software


Artificial intelligence


Virtual Reality


The “Internet of Things”

Global Labor Market


Companies moving jobs to where labor is
cheapest.


Average Chinese factory workers works 12
hours/day and makes $1.36/hour.


Between 2000 and 2005, 150 million
educated
workers joined global workforce

same as entire
US workforce.

Promoting from Within

Implications

For Career Planning and Job Search

Traditional View of LMI


Industries/occupations are reasonably linear,
stable and predictable


Pace of change is slow, so we can anticipate
and respond to changes


We can predict:


Available work


Required skills


Career paths


Focus on FT, permanent jobs


Traditional LMI Questions


Demand


Wages


Working Conditions


Preparation


Advancement


New Normal for LMI


Industries/occupations are more chaotic, less
linear and stable.


Pace of change is rapid

requires ongoing
learning and re
-
tooling.


More focus on demand “skills,” rather than
demand occupations


Career lattices rather than career ladders/paths


“Advancement” through lateral moves, skill
development and new combos of skills


Micro
-
enterprise opportunities



New LMI Questions


How will technology impact this occupation?


Automate the job?


Change skill requirements?


Make it cheaper to outsource to another country?


What skills are in demand?


How can skills be re
-
combined to add new
value?


How do I keep learning and adapting to stay
ahead of changes?


How can I create multiple income streams?

Understand Jobs Differently


Fungible Jobs


Anchored Jobs


Value
-
Add Jobs

Fungible Jobs


Easily digitized


Don’t require face
-
to
-
face interaction or human
intervention


Rely on “rules” and minimal independent
decision
-
making


Can be partially or completely automated
through smart systems, RFID technology, artificial
intelligence etc.

Fungible jobs will be. . .


Automated


Self
-
service


Outsourced to a country where labor is cheaper


Anchored Jobs


Must be performed in particular geographic
location


Anchored 1

Low skill/low wage


Bus driver


Daycare worker


Anchored 2

Higher skill/higher wage


Nurse


There can
be fungible parts
of
anchored jobs
!

“Value
-
Add” Jobs


Depth/breadth of skill

Super Generalists and
Super Specialists


Constant change


High levels of interaction, creativity and non
-
rules
-
based decision
-
making.


High technological proficiency



Career Planning for the New Normal


Evaluate occupations and
industries for “fungibility.”


Monitor impact of
technology and other
workplace trends.


Prepare for Anchored Tier 2
and Value
-
Add Jobs


Focus on developing
“value
-
add” skills and
experiences.


Think “multiple income
streams”


Think ongoing career
planning and life
-
long
employability.

Implications for the people
you work with?

NJ LMI

Latest Data from June 2012

7.5
8.0
8.5
9.0
9.5
10.0
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Unemployment Rates, New Jersey vs. United States:

June 2011
-

June 2012

United States
New Jersey
New Jersey

June 12

9.6%

New Jersey

June 11

9.4%

United
States

June 12

8.2%

United States

June 11

9.1%

Change Over the Year = +0.2 ppt

65.8

65.8

65.8

65.9

66.0

66.0

66.0

65.9

65.9

65.9

66.0

66.1

66.1

64.1

64.0

64.1

64.1

64.1

64.0

64.0

63.7

63.9

63.8

63.6

63.8

63.8

63.0
63.5
64.0
64.5
65.0
65.5
66.0
66.5
67.0
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Labor Force Participation Rates: New Jersey vs. United States

June 2011
-

June 2012

New Jersey
United States
New Jersey

United

States

375,000
385,000
395,000
405,000
415,000
425,000
435,000
445,000
455,000
465,000
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
427,400

429,500

429,500

427,300

423,900

420,100

416,200

411,900

414,000

412,700

417,200

423,300

441,700

Unemployed New Jersey Residents


June 2011
-

June 2012

Change Over the Year = +14,300 Persons

New Jersey Counties
Unemployment Rates - June 2012
(Preliminary, Not Seasonally Adjusted)
Data Source: Local Area Unemployment Statistics (LAUS)
Prepared by:
New Jersey Department of Labor and Workforce Development
Bureau of Labor Market Information
July 2012
OCEAN
10.5%
SUSSEX
9.4%
BURLINGTON
9.7%
MORRIS
7.8%
ATLANTIC
12.8%
SALEM
11.2%
WARREN
8%
MONMOUTH
9.3%
HUNTERDON
7.7%
UNION
10.3%
CUMBERLAND
14%
BERGEN
8.9%
SOMERSET
8.3%
MERCER
8.8%
CAMDEN
11.3%
GLOUCESTER
10.9%
PASSAIC
11.7%
CAPE MAY
10.3%
ESSEX
11.6%
MIDDLESEX
9.5%
HUDSON
11.4%
Unemployment Rates
7.7% - 8.3%
8.8% - 9.7%
10.3% - 10.9%
11.2% - 11.7%
12.8% - 14.0%
0
25
50
12.5
Miles
²
New Jersey Counties
Unemployed Residents - June 2012
(Preliminary, Not Seasonally Adjusted)
Data Source: Local Area Unemployment Statistics (LAUS)
Prepared by:
New Jersey Department of Labor and Workforce Development
Bureau of Labor Market Information
June 2012
OCEAN
28,500
SUSSEX
8,000
BURLINGTON
23,800
MORRIS
21,700
ATLANTIC
18,500
SALEM
3,500
WARREN
4,800
MONMOUTH
31,200
HUNTERDON
5,600
UNION
28,800
CUMBERLAND
10,200
BERGEN
43,200
SOMERSET
15,100
MERCER
18,400
CAMDEN
30,600
GLOUCESTER
17,500
PASSAIC
29,000
CAPE MAY
7,000
ESSEX
43,400
MIDDLESEX
42,400
HUDSON
36,300
0
25
50
12.5
Miles
Unemployed Residents
3,500 - 8,000
10,200 - 15,100
17,500 - 23,800
28,500 - 31,200
36,300 - 43,400
Key Industry Clusters account for two thirds
of all employment & wages statewide

Industry Cluster Employment and Wages: 2010 Annual*
Total*
Industry Cluster
Establishments
Employment
Wages
Wages
Employment
Wages
Advanced Manufacturing
3,431
124,012
$95,925
$11,895,844,365
4.0%
6.8%
Health Care
21,307
420,862
$50,772
$21,368,037,945
13.4%
12.2%
Financial Services
12,570
185,471
$104,418
$19,366,470,513
5.9%
11.1%
Technology
25,780
313,164
$100,074
$31,339,672,580
10.0%
17.9%
Transportation, Logistics and Distribution
25,985
354,618
$64,914
$23,019,845,572
11.3%
13.2%
Leisure, Hospitality and Retail
55,677
767,518
$26,709
$20,499,694,337
24.5%
11.7%
Biopharmaceutical & Life Science
3,145
122,729
$114,765
$14,084,934,866
3.9%
8.1%
All Cluster Industries
142,992
2,083,205
$56,909
$118,553,953,666
66.5%
67.9%
All Industries, NJ
261,483
3,133,821
$55,742
$174,686,813,420
100.0%
100.0%
Note: Industry Cluster componet industries are not mutually exclusive and do not include all New Jersey industry sectors.
Therefore the sum of industy cluster annual averages will not equal statewide averages. Sum of industry cluster percentages of totals will not equal 100 percent.
Source: New Jersey Department of Labor & Workforce Development, Quarterly Census of Employment & Wages (QCEW) 2010 Annual Averages
Prepared by: NJLWD, Division of Labor Market & Demographic Research, Bureau of Labor Market Information, November 2011
Annual Averages*
Percent of Total*

Established to focus on the specific needs of key industries in the
state


Purpose:


Connect all stakeholders (job seekers, employers, service providers,
educational institutions).


Focus skill development and job search resources


Help employers find workers with requisite skills/experience

Key Industry Sectors


Life Sciences (Biotechnology/Pharmaceutical)


Transportation/Logistics/Distribution


Finance Services


Advanced Manufacturing


Health Care


Entertainment, Arts, Retail, Leisure and Hospitality


Technology/Entrepreneurship

2010 Employment and Projected
Growth By Industry Sector

Industry Sectors with the Largest
Projected Employment Growth

Occupations with the Largest
Projected Employment Growth

Implications for the people
you work with?

LMI Resources
and Tools

Sources of LMI


Bureau of Labor Statistics (BLS)
---
www.bls.gov


Career One Stop

www.careeronestop.org


NJ Department of Labor and Workforce
Development
--
http://lwd.dol.state.nj.us/


BLS


National information


Occupational Outlook Handbook
--
http://bls.gov/ooh/


Occupational Outlook Quarterly
--
http://bls.gov/opub/ooq/


Career Guide to Industries
--
http://bls.gov/ooh/about/career
-
guide
-
to
-
industries.htm

Career One Stop


National site for One Stop Career Center system


Can explore careers, wage and salary info,
connect to education and training, etc.


Job search resources


Connect to local One Stop Career Centers

NJ LWD


Real Time Jobs in Demand


Industry/Regional Focus Reports


Labor Market Field Analysts


Occupation Explorer

Careeronestop.org

Employability Check
-
Up

Myskillsmyfuture.org

Mynextmove.org

Skills Profiler

NJ Next Stop

NJCAN

How can you use with the
people you work with?