Presentation on theme: "Labor Market Information Program Labor Market Statistics Center."— Presentation transcript:
Labor Market Information Program Labor Market Statistics Center
Introduction to the Labor Market Information (LMI) program Overview of: – Definitions – Mission – Products / Data Series – Customers Objectives
What is LMI? Labor force, employment, unemployment, unemployment rates Employment and wages by industry and occupation Employment projections by industry and occupation Other –P–Population demographics –E–Education and training data –O–On-line job ads
The LMI program mission is to produce, analyze, and deliver timely and reliable labor statistics to improve economic decision- making Mission
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 LMI Produced / Delivered
Workforce / Economic Development Decision-Makers Employers / Job Seekers Education / Welfare Planners Career Counselors / Teachers Economists / Policy Makers Elected Officials Media Who are Customers of LMI?
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 LMI Facts
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 is unemployment divided by labor force What Are LMI Data Definitions?
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. Unemployment Rates, Florida and the United States – Recessions 1974 – 2012
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. Nonagricultural Employment by Industry, Florida
Source: Florida Department of Economic Opportunity, Labor Market Statistics Center, Quarterly Census of Employment and Wages Program. Released October 2011. Wages by Industry, Florida
Source: Florida Department of Economic Opportunity, Labor Market Statistics Center. Released October 2011. Fastest-Growing Occupations* Florida, Forecast to 2019
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 Is the Most Common Misconception Concerning LMI?
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)
Unemployment Rate (Percent) Median Earnings (Dollars) Master’s degree Bachelor’s degree Associate degree Some college, no degree High-school graduate Some high-school, no diploma Education and Training pay … 2011 Annual Average Professional degree Doctoral degree 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.