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 LMIGeneral LMI

Labor force information Unemployment rate

Industry Information

Occupational Information

Potential LMI IssuesAccuracy

Timeliness

Usability

General TrendsWorkplace/Economic Trends and Implications

for Career Planning and Job Search

Technology ChangesSmart Systems and digitized work

Automation/Self Service

“Just-in-Time” scheduling software

Artificial intelligence

Virtual Reality

The “Internet of Things”

Global Labor MarketCompanies 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

ImplicationsFor 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 QuestionsDemand

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 DifferentlyFungible Jobs

Anchored Jobs

Value-Add Jobs

Fungible JobsEasily 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 JobsMust 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” JobsDepth/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 LMILatest Data from June 2012

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

OCEAN10.5%

SUSSEX9.4%

BURLINGTON9.7%

MORRIS7.8%

ATLANTIC12.8%

SALEM11.2%

WARREN8%

MONMOUTH9.3%

HUNTERDON7.7%

UNION10.3%

CUMBERLAND14%

BERGEN8.9%

SOMERSET8.3%

MERCER8.8%

CAMDEN11.3%

GLOUCESTER10.9%

PASSAIC11.7%

CAPE MAY10.3%

ESSEX11.6%

MIDDLESEX9.5%

HUDSON11.4%

Unemployment Rates

7.7% - 8.3%

8.8% - 9.7%

10.3% - 10.9%

11.2% - 11.7%

12.8% - 14.0%

0 25 5012.5 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

OCEAN28,500

SUSSEX8,000

BURLINGTON23,800

MORRIS21,700

ATLANTIC18,500

SALEM3,500

WARREN4,800

MONMOUTH31,200

HUNTERDON5,600

UNION28,800

CUMBERLAND10,200

BERGEN43,200

SOMERSET15,100

MERCER18,400

CAMDEN30,600

GLOUCESTER17,500

PASSAIC29,000

CAPE MAY7,000

ESSEX43,400

MIDDLESEX42,400

HUDSON36,300

0 25 5012.5 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 WagesAdvanced 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 SectorsLife 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 LMIBureau 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 StopNational 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 LWDReal 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?