Labor Market Intelligence for Career Guidance

Luke GreinerRegional Labor Market Analyst

Department of Employment and Economic DevelopmentLabor Market Information Office

http://mn.gov/deed/data/

Work your way around DEED

http://mn.gov/deed/

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Minnesota Economic TRENDS Quarterly magazine on economic topics Subscriptions available free of charge or on-line

Minnesota Employment REVIEW Monthly magazine on economic data and regional trends Includes Minnesota business development Available exclusively on-line http://mn.gov/deed/review

http://mn.gov/deed/trends

http://mn.gov/deed/data/locallook/

Reality Check!• What is the most

demanded job in our region?

• What's the biggest industry in your region?

• What percent of job openings in 6E require post-secondary education?

Nursing Assistants

Manufacturing, almost 11,000 jobs

22%

• Graduates of which program typically make over $80,000 two years after graduating?

A. Bachelors of science degree in Chemical EngineeringB. Certificate in Plumbing and Water SupplyC. Associates of science degree in Computer Science

Award Level Educational Program

FT YR Median Wage

% Working FT and YR

Plumbing and Related Water Supply Services $81,228 53%Forestry $71,459 68%Civil Engineering Technologies/Technicians $66,206 90%Heavy/Industrial Equipment Maintenance Technologies $60,327 57%Computer Programming $56,882 67%Heavy/Industrial Equipment Maintenance Technologies $61,234 63%Computer Science $57,797 39%Industrial Production Technologies/Technicians $55,659 77%Registered Nursing, Nursing Administration, Nursing Research and Clinical Nursing $54,841 39%Electrical Engineering Technologies/Technicians $51,554 70%Engineering, General $69,273 80%Chemical Engineering $65,882 73%Information Science/Studies $65,026 53%Registered Nursing, Nursing Administration, Nursing Research and Clinical Nursing $64,973 39%Dental Support Services and Allied Professions $64,333 17%

Source: DEED, Graduate Employment Outcomes tool

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Highest Paying Educational Porgrams for Graduates in Minnesota, Class of 2012

• According to the Wall Street Journal what is the value of national student debt?

• Greater than $1 Trillion! Roughly equal to all greenbacks currently in circulation across the glob.

• According to the Federal Reserve, educational debt has shot past every other category - credit cards, auto loans, refinancing’s - except home mortgages, reaching some $1.3 trillion this year

• The Journal said about 70 percent of 2014 graduates borrowed to pay for college, and they left school with an average debt of $33,000. In MN average student debt is estimated to be about $30,000

Tough times for many recent college graduatesMany (2011-2012 school year) are not finding suitable employment and are earning low wages

Award Number of Graduates

Grads With Reported Wages

in 1st year

Median Hourly Wage

in 1st year

Median Hourly Wage

in 2nd year

Certificates (less than 4 years) 11,255 7,629 $14.57 $15.30 Associate Degree 21,050 15,045 $15.01 $16.35 Bachelor Degree 31,698 19,966 $16.86 $19.30 Graduate Degree 14,596 8,893 $29.75 $31.48 All Awards 78,675 51,585 $17.05 $18.85

• The wage rate needed to provide a minimal standard of living to a partnered couple with one child and one full-time worker is $19.37 per hour, but the majority of the jobs held by recent grads are not full-time, and they wouldn’t support a family if they were (DEED’s Cost of Living Tool - http://www.mn.gov/deed/data/data-tools/col/)

Less than half of working grads have full-time permanent jobs

AwardAnnual Median Earnings

of All Employed Graduates in 2nd year after

graduation

Percent working Full-time and Year-round

in 2nd Year

Median Earnings of Full-time Employed

in 2nd Year

Certificates (less than 4 years) $22,623 35% $36,001 Associate Degree $24,480 37% $37,772 Bachelor's Degree $30,130 43% $41,497 Graduate Degree $52,403 51% $64,419 All Awards $29,831 42% $42,942 • The annual equivalent of that livable wage for a married couple with one

child is $40,290, so the 42% of all grads and the 43% of bachelor grads with a permanent full-time job are just making it two years after graduation. Those with less than a BA are still not, even when employed full-time. (Cost of Living Tool - www.mn.gov/deed/data/data-tools/col/)

As a consequence, many college grads are working in these occupations:

OccupationNumber with

4 years of college or more

Share of total with 4 years or

more

Retail Salespersons 20,325 25.6%Secretaries & Administrative Assistants 14,993 18.9%Childcare Workers 8,908 20.2%Nursing, Psychiatric, & Home Health Aides 8,210 12.7%Cashiers 6,333 7.4%Personal Care Aides 6,270 13.4%Waiters & Waitresses 6,012 11.9%Recreation & Fitness Workers 3,552 33.6%Janitors & Cleaners 3,476 5.1%Grounds Maintenance Workers 3,438 11.1%Construction Laborers 3,267 9.6%Receptionists & Information Clerks 3,150 12.1%

Big picture conclusions• Choice of major is the main driver of economic

success after graduation!• There are more opportunities in MN for people

with degrees that are technical (focused on analytical/quantitative skills) or geared towards growing sectors (HC & Social Assistance, Education)– This is true at every award level!

• The evidence demonstrates the importance of choosing a major with an eye towards career paths and labor market trends in Minnesota

Jobs of the future

Let me know how I can help

Luke GreinerRegional Labor Market Analyst

Central and Southwest Minnesota

Labor Market Information OfficePhone: (320)-308-5378

Luke.greiner@state.mn.us