Dee Funkhouser, Labor Market Information Colorado Department of Labor & Employment October 30, 2013
Colorado’s Labor Market Information
Today’s Agenda
• What is Labor Market Information?
• Overview of the Economy ► National and Colorado ► Boulder and Denver
• Use of LMI ► Websites ► Products
Labor Market Information: Definitions
• Industry Employment & Wages • Occupation Employment &
Wages • Demand for Workers Current Future
Source: The Conference Board
Economic Outlook: 2013 • Sequestration constraining 2013 growth
• U.S. GDP growth for 2012 was 2.2%
• Up marginally from 2011 at 1.8%
• Growth in 2013 forecast 1.5 – 2.0%
• Quarter 2, 2013 GDP came in at 2.5% • U.S. policy issues (Federal shutdown &
debt ceiling) contributing to uncertainty
Source: The Conference Board
Economic Outlook: 2013 • Uncertain Fiscal Policy Preventing economy from growing
faster > 3.0% Fiscal austerity has kept unemployment
rate elevated Trimmed GDP by 1 to 1.5% (‘11-’13)
• Gov’t Shutdown will reduce Q4 GDP by 0.5% to 0.8%
• Consumer Confidence lowered
U.S. Nonfarm Payroll Jobs
138,
000,
000
jobs
129,
250,
000
136,
300,
000
1.7 ¯ M
JAN. 2008 FEB. 2010 Sept. 2013 Source: Labor Market Information, Current Employment Statistics
-0.1
-0.1
-0.1
0.0
0.0
0.0
0.0
0.0
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60
1982 (<1.5 Yrs)
1985 (3.5 Yrs)
2001 (5 Yrs)
2007 (Great Recession, 5.1 Yrs,June 2013)
Colorado Department of Labor and Employment, Labor Market Information
Colorado: Months to Return to Previous Employment Peak
National Nonfarm Payroll Jobs
Source: Labor Market Information, Current Employment Statistics Program
• Construction & Manufacturing: large job losses from 2007 – 2010
• Construction up 390K (7.2%) from Jan. 2011, Manufacturing up 500K (4.4%) since Jan. 2010
• Rebound in construction benefits: Retail, Information, Financial, Prof. & Business Services, Leisure/Hospitality, Government
• Education & Health Services added nearly 2.0 million jobs since the start of the recession.
National Unemployment Rate Seasonally Adjusted
Source: Labor Market Information, Local Area Unemployment Statistics Program
0
1
2
3
4
5
6
7
8
9
10
Une
mpl
oym
ent R
ate
(%)
Recession Unemployment Rate
MSAs Unemployment Rates August 2013
Seasonally Adjusted Data Source: Labor Market Information, Local Area Unemployment Statistics
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Non-farm Payroll Job Growth U.S. and Colorado
Source: Labor Market Information, Current Employment Statistics Program
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
Jan-
01
Nov-
01
Sep-
02
Jul-0
3
May
-04
Mar
-05
Jan-
06
Nov-
06
Sep-
07
Jul-0
8
May
-09
Mar
-10
Jan-
11
Nov-
11
Sep-
12
Jul-1
3
Colorado United States
Nonfarm Job Growth 2000 – 2012
Source: Labor Market Information, Current Employment Statistics Program
0.0%3.0%6.0%9.0%
12.0%15.0%18.0%21.0%24.0%
Source: Labor Market Statistics, Current Employment Statistics Program
Super Sector Industries August 2012 – August 2013
30.3
115.
2
132.
3
408.
8
69.5
146.
7
357.
2
282.
9
279.
6
95.7
394.
7
30.1 12
5.3
132.
7
415.
8
69.5
143.
8
372.
1
289.
9
293.
4
97.4
399.
7
0
100
200
300
400
Min
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& L
ogg
ing
Con
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ctio
n
Man
ufa
ctu
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Tra
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Tra
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ort
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Util
itie
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Info
rmat
ion
Fin
anci
al A
ctiv
itie
s
Pro
fess
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al &
Bus
ines
s S
ervi
ces
Edu
cati
on
& H
ealt
hS
ervi
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Lei
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& H
osp
ital
ity
Oth
er S
ervi
ces
Go
vern
men
t
Em
plo
ymet
n in
Th
ou
san
ds
Aug-12 Aug-13
Denver MSA Strengths
Source: Labor Market Information, Current Employment Statistics Program
• 6.7% Unemployment Rate = lowest since Dec. 2008
• 70% of statewide job growth centered in Denver: +36,400 jobs from Aug 2012 – Aug 2013 (2.9%)
• Rising home prices and influx of young, well-educated adults = increased construction activity
• Diverse industry base: transportation cross-roads (I-25 & I-70 + DIA) and
improvements (light rail expansion + Union Station)
large technology companies (Arrow Electronics, Lockheed Martin, & Sun Microsystems)
Boulder MSA Strengths
Source: Labor Market Information, Current Employment Statistics Program
• 5.2% Unemployment Rate = lowest since Nov. 2008
• Added nearly 4,000 jobs Aug 2012 – Aug 2013 (2.2%)
• Highest average weekly wage of all MSAs at $1,095
• University of Colorado/large # of Federal Laboratories = many high-tech spin offs.
• Aerospace (satellites) • Computer Systems Design (IBM) • Advanced Manufacturing (TYCO), • Start-ups (Boulder Techstars)
http://www.colmigateway.com LMI Web Site
December 2013/January 2014
Change is Coming . . .
Real-Time Labor Market Information
• Current job vacancy data by industry and occupation ► Web-spidering technology ► Eliminates duplication and automatically
codes data ► Can provide occupation groups, job titles,
employer names, job ads
• Help Wanted On-Line
Top Occupation Groups Last 30 Days
• Computer & Mathematical
• Office Administration • Sales & Related • Management • Healthcare Practitioners
Source: Help Wanted OnLine, through Oct 19, 2013
Boulder MSA Denver MSA
• Computer & Mathematical
• Sales & Related • Office Administration • Healthcare Practitioners • Management
Top Hiring Employers – Last 60 Days
Source: Help Wanted Online through Oct 19, 2013
• University of Colorado • Manpower • Exempla Healthcare • Kelly Services • Boulder Comm. Hospital • Epsilon • Ball Corporation
Boulder MSA Denver MSA • Centura Health • University of Colorado • Health One • HCA • Comcast • Robert Half International • Exempla Healthcare
Top Job Boards: Last 120 Days
Source: Help Wanted Online through Oct 19, 2013
• Craigslist • US.jobs • CareerBuilder • TipTopJob • Monster
Boulder MSA Denver MSA
• Craigslist • US.jobs • CareerBuilder • TipTopJob • Monster
MSA Wages
Occupation Employment Statistics, 2012
Computer/Mathematical $ 89,348 Computer Systems Analysts $ 81,525 $ 91,371 Software Developers $ 91,618
Sales & Related $ 37,421 Retail Supervisors $ 36,900 $ 23,032 Retail Sales $ 22,464
Office/Administrative Support $ 32,329 Customer Service Reps $ 32,001 $ 51,456 Executive Secretaries/Assistants $ 50,596
Health Care Practitioners $ 68,217 Registered Nurses $ 70,228 $ 78,931 Occupational Therapists $ 76,032
Transportation $ 39,625 Truck Drivers – Tractor Trailer $ 41,389 $ 31,918 Driver/Sales Workers $ 21,357
BOULDER
DENVE R
Labor Market Information
Long-Term Projections Top Jobs
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000
Computer & Mathematical
Personal Care & Service
Management
Transportation & Material Moving
Education, Training, & Library
Healthcare Practitioners & Technical
Construction & Extraction
Business & Financial Operations
Sales & Related
Food Preparation & Serving Related
Office & Administrative Support
# of job openings per yearAnnual Growth Openings Annual Replacement Openings
Questions