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.

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300

400

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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