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Understanding Labor Market Information: A Comprehensive Guide

The LMI Training Institute presents an insightful overview of Labor Market Information (LMI), demonstrating its significance to smart professionals. Explore definitions, concepts, and the hierarchies within labor markets. Learn about the population, labor force, and employment statuses, and understand how LMI is derived from census data, employment reports, and ongoing surveys. Gain access to crucial resources for labor market data, including state databases and career information systems. This guide will equip you with the knowledge to navigate labor market dynamics effectively.

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Understanding Labor Market Information: A Comprehensive Guide

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  1. Labor Market Information for dummies The LMI Training Institute presents LMI is for really smart people

  2. What is a labor market? • Concepts • Definitions • Lingo

  3. A Labor Market Is . . . • a market for workers in a particular industry (e.g. the market for workers in construction) • a geographic area within which residents commute to jobs • a market for workers in a particular occupation, which may cross industries and geographic areas (e.g. the market for web designers)

  4. Labor Market Hierarchy • Population - all people • Labor Force - people with jobs or able and available for work • Employed - people with jobs • Unemployed - people without jobs but able and available for work

  5. Total Population 16+ Non-institutional Pop 16+ Institutional Pop Resident Military Civilian Pop 16+ Civilian LF Out of LF Employed Unemployed Do not want job now Want a job now Full Time Frictional Part Time Seasonal Discouraged Worker Structural Other Reasons For Economic Reasons Cyclical Voluntary Labor Force - The Big Picture

  6. What is Labor Market Information?

  7. LMI Training Institute

  8. Where does this stuff come from?

  9. Census Includes data on: • employment status • occupation • hours worked • commuting

  10. Employment & Wage Reports • Filed quarterly by employers with payment of unemployment insurance taxes • practically universe count of jobs and payroll • not timely

  11. Surveys • Monthly sample of employers • Provides current estimates of employment by area and industry • Used with other data in formula to estimate unemployment

  12. Surveys - more • Another survey done annually of sample of employers • Provides estimates of employment by occupation • Also provides occupational wage data

  13. Surveys - still more • Sample of households done monthly for national Current Population Survey • Provides current estimates of employment and unemployment by demographic groups • Sample not large enough for state and local labor force estimates

  14. How do I get my hands on this stuff?

  15. America’s Career InfoNet - www.acinet.org

  16. Bureau of Labor Statistics - stats.bls.gov

  17. States developing computerized databases with data including: population labor force employment projections income wages labor costs job applicants education/training completers business listings mass layoff data local sales & taxes building permits State LMI Database

  18. Career Information Delivery System - CIDS • State-developed computer-based systems providing occupational and educational information • Available through state occupational information coordinating committee (SOICC)

  19. State LMI offices • state/local data • specialized services • expertise • presentations • publications • web sites • see LMINet for contact info & links www.lmi-net.org

  20. LMI Training Institute

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