What is labor market information?
Labor market information (LMI) represents all quantitative or qualitative data and analysis related to employment and the workforce. Traditional LMI includes data related to unemployment, wages, educational attainment, population and demographics, and any other metrics or information pertaining to workers, industry, and the economy. Newer LMI can also include data related to job postings by occupation, employers, region and advertised skills.
Why does WIN work with labor market information?
The Workforce Intelligence Network’s (WIN) mission is to create a comprehensive and cohesive workforce development system in southeast Michigan that provides employers with the talent they need for success. To achieve this mission, WIN supplies the timeliest LMI available, and most thorough analysis, in order to focus on the unique needs of the region. Listed below are some common examples of how WIN works with both traditional and newer LMI:
- Categorizing the current labor pool by demographics such as educational attainment, work experience, age, race, ethnicity, sex, etc.
- Understanding the diaspora of the labor force by identifying regional commuting patterns
- Identifying in-demand occupations by wages, education, skills, experience and credentials
- Comparing online demand for occupations by employers and location
- Helping employers recognize skills gaps in their industries and identifying workers with the potential for upskilling
- Understanding the size and scope of employment within certain occupations and industries
- Classifying trends in regional employment to better prepare for the future, such as analysis of projected job openings over time
Examples such as the above allow WIN to further economic and workforce development, as well as aid the talent partners of southeast Michigan.
Where does WIN labor market information come from?
WIN uses several proprietary and free data sources in analyzing the labor market.
Economic Modeling Specialists Inc. (Emsi)
EMSI provides proprietary labor market benchmarking data on the total U.S. workforce of 135 million people. Working through CareerBuilder, EMSI has access to a large amount of worker profiles and salary data points utilized in its database. The data in EMSI uses the most recent releases from the Bureau of Labor Statistics and applies modeling and survey sampling techniques to update data to a more recent time-frame, project it into the future, and estimate it down to detailed levels for more applicable analysis. Data can represent and be utilized to benchmark specific occupations, industries, educational programs, demographics, and even job postings, pulling a variety of metrics and information for analysis.
Bureau of Labor Statistics (BLS)
The Bureau of Labor Statistics of the U.S. Department of Labor is the principal federal agency responsible for measuring labor market activity, working conditions, and price changes in the economy. This fact-finding agency for the federal government provides a variety of free information of labor economics and statistics through census and population surveys. This government data is utilized to identify national unemployment rates, median wages for occupations, and other characteristics of the U.S. labor force.
United States Census Bureau
Overseen by the Economics and Statistical Administration of the Department of Commerce, the United States Census Bureau provides quality data about the nation’s people and economy. Through the use of federal surveys, a large government data base was constructed to identify demographic and employment data through the U.S. A variety of data tools are available through the U.S. Census including:
- American Fact Finder
Provides data about the United States from several surveys - On the Map
Identifies geographical trends in employments and households, including commuting patterns and worker inflows and outflows - Longitudinal Employer-Household Dynamics
Provides Quarterly Workforce Indicators (QWI) including employment, turnover, and earnings data by industry
Michigan Bureau of Labor Market Information and Strategic Initiatives
The Bureau of Labor Market Information and Strategic Initiatives is a source for high quality demographic and labor market information for the state of Michigan and its regions. This bureau utilizes BLS and Census Bureau databases to provide a variety of metrics and data tools centered around the Michigan area.
