For many years, the Bureau of Labor Statistics (BLS) used replacement rates to measure occupational demand due to individuals leaving their occupation. When the BLS switched from replacement rates to separation rates, it was quite a shock for many of us. On average, these rates measuring this type of labor demand more than quadrupled!
The North American Industry Classification System (NAICS), used to classify businesses for statistical economic data, is typically updated every five years to reflect the changing economy. There were relatively few changes for the set of new codes just released for use with 2017 data. However, there certainly were some interesting as well as notable changes.
- Chmura Economics
Chmura’s economic impact model is an integral component of its proprietary JobsEQ technology platform. It gives practitioners in economic development, workforce development, education, and other areas a tool to evaluate the economic impact of a potential project such as a business expansion or relocation. It allows for a seamless transition from JobsEQ’s industry and occupation data to economic impact analysis, thus ensuring data integrity and consistency.
Although cost-of-living is important in estimating expenses for potential new locations for a firm expansion, and though cost-of-living is generally related with payroll costs, it is not a safe substitute for a full payroll analysis.
With the JobsEQ RTI data set, one can easily stay up-to-date with which certifications are being requested most by employers in their job ads. The below graphic shows the top four IT certifications for the thirty days ending September 15, 2017; the counts indicate how often these certifications were mentioned by U.S. employers in online ads for computer occupations.