Friday, September 19, 2014

Utah's Employment Situation for August 2014

Utah's Employment Situation for August 2014 has been released on the web.

Find the Current Economic Situation in its entirety here and an analysis about Declining Labor Market Dynamics here.

For charts and tables, including County Employment, go to the Employment and Unemployment page.

Next update scheduled for October 17th.

Wednesday, September 17, 2014

Monthly Consumer Price Index (CPI) updated

The Consumer Price Indexes (CPI) program produces monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services.

There is no CPI data specific to Utah, so national data is relied upon for this page.

For monthly and annual CPI data see here.

Thursday, September 4, 2014

Long-Term Employment Projections

The long-term employment projections have been updated for the time period of 2012 to 2022. Projections are produced for the state of Utah as well as for eight sub-state areas. The areas are determined by population and job density and are not created equal. But rather, types of jobs are determined by the nature of the local area’s economy. Short-term projections for 2012 to 2014 are also provided for statewide.

The value in providing these projections is to help identify which types of jobs are most likely to be in high demand in the future. Ultimately, the long-term employment projections act as a forecasting measure by which individuals as well as organizations and agencies can plan ahead.

See the latest long-term projections produced by DWS for the Ogden/Clearfield MSA area.

Friday, August 29, 2014

A Story of Wage Data

The Wages and Income page has a new look to the wage data that is gathered by the Workforce Research and Analysis division. Along with visualization of the data, you can now read story points at the top of each graph, to help understand what the data is showing you along with highlighting its insights. Just click along the story points at the top of the visualization to follow the story of wages.

Thursday, August 28, 2014

Annual Profiles

The Workforce Research and Analysis division has updated information in the county Annual Profiles.

The information available in these Annual Profiles are separated by county and state and include:
  • quick facts
  • nonfarm employment
  • unemployment
  • major employers
  • population
  • demographics
  • income and wages
  • construction
  • gross taxable sales
  • county rankings
This data is updated on an annual basis, and dates can be found at the bottom of each tab. To print any of the visualizations, see the instructions here. For more information about this data, contact your regional economist.

Monday, August 25, 2014

Employment by Major Industry

Employment by Major Industry (or Nonfarm Employment) is compiled payroll data for nonfarm workers. Nonfarm workers are all employees excluding government employees, private household employees, employees of nonprofit organizations and farm employees. DWS economists have broken these documents into county regions and are an important economic indicator of the current economic situation.

First quarter 2014 has been updated for counties in the Wasatch Front North region.
You can also find the links on each county's page.

Updated Economic Snapshots available

Economic snapshots give you a two-page look at quick facts, labor force, sales, building and unemployment insurance, for each county in Utah, and are updated by each DWS Regional Economist.

For the latest economic snapshot for your county, check out the updated files on our website for Davis, Morgan and Weber counties.

Note: refreshing browser may be necessary for current information. 

Tuesday, July 22, 2014

New County Pages

See our new County Pages, each with their own URL for easy bookmarking. Find labor market information that has been divided into counties and regions for a quick look at each area.

Also find a new look for the Current Economic Snapshots (Davis, Morgan and Weber). These are economic snapshots are a two-page look at the current information for labor force, sales, building and unemployment insurance for each county in Utah, and are updated monthly after the Employment Situation.

These can be accessed on the Utah Economic Data page or on the Labor Market page under the "County Snapshots" link.

Friday, July 11, 2014

WFN Location Quotients

In the summer issue of Local Insights we discussed the value of economic diversity and the Hachman Index (a method used to measure industry diversification in the labor market)[1]. The article states that:

The Hachman Index is derived from the weighted average of the industry Location Quotients (LQ) in a region. A LQ measures the regional concentration of employment in a given industry relative to a larger geography. As a rule of thumb, an LQ of 1.2 or higher represents an industry with a relatively high concentration of regional employment, while a score of 0.8 or lower indicates sparse regional employment… Breaking the Hachman Index into individual components provides insight into the distribution of employment in a local economy.
Figure 2 in that article resembles the charts to the right, except that the data in the article was aggregated to the regional level. Combining the employment counts for all three Wasatch Front North counties obscures the concentration of employment in certain industries at the county level. This article sheds light on the relative density of employment in each county.

When examining the three charts, note the scale on the horizontal axis. In 2012, Davis and Weber counties had very few location quotient outliers. In Davis County, six industries were within the “normal” location quotient range; in Weber County there were 10 industries with “normal” location quotients. Furthermore, the industry with the highest concentration of employment compared to national averages was public administration for both counties, registering LQs of 2.4 (Davis) and 2.0 (Weber).

In contrast, Morgan County only has three industries with LQs in the “normal” range, and the industry with the highest concentration – covered agriculture, forestry, fishing & hunting – has a large LQ of 9.7.

In Utah, there is a correlation between the size of a county’s labor force and the degree of industrial diversity in the county; in general, this means the more workers in a county the more diverse the economy of that county.  So it is not surprising that Davis and Weber counties have less variance in their respective LQs compared to Morgan County.

Understanding the relative concentration of employment by industry lends some insight into the comparative advantages of a region. In terms of the Wasatch Front North, we see that the labor economy is relatively diverse.

[1] Article titled: Economic Diversity in Wasatch Front North