Monday, July 28, 2014

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: you may need to refresh browser 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 18, 2014

Utah's Employment Situation for June 2014

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

Find the Current Economic Situation in its entirety here and an analysis about timeliness and accuracy in the data here.

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

Next update scheduled for August 22nd

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

Wednesday, June 11, 2014

Economic Diversity: Further Analysis of the Hachman Index

Tyson Smith, Regional Economist

In the summer issue of Local Insights we explored local area industry diversity using the Hachman Index. As stated in the article, many economists believe that economic diversification promotes stability in local markets. The article also touches on the difficulty of identifying an exact index value that denotes an appropriately diverse economy. One way to examine Hachman Index values is described below:

“It is difficult to determine exactly what index value constitutes a highly diversified region when there are large differences in total employment [among the regions]. However, if a county’s Hachman Index ranks considerably higher than its total employment count – relative to the other counties in the state – that is an indication that the county is relatively diverse. Using this method reveals that Morgan County had the eighteenth highest Hachman Index and the 25th largest employment base in the state, making it more diverse than counties of similar size. Both Davis and Weber’s index values ranked similarly to their total employment ranks of third and fourth, respectively.”

This simple comparative method highlights the correlation between the size of the workforce in a given county and the industrial diversity in that area. In general, counties with larger populations do not rely on one or two key industries for employment. On the other hand, small communities in less populous counties often exist because their region has (or had) a comparative advantage in a single industry. The relationship between employment count and economic diversity allows us to identify counties that are more or less diverse[1] than expected using the matching exercise in the chart to the right.

[1] Counties where the Hachman Index ranks more than two spots higher or lower than the Total Employment ranking are identified as “More Diverse” or “Less Diverse”, respectively. The "two spot" difference as a means of identifying notable incongruities does not represent a scientific methodology, it is only meant to give directional insight into the data.

Monday, June 9, 2014

Long-term Industry Projections available on the web

Job seekers who make decisions based on labor trends information are more likely to see payoff for their efforts. An important aspect of career exploration is understanding how occupations and industries are expected to change. To assist in this process, the Department of Workforce Services (DWS) produces long-term industry projections every two years for the major industry sectors in Utah, providing information on the state’s expected labor demands. The long-term projections extend ten years past the base year. Using the industry projections, DWS generates occupational projections for jobs that fall into the industry categories.

To access the most recent set of long-term industry projections, click here.

Local Insights and Utah Insights updated on the Web

The Summer 2014 issues of Local Insights has been updated on the web.

This edition focuses on the diversity of industry employment. To see more, click here.

To receive a copy of any or all issues, call 801-526-9785

Printed copies expected between June 18 - June 30. 

Friday, May 16, 2014

New Data Available in Utah Economic Data Viewer

The 2013, Q4 industry employment and wages data has been updated in the Utah Economic Data Viewer. Industry employment and wage data is collected through the Quarterly Census of Employment and Wages (QCEW) program. The primary source for QCEW data are the reports submitted by employers to the Utah Unemployment Insurance program.

The Utah Department of Workforce Services compiles quarterly employment and wage data for non-agricultural employers in Utah. Data is maintained at the establishment level (e.g., store, plant, or other type of permanent worksite facility). Since these establishments are assigned an industry and county code, their employment and wage data can be aggregated into common industry and county groupings for analysis purposes.

Monday, April 21, 2014

Utah Seasonally Adjusted Unemployment Rates posted online

Seasonally adjusted unemployment rates for all Utah counties have been posted online here.

Each month, these rates are posted the Monday following the Unemployment Rate Update for Utah. For more information about seasonally adjusted rates, read DWS' post at this location.

Next update scheduled for May 19.