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Labor Market Information

 

Make Data Driven Decisions

Employers can use the labor market information to make  strategic decisions about their business and industry. Use the information below to identify long term employment trends, largest employers within your industry and more. Click on the tabs and get started. Click here to find LMI in your local area Link opens in a new window.



 

Step 1: Key Components of LMI

Key Sector Regional Economic Snapshot
  • Helps identify the most significant (largest) industries in the area.
  • Provides an overall summary of your local economy.
Industry Super-Sector Employment Statistics and Projections
  • Provides solid data on which industries will be experiencing the fastest growth.
  • Identifies fastest growing occupations by region to include wages and trends.
  • Identifies downsizing occupations and industries in real-time.
  • Provides better information on current employment trends and career advice.
Largest (Local/Regional) Employers
Gauges economic development in your local area and identifies industries that will be adding most new jobs.

Step 2: Labor Market Information ABCs

A: Examine the Key Sectors in your Regional/Local Labor Market Area.

Each Regional Economic Snapshot includes a set of five interactive graphs and shows key labor market and regional indicators across all industries. Explore the interactive graphs or print presentation-quality reports. 		How to Find it:
• Go to the Key Sectors Page.
• Click on a Key Sector Industry.
• Click on the Economic Development. Snapshot
• Select a Report.
Click here to begin! Link opens in a new window

B: Identify The Largest Employers Within these Industries.

The Workforce Information Center website is a comprehensive online resource serving Illinois' job seekers, employers, education and training providers, counselors, news media, and workforce professionals.


How to Find it:
• Go to the Workforce Information Center website.
• Scroll down the page to select under. Services for Employers, click on Employers.
• Select zip code radius.
• Use blind search, but 500 employees and 10,000 employees. Sort Employers by clicking on any column or column title.
Click here to begin! External link opens in a new window

C: Identify Long-Term Employment Trends.

Long-term employment projections are available as both a downloadable data file (Excel) or a downloadable printable report (Adobe Acrobat). Search for local or statewide data.
How to Find it:
• Select the area such as Local Workforce Investment Area.
• Select the LWIA number.
• Select Long-term Occupational (2008-2018).
• Select Excel as the format type
• Click on Download File.
• Use the Excel data filter for SOC code column filter "does not end with 0" and use the sort by Percent Change column in ascending order.
Click here to begin! External link opens in a new window

D: Identify Job Loss/Gain Trends.

The Bureau of Labor Statistics shows current data for industries with the most job losses and job gains.



 How to Find it:
• Go to BLS website. 
• Select industry of interest. 
• Choose projection type (chart/table, loss/gain etc.)
Click here to begin! External link opens in a new window

Step 3: Scenario Based LMI Examples

Labor Market Information is easiest to understand with practical examples. The example below demonstrates how using the LMI data available on Illinois workNet can benefit your business.

In this example, a large manufacturer (500+ employees) is permanently reducing its workforce by 60%, including centralizing all its administrative functions in a facility in another state. As a direct result (not to mention the indirect impacts), the local area will experience the displacement of many persons concentrated in the following occupations:
  • Professional Occupations: Accountants, Management positions
  • Technical Occupations: Accounting Clerks, Industrial Machinery Mechanics, Welders
  • Low-skilled occupations: Team Assemblers, Packagers, Freight and Stock Handlers
Key Strategic Decision Point:
Re-employment? v. Skills update? v. Re-training?

A: Skills Update/Re-employment
Several of this firm’s accountants graduated several years ago and while they have kept up with standard practices and regulations, several of the clients speak of a need to upgrade their skills with modern accounting software packages.

B: Re-employment
The few machinery mechanics and several skilled welders being laid off are in demand by other employers within the region based upon job listings and requests/concerns from local employers.

C: Re-Training Team Assemblers
With a short-term skills update in basic solar panel fabrication the assemblers from this facility would be available for a local firm that is exploring opportunities in the residential and commercial energy efficiency improvement field (given available federal stimulus funding).

D: Re-training Packagers
Almost all of the laid off packagers will need staff assistance to explore other career opportunities available with one of the 12- to
18-month training programs through the local community college.
Tools and Resources Available:

• Review Help for Laid Off Workers Link opens in a new window.
• File for Unemployment Insurance Link opens in a new windowonline.
• Contact local career advisors Link opens in a new window.
• Enter training programs Link opens in a new windowto upgrade skills.
• Complete Skill and Interests Self-assessments.
Link opens in a new window• Review Labor Market Information.
• Connect to support services Link opens in a new window.
• Review resume Link opens in a new window update tips and update resume.
• Prepare for an Interview Link opens in a new window.
• Connect to job opportunities with Illinois Job Search Link opens in a new windowTool.
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