How to Use Labor Market Information to Explore Careers

What the Numbers Can Tell You About an Occupation

Business technology

Your preference of a particular occupation must stem from the reality that it fits properly along with your personality kind, hobbies, paintings-associated values, and aptitude and that you discover the job responsibilities attractive. The educational and training requirements need to additionally be doable. But here's one greater question to ask earlier than going forward: Is it possible to construct a career on this subject? Find the answer via looking at hard work marketplace records.

What Is Labor Market Information?

Data about exertions supply and call for, income, employment and unemployment records, activity outlook, and demographics of the labor force make up what is referred to as exertions market statistics. In america, the Bureau of Labor Statistics (BLS) of the Department of Labor, collects and analyzes statistical facts about the hard work market on this u . s . a .. This unbiased statistical organisation then disseminates it to Congress, different federal corporations, kingdom and local governments, and the public. Many countries during the world have companies similar to the U.S. Bureau of Labor Statistics.

If you're within the exploration phase of the profession planning procedure, labor marketplace information is useful. Use it to discover solutions to many questions, together with:

  • Which industries appoint people on this profession?
  • Where, geographically, will I be able to discover a process?
  • Will there be possibilities in the area I am considering after I entire the desired schooling or schooling?
  • How a whole lot will I earn?

Employment, Earnings, and Industries

How many people paintings within the profession in that you are fascinated? Is it a reasonably huge career field or a pretty small one? You can use the BLS's National Occupational Employment and Wage Estimates to find this facts for about 800 occupations. This resource also indicates what industries rent humans on this career. Find profits right here too.

Navigate to the National Occupational Employment and Wage Estimates page, select the foremost occupational institution that contains the only in which you are involved, and then pick out the unique occupation. For instance, in case you need to see information about pc programmers, pick "Computer and Mathematical Occupations" after which "Computer Programmers." 

That will take you to a page that displays a desk containing employment estimates and suggest hourly and annual salary estimates for the occupation. You may even see the percentile wage estimates, inclusive of the median earnings (fiftieth percentile) and tenth, 25th, seventy fifth, and 90th percentiles. Percentile wage estimates provide an accurate take a look at the variety of income in an profession by means of showing the percentage of people earning much less than a specific earnings. For example, if the annual wage of $24,780 is inside the tenth percentile, it method 10 percent of humans working in that profession earn less than that.

This useful resource additionally offers statistics about employment with the aid of industry. You can see which industries appoint the maximum people in preferred and within the occupation, and which pay the maximum.

Location, Location, Location

Are you're inclined to relocate in your career or will you limit your activity search to a specific city? Find out wherein to locate the excellent employment possibilities for an occupation.

The aforementioned National Occupational Employment and Wage Estimates includes statistics on which states and which metropolitan and non-metropolitan regions have the highest ranges of employment for an occupation. Select the career you need to analyze by using following the commands above. Find tables that comprise this statistics, in addition to ones that inform you which of them states, metro areas, and non-metro regions have the very best wages.

What Does the Future Hold in Store?

The BLS predicts how the hard work marketplace will change among a base 12 months and a target year that is 10 years away.  This records, referred to as the outlook, could be very informative as you intend your career. You will need to know your chances of finding a activity when you complete ​instructional requirements. After all, do you want to spend the money and time to prepare for an occupation if job opportunities are going to be scarce? Keep in mind the BLS does not account for recessions or other financial anomalies. The employer usually publishes employment projections each different year.

One manner to get admission to the BLS's employment projections is thru the Selected Occupations Data tool. This database offers the option of looking through career or with the aid of education or schooling class. The output will consist of the subsequent:

  • Total Employment in Base Year and Target Year
  • Employment Change Between Base Year and Target Year (as a number and a percent)
  • Percentage of Workers in This Occupation Who Are Self-Employed
  • Job Openings in Target Year Due to Growth and Replacement Needs
  • Median Annual Wages
  • Most Significant Source of Post-Secondary Education or Training

The BLS additionally publishes lists of the fastest growing jobs, fastest developing industries, and occupations the business enterprise predicts will add the maximum jobs between the bottom year and target yr. While this statistics is helpful, don't choose a career entirely because it's far predicted to revel in rapid growth. Make certain it's far right for you.

If geography is a essential component, additionally look into what destiny possibilities could be where you plan to stay. The BLS does not make employment projections on a nation or nearby level. Individual nation businesses make the ones predictions which can be with no trouble amassed on the website Projections Central: State Occupational Projections.

The US Bureau of Labor Statistics publishes patron-oriented assets that gift exertions records in a completely person-pleasant layout. They are the Occupational Outlook Handbook and the Career Guide to Industries. While these guides do not cowl all the occupations followed by means of BLS, they are extraordinarily treasured and contain a wealth of statistics. O*Net Online is any other extremely good supply of profession facts.

  • Occupational Outlook Handbook (OOH): The BLS publishes this profession encyclopedia which includes a number of the facts discussed on web page 1, but for fewer occupations. You will locate employment, income and projections information for approximately 250 occupations. The OOH additionally consists of great descriptions and educational, schooling and revel in requirements, as well as statistics about development possibilities. It is revised every years.
  • Career Guide to Industries (CGI): This BLS book is useful in case you need to find out about a selected enterprise and find out what occupations it employs. Find out about income, training necessities and advancement possibilities as well as process prospects and working situations.
  • O*Net Online: This interactive device for exploring occupations is sponsored with the aid of the USA Department of Labor/Employment and Training Administration and developed with the aid of the National Center for O*NET (the Occupational Information Network) Development. It covers an in depth wide variety of occupations and consists of BLS statistics and detailed descriptions.