Using Data for Business Decisions

Using Data for Business Decisions

Melissa Greenaway

Central Oregon Workforce Analyst

Oregon Employment Department

Agenda

• What is data? How are we using it now?

• Scenario: Economic Profile

• Wrap Up: Other Resources

Data

Facts or information used usually to calculate, analyze, or plan something.

What are some economic indicators you keep track of?

Economic Indicators can help you:

• Assess Competition

• Keep tabs on Local Economy

• Write Grants

• Understand Customer Base

• Find Workers

Our Scenario

• You are an employee at a manufacturer in Medford

• Your CEO is considering a move to another part of Oregon

• Looking at both Bend and Portland

Our Task: Build a profile of the labor market in those 3 locations, including Medford

Economic Data: Potential New Locations

Variable Medford Bend Portland

Population (2014)

Population Growth

(2013-2014)

Unemployment Rate

Job Growth

Private Sector Growth

Manufacturing Employment

Manufacturing Growth



Population (2014) 208,375 166,400 765,775

Population Growth

(2013-2014) 1.0% 2.4% 1.2%

Unemployment Rate

Job Growth






Population (2014) 208,375 166,400 765,775

Population Growth

(2013-2014) 1.0% 2.4% 1.2%

Unemployment Rate

6.5% 6.0% 5.2%

Job Growth




The Unemployment Rate: A Tangent

Unemployed

Unemployed + Employed = Total Labor Force

6,106

6,106 + 76,041 = 82,147= 7.4% X 0.959 = 7.1%

= Unemployment Rate X Seasonal Factor = SA Unemployment Rate

Labor Force = Employed + Unemployed

• Available for work • Actively looking for work • Not in an institution

(school, prison, military, etc.)

Anything look weird here?

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7

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4,000

5,000

6,000

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Job growth very strong, yet improvements to the u-rate slowing down?

Economy Improves! Labor Force Encouraged!

Unemployed 100 (-10) 90 (+20) 110

Employed 900 (+10) 910 (+80) 990

Total Labor Force 1,000 0 1000 (+100) 1,100

U-Rate 10% 9% 10%

Economy Declines… Labor Force Declines…

Unemployed 100 (+10) 110 (-50) 60

Employed 900 (-10) 890 (-50) 840

Total Labor Force 1,000 0 1,000 (-100) 900

U-Rate 10% 11% 7%

Unemployment Rate Experiment



Population (2014) 208,375 166,400 765,775

Population Growth

(2013-2014) 1.0% 2.4% 1.2%

Unemployment Rate

6.5% 6.0% 5.2%

Job Growth






Population (2014) 208,375 166,400 765,775

Population Growth

(2013-2014) 1.0% 2.4% 1.2%

Unemployment Rate

6.5% 6.0% 5.2%

Job Growth 3.9% 6.8% 3.1%


3.6% 7.1% 2.9%


7,680 4,490 120,200


6.7% 5.6% 3.4%



Median Wages:

Production Workers

Production Supervisors

Office Clerks

Customer Service Reps



Median Wages:

Production Workers

Production Supervisors

Office Clerks

Customer Service Reps



Median Wages:

Production Workers $13.64 $15.04 $12.80

Production Supervisors $23.69 $21.72 $28.07

Office Clerks $13.95 $14.66 $15.75

Customer Service Reps $13.67 $13.55 $16.92



High School Degree or Higher

Median Household

Income



High School Degree or Higher

87.3% 94.3% 90.5%

Median Household

Income $41,513 $53,027 $52,657

Given all that you know now….

What would you recommend?

Wrap Up: Data Resources

• Qualityinfo.org (OR Employment Dept)

• Census Bureau

• PSU Population Research Center

Other Indicators

• Turnover

• Hiring / Separations

• Commuting Patterns

• Online Job Ads / Vacancies

• Employees by Age/Sex/Education

• Industry and Occupational Projections

Workforce Analysts and Regional Economists

• Serve your local area

• Available for in-depth analysis, data reports, and presentations

Questions?

Melissa Greenaway Central Oregon Workforce Analyst Oregon Employment Department [email protected]

(541) 306-1645

For other Workforce Analysts: Qualityinfo.org

Documents

Using Data for Business Decisions