Using Data for Business Decisions
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Transcript of Using Data for Business Decisions
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Using Data for Business Decisions
Melissa Greenaway
Central Oregon Workforce Analyst
Oregon Employment Department
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Agenda
• What is data? How are we using it now?
• Scenario: Economic Profile
• Wrap Up: Other Resources
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Data
Facts or information used usually to calculate, analyze, or plan something.
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What are some economic indicators you keep track of?
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Economic Indicators can help you:
• Assess Competition
• Keep tabs on Local Economy
• Write Grants
• Understand Customer Base
• Find Workers
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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
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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
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Economic Data: Potential New Locations
Variable Medford Bend Portland
Population (2014) 208,375 166,400 765,775
Population Growth
(2013-2014) 1.0% 2.4% 1.2%
Unemployment Rate
Job Growth
Private Sector Growth
Manufacturing Employment
Manufacturing Growth
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Economic Data: Potential New Locations
Variable Medford Bend Portland
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
Private Sector Growth
Manufacturing Employment
Manufacturing Growth
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The Unemployment Rate: A Tangent
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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
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Labor Force = Employed + Unemployed
• Available for work • Actively looking for work • Not in an institution
(school, prison, military, etc.)
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Anything look weird here?
5
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-2,000
-1,000
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1,000
2,000
3,000
4,000
5,000
6,000
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Job growth very strong, yet improvements to the u-rate slowing down?
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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
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Economic Data: Potential New Locations
Variable Medford Bend Portland
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
Private Sector Growth
Manufacturing Employment
Manufacturing Growth
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Economic Data: Potential New Locations
Variable Medford Bend Portland
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%
Private Sector Growth
3.6% 7.1% 2.9%
Manufacturing Employment
7,680 4,490 120,200
Manufacturing Growth
6.7% 5.6% 3.4%
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Economic Data: Potential New Locations
Variable Medford Bend Portland
Median Wages:
Production Workers
Production Supervisors
Office Clerks
Customer Service Reps
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Economic Data: Potential New Locations
Variable Medford Bend Portland
Median Wages:
Production Workers
Production Supervisors
Office Clerks
Customer Service Reps
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Economic Data: Potential New Locations
Variable Medford Bend Portland
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
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Economic Data: Potential New Locations
Variable Medford Bend Portland
High School Degree or Higher
Median Household
Income
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Economic Data: Potential New Locations
Variable Medford Bend Portland
High School Degree or Higher
87.3% 94.3% 90.5%
Median Household
Income $41,513 $53,027 $52,657
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Given all that you know now….
What would you recommend?
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Wrap Up: Data Resources
• Qualityinfo.org (OR Employment Dept)
• Census Bureau
• PSU Population Research Center
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Other Indicators
• Turnover
• Hiring / Separations
• Commuting Patterns
• Online Job Ads / Vacancies
• Employees by Age/Sex/Education
• Industry and Occupational Projections
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Workforce Analysts and Regional Economists
• Serve your local area
• Available for in-depth analysis, data reports, and presentations
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Questions?
Melissa Greenaway Central Oregon Workforce Analyst Oregon Employment Department [email protected]
(541) 306-1645
For other Workforce Analysts: Qualityinfo.org