The Burgeoning Economic Crisis. Challenges and Possibilities

Transcription

1 The Burgeoning Economic Crisis Challenges and Possibilities December 9, 20 Yustina Saleh, Director Labor Market and Demographic Research

2 New Jersey vs. United States Total Employment, January - October United States New Jersey Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- New Jersey s economy is reflective of broader economic challenges being evidenced nationally. The deteriorating conditions in the finance, credit/mortgage and housing markets have affected job levels in the nation and New Jersey.

3 102 New Jersey Employment by Selected Industry Supersector December 06 - October (Indexed) Total Employment Construction Finance 95 Manufacturing 94 Index: Dec 06 = Dec- 06 Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Jobs in these industries have been directly impacted by the subprime mortgage crisis and the subsequent drop in the housing market. Moving forward, the current financial crisis will have a deeper effect.

4 Employment Change by Industry Dec - Oct MANUFACTURING TRADE, TRANS.& UTIL. FINANCIAL ACTIVITIES LEISURE AND HOSPITALITY CONSTRUCTION GOVERNMENT INFORMATION OTHER SERVICES PROFESSIONAL AND BUSINESS SERVICES EDUCATION & HEALTH SERVICES -20,000-15,000-10,000-5, ,000 10,000 15,000 While overall employment has been down, there were sectors that experienced positive job growth. Employment in Education and Health Services was the job leader, hiring 6,000 workers in 20.

5 New Jersey Total Employment vs. Finance Sector Employment Dec06-Oct Dec06-Oct Dec-06 Oct- Change Pct. Change Total Nonfarm 4, , Financial Activities Finance and Insurance Credit Intermediation & Related Activities Depository Credit Intermediation Nondepository Credit Intermediation Securities, Commodity Contracts & Other Scrty & Comdty Contracts Intermed & Brkrage Insurance Carriers and Related Activities Insurance Carriers Agencies, Brkrages, & other Ins. Rel. Activities Real Estate and Rental and Leasing Real Estate Rental and Leasing Services

6 Financial Sites in New Jersey

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8 Place of Work (state-level) for New Jersey Financial Industries Workers: 2006 Place of Work Workers (State) Number Percent New Jersey 284, % New York 77, % Pennsylvania 10,7 2.7% Other states 3, % Total 375, % Source: 2006 American Community Survey Public-Use Micro Data (5% sample). Note: Financial industries refer to industries with NAICS codes in 5221,522,523,524

9 New Jersey Counties Distribution of New UI Claimants January 20-September 20

10 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 0 One-Stop Traffic: Increases in Claims by Industry Transportation and warehousing Health care and social assistance Wholesale trade Retail trade Information Other services, except public administration Finance and insurance Professional and technical services Sept Sept 20 Sept 20 - Sept 20

11 Industries with Hiring Potential Industries Related Job Growth Computer Systems Design and Related Services 7,293 Accounting, Tax Preparation, Bookkeeping, and Payroll Services 1,820 Employment Services 984 Merchant Wholesalers, Durable Goods 953 Other Telecommunications 944 Food and Beverage Stores 596 Scientific Research and Development Services 587 Merchant Wholesalers, Nondurable Goods 477 Administrative and Support and Waste Management and Remdiation Services 444 Home Health Care Services 348

12 Company-Targeted Approach Companies Hiring The Month of November 20 Company Name Number of Openings Company Name Number of Openings PETSMART INC. 480 CAMPBELL SOUP COMPANY 68 NOVARTIS INTERNATIONAL AG 265 PUBLIC SERVICE ENTERPRISE 64 GROUP INCORPORATED COMMERCE BANCORP, INC. 248 PRINCETON HEALTHCARE SYSTEM 62 PNC GLOBAL INVESTMENT 222 GENERAL ELECTRIC COMPANY 61 SERVICING INC MACY'S, INC. 196 ELSAI, INC. 60 CAMPUSCAREERCENTER.COM 177 JPMORGAN CHASE & CO. 59 VALLEY NATIONAL BANCORP 160 ALGOMOD 55 THE DRESS BARN, INC. 151 AUTOMATIC DATA PROCESSING, INC BAYER HEALTH CARE 53 CLARK DAVIS ASSOCIATES 132 PYRAMID TECHNICAL STAFFING 51 BLOCKBUSTER INC. 125 JARVIS WALKER GROUP 48 JOHNSON & JOHNSON 115 METROPOLITAN LIFE INSURANCE 48 COMPANY SOFTWARE GUIDANCE AND 102 SIEMENS CORPORATION 48 ASSISTANCE, INC. FEDERATED DEPARTMENT 100 THE CIT GROUP, INC. 48 STORES, INC. BANK OF AMERICA, N.A. 99 TRINITAS HOSPITAL 47 BAYADA NURSES 95 SAMSUNG AMERICA, INC. 46 LIFE TIME FITNESS, INC. 91 MARRIOTT INTERNATIONAL, INC. 42 MELLON FINANCIAL CORPORATION 89 THE COOPER HEALTH SYSTEM 42 GENESIS HEALTHCARE 85 DOW JONES & COMPANY, INC. 41 CORPORATION PRUDENTIAL FINANCIAL 84 BED BATH AND BEYOND INC. 40 THE HOME DEPOT, INC. 77 REALOGY FRANCHISE GROUP 40 WACHOVIA CORPORATION 77 QUEST DIAGNOSTICS 39 INCORPORATED KENNEDY HEALTH SYSTEM 76 SANOFI-AVENTIS 39 TOYS ''R'' US, INC. 72 UBS 39 LABORATORY CORPORATION OF AMERICA HOLDINGS 71 ITT INDUSTRIES 38

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17 Response: Transition Workers to Similar Occupations Staffing patterns in Finance and Insurance were analyzed and occupations clustered based on function and similarities Three clusters were created: Administrative support (entry- and mid-level) Business, finance, and sales Management Special consideration was given to the concentration of occupations within the industry The following slides provide a sample of the information that is available

18 Example 1: Entry-level Administrative Support Occupations Staffing Pattern: Finance and Insurance SOC Code Description 2006 Jobs % of Industry Hourly Earnings Education or training Tellers 19,1 8% $10.85 Short-term on-the-job training File clerks 1,371 1% $11.50 Short-term on-the-job training Receptionists and information clerks 2,038 1% $11.97 Short-term on-the-job training Data entry keyers 1,390 1% $12.93 Moderate-term on-the-job training Office clerks, general 7,864 3% $12.02 Short-term on-the-job training Source: EMSI Covered Employment - Fall 20

19 Transitioning Entry-level Administrative Support Occupations SOC Code Title 2006 Jobs Growth Yearly Turnover 20 Hourly Earnings Education or training Paralegals and Legal Assistants 7,068 1, $23.98 Associate degree Medical Records and Health Information 2, $19. Associate degree Technicians Billing, Posting, and Calculating Machine 20,971 (316) 289 $16.56 Moderate-term on-the-job training Operators Bookkeeping, Accounting, and Auditing 65,045 5, $17.12 Moderate-term on-the-job training Clerks Gaming Cage Workers 1,953 (46) 55 $15.57 Short-term on-the-job training Court Clerks 5, $18.05 Short-term on-the-job training License Clerks 5, $18.05 Short-term on-the-job training Order Clerks 8,567 (2,720) 412 $15.93 Short-term on-the-job training Postal Service Clerks 3,397 (143) 80 $21.73 Short-term on-the-job training Medical Secretaries 23,924 3, $15.85 Moderate-term on-the-job training Source: EMSI Covered Employment - Fall 20

20 Education or Training for Medical Records and Health Information Technicians Institution Award Level Health Information/Medical Records Technology/Technician (CIP 51.) Burlington County College Associate's degree Camden County College Award of at least 1 but less than 2 academic years HoHoKus-Hackensack School of Business and Award of less than 1 academic year Medical Sciences Hudson County Community College Associate's degree, Award of at least 1 but less than 2 academic years Raritan Valley Community College Award of at least 1 but less than 2 academic years Medical Insurance Coding Specialist/Coder (CIP 51.13) Dover Business College Award of less than 1 academic year Hohokus School of Business and Medical Sciences Award of less than 1 academic year Hohokus School-RETS Nutley Award of at least 1 but less than 2 academic years Lincoln Technical Institute Award of less than 1 academic year PC Tech Learning Center Award of less than 1 academic year The Institute for Health Education Award of at least 1 but less than 2 academic years The Stuart School Award of at least 1 but less than 2 academic years Source: National Center for Education Statistics

21 Example 2: Mid-level Administrative Support Occupations Staffing Pattern: Finance and Insurance SOC Code Title 2006 Jobs % of Industry 20 Hourly Earnings Education and Training Bill and account collectors 1,603 1% $15.77 Short-term on-the-job training Billing and posting clerks and machine operators 1,498 1% $16.61 Moderate-term on-the-job training Bookkeeping, accounting, and auditing clerks 4,989 2% $16.75 Moderate-term on-the-job training Brokerage clerks 3,904 2% $15.43 Moderate-term on-the-job training Credit authorizers, checkers, and clerks 1,472 1% $15.05 Short-term on-the-job training Loan interviewers and clerks 6,359 3% $16.37 Short-term on-the-job training Insurance claims and policy processing clerks 10,004 4% $17.80 Moderate-term on-the-job training Source: EMSI Covered Employment - Fall 20

22 Transitioning Mid-level Administrative Support Occupations 2006 Jobs Growth Yearly Turnover 20 Hourly Earnings SOC Code Title Education and Training Tax Examiners, Collectors, and Revenue 1,719 (71) 46 $32.42 Bachelor's degree Payroll and Timekeeping Clerks 6,905 (178) 187 $18.39 Moderate-term on-the-job training Court Clerks 5, $18.05 Short-term on-the-job training License Clerks 5, $18.05 Short-term on-the-job training * Eligibility Interviewers, Government 1,434 (61) 26 $21.67 Moderate-term on-the-job training Programs Cargo and Freight Agents 3, $19.02 Moderate-term on-the-job training Executive Secretaries and Administrative 38,465 3, $22.90 Work experience in a related occupation Assistants Legal Secretaries 14,909 1, $20.19 Associate degree Source: EMSI Covered Employment - Fall 20 *Note: There are no training or education programs associated w ith this occupation

23 Education or Training for Legal Secretaries Institution Award Level Legal Administrative Assistant/Secretary ( ) HoHoKus-Hackensack School of Business and MAward of at least 1 but less than 2 academic years Harris School of Business-Cherry Hill Campus Award of at least 1 but less than 2 academic years Gibbs College Associate's degree Harris School of Business-Linwood Campus Award of at least 1 but less than 2 academic years Prism Career Institute Award of less than 1 academic year Essex County College Award of less than 1 academic year Katharine Gibbs School Award of at least 1 but less than 2 academic years Prism Career Institute Award of less than 1 academic year Source: National Center for Education Statistics

24 Example 3: Business, Finance and Sales Occupations Staffing Pattern: Finance and Insurance SOC Code Title 2006 Jobs % of Industry 20 Hourly Earnings Education and Training Claims adjusters, examiners, and investigators 10,431 4% $28.62 Long-term on-the-job training Accountants and auditors 4,5 2% $26.78 Bachelor's degree Credit analysts 1,347 1% $26.39 Bachelor's degree Financial analysts 6,055 3% $27.46 Bachelor's degree Personal financial advisors 5,382 2% $22.63 Bachelor's degree Insurance underwriters 3,887 2% $31.89 Bachelor's degree Loan officers 9,490 4% $25.81 Bachelor's degree Market research analysts 1,535 1% $28.70 Bachelor's degree Insurance sales agents 8,857 4% $21.54 Bachelor's degree Securities, commodities, and financial services 14,863 6% $25.96 Bachelor's degree sales agents Source: EMSI Covered Employment - Fall 20

25 Transitioning Business and Sales Occupations SOC Code Title 2006 Jobs Growth Yearly Turnover 20 Hourly Earnings Education and Training Wholesale and Retail Buyers, Except Farm Products 6,747 (316) 150 $27.83 Long-term on-the-job training Employment Interviewers 7, $24.34 Bachelor's degree Personnel Recruiters 7, $24.34 Bachelor's degree Compensation, Benefits, and Job Analysis Specialists 4, $27.89 Bachelor's degree Accountants and Auditors 52,992 7, $27.59 Bachelor's degree Financial Examiners 1, $34. Bachelor's degree Tax Examiners, Collectors, and Revenue Agents 1,719 (71) 46 $32.42 Bachelor's degree Market Research Analysts 9,961 1, $30.26 Bachelor's degree Source: EMSI Covered Employment - Fall 20

26 Education or Training for Accountants and Auditors Institution Award Level Accounting ( ) Atlantic Cape Community College Associate's degree Bloomfield College Bachelor's degree Brookdale Community College Award of at least 1 but less than 2 academic years Centenary College Bachelor's degree, Master's degree Dover Business College Award of less than 1 academic year Essex County College Associate's degree Fairleigh Dickinson University-College at Florham Bachelor's degree, Master's degree Fairleigh Dickinson University-Metropolitan Campus Bachelor's degree, Master's degree Georgian Court University Bachelor's degree, Postbaccalaureate certificate Georgian Court University Gibbs College Associate's degree HoHoKus-Hackensack School of Business and Award of less than 1 academic year Medical Sciences Kean University Bachelor's degree, Master's degree Keyskills Learning Award of less than 1 academic year Middlesex County College Associate's degree Monmouth University Post-master's certificate New Jersey City University Master's degree Ocean County College Award of at least 1 but less than 2 academic years Ramapo College of New Jersey Bachelor's degree Rider University Bachelor's degree, Master's degree Rutgers University-Camden Bachelor's degree, Master's degree Rutgers University-New Brunswick Bachelor's degree Rutgers University-Newark Bachelor's degree, Master's degree Saint Peters College Bachelor's degree, Master's degree Seton Hall University Bachelor's degree, Master's degree Sussex County Community College Associate's degree The College of New Jersey Bachelor's degree Thomas Edison State College Bachelor's degree William Paterson University of New Jersey Bachelor's degree Source: National Center for Education Statistics

27 Questions??? Yustina Saleh, Director Labor Market and Demographic Research