We recently partnered with Catherine Mulbrandon at VisualizingEconomics.com to create a series of treemaps that illustrate important aspects of the labor market. In this post we provide a sneak peek at two of the graphics she created. The remainder will be posted in An Illustrated Guide to Income in the United States, a booklet from Catherine set to be released this summer.
These two graphics are based on EMSI’s labor market database, which is a combination of over 80 public and private data sources. More specifically, the first table shows job change for all occupations by industry (based on 2-digit supersectors, as defined by the North America Industry Classification System) and the second shows occupation change by education level. The data is from 2001-2011.
Red indicates decline and blue indicates growth.
Each square on the graphic indicates a specific 5-digit occupation classified by the Standard Occupational Classification system. There are over 800 unique squares present on the charts. Large squares, like the ones on the upper right and in the retail trade sector, indicate a lot of jobs for the specific occupation code. Smaller squares indicate occupations with less jobs.
In the graphic above we have pulled together occupation data related to all 20 NAICS supersectors. Government, health care, and retail trade have the largest employment. Utilities, mining, and management of companies have the fewest jobs. Also note the size of the squares within each industry sector. Here are a few observations:
- Broad momentum. It is interesting to note how each broad industry sector tended to either be dominated by growth or decline. For instance, with very few exceptions, almost every occupation within the manufacturing sector declined from 2001-2011. The same holds true for construction, information, agriculture, and, to a certain extent, retail trade. Conversely, sectors like health care, educational services, professional/scientific/technical services, accommodation and even arts tended to show occupational growth.
- Mixed sectors. Other industry sectors like finance, administrative, real estate, wholesale trade, and government were much more mixed.
The graphic above shows the distribution of jobs across all levels of educational attainment. We use the same 5-digit SOC codes and group them according to what their typical educational attainment is. Where possible, occupation titles are included so you can get a sense of where certain jobs fall. Here are a few quick observations:
- The OJT sectors (on-the-job training) are huge. This includes short-term OJT (lower right), moderate-term OJT (upper left), long-term OJT (middle right), and work experience in a related field (center). Also notice how the occupations in these sectors are less stable than the others. This is consistent with what was observed in the latest recession — jobs with higher education levels tend to perform better in tough economic times.
- Advanced degrees showed growth. Over the past 10 years, every occupation associated with a more advanced degree (master’s, doctoral, professional) showed some sort of growth.
- The other sectors have mixed results. Bachelor’s degrees showed more stability over the past 10 years, but there are a handful of occupations that declined since 2001. The same holds true for associate’s, postsecondary vocational awards, and degrees plus work experience.
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Finances are the activities related to exchange of various goods of equity between the individuals or companies and the uncertainty and the risk that these activities entail. It is also considered as one of the branches of the economy. It is dedicated to the study of raising capital for investment in production and investment decisions of savers goods. It is related to the transactions and the management of money. In this context the collection and management of funds is studied by a company, an individual, or the state itself; in other words, Finance is concerned with the collection and management of money and other securities or money substitutes, as are the titles, the bonds, etc.
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