1 -Major Economic and Workforce Trends for the Coming Decade- Bob Uhlenkott Workforce Development Council Meeting - March 24, 2011 The REAL or TRUE Rate of Unemployment! Alternative Measures for Labor Underutilization U-1, persons unemployed 15 weeks or longer, as a percent of the civilian labor force; U-2, job losers and persons who completed temporary jobs, as a percent of the civilian labor force; U-3, total unemployed, as a percent of the civilian labor force (this is the definition used for the official unemployment rate); U-4, total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers; U-5, total unemployed, plus discouraged workers, plus all other marginally attached workers, as a percent of the civilian labor force plus all marginally attached workers; and U-6, total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers. Unemployment Rates Annual Averages Bureau of Labor Statistics and the Idaho Department of Labor - March 2011 Frequency of the Jobs Unskilled Skilled Professional Idaho Department of Labor March 2011 State of Idaho Aging Work Force North Central Idaho - Region 2 Aging Work Force Bob Uhlenkott ext-3217 Thanks for your time! September By Dennis Cauchon Which state has the fastest-growing economy? It's Idaho, thriving quietly! Idahos total jobs peaked in June 2007 at 669,500. Idahos low occurred in January 2010 at 583,400. December 2010 published estimate is about 602,000. Record Year-Over-Year job of losses of around 48,300. Total losses just over 58,000 recorded throughout Tale of the Tape for Idahos Economy 21 What are the three major factors that will shape our work force, economy and quality of life in Idaho 22 Three major factors that will shape our work force, economy and quality of life in Idaho Population / In-migration The Great Demographic Shift Education and Training Following the current recession employment in Idaho is projected to increase more than 15 percent over the next decade. If annual job replacements are also taken into account, job openings will rise to more than 28,000 annually. Idahos Long-Term Employment Outlook #1 Shifting demographic - Aging baby boomers - Everyone is living longer - Technology keeps us alive longer #3 With longer lives come health problems (Healthcare Industry) #4 Net in-migration made up of many retirees #5 Low cost of living #6 Competitive business costs Factors driving healthcare and other industry and occupational growth