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Jobs in Montana: The Recession is Over. Now What? Aug. 9, 2012 Barbara Wagner, Senior Economist
Jobs in Montana: The Recession is Over. Now What?
Aug. 9, 2012
Barbara Wagner,
Senior Economist
Today’s Topics
• Is it over? – Reviewing Montana’s economic performance
• Where are the jobs? – Examining slow job growth
• What lies ahead? – What can we do to improve economic growth?
Including Econ 101 Lessons!
Unemployment Statistics and Discouraged Workers!
Public Finance!
Types of Unemployment!
1913, 8%
1920, 2%
1929, 27%
1937, 3% 1948, 1.6%
1957, 3.1%
1969, 0.2%
1980, 2.2%
1981, 2.6%
1990, 1.4% 2001, 0.1%
2007, 5.1%
0
10
20
30
40
50
1900 1920 1940 1960 1980 2000 2020
Du
rati
on
in M
on
ths
Duration and Loss of GDP in U.S. Recessions in the Last 100 Years
Source: National Bureau of Economic Research and Lawrence Officer, Measuring Worth, 2010. www.measuringworth.org
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Bear Sterns Bankruptcy
Stock Market Crash
1st Greece Bailout
U.S. Montana
Debt Ceiling Debate
Personal Income Growth by Quarter, MT and US
Source: Regional Economic Information System, Bureau of Economic Analysis, U.S. Dept. of Commerce. Other sources.
U.S. and MT Unemployment Rates
Source: Bureau of Labor Statistics, Current Population Survey and Local Area Unemployment Statistics.
0
1
0.0
2.0
4.0
6.0
8.0
10.0
12.0
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
8.3%
6.3%
U.S. Montana
Who Do We Count as Unemployed?
U1- Unemployed 15 weeks or longer
U2- Job losers, including temporary workers
U3- Official Rate, total unemployed
U4- Unemployed plus discouraged workers
U5- Unemployed, discouraged, and marginally attached
U6- Unemployed, discouraged, marginally attached, and part-time for economic reasons
Montana Alternative Estimates
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Un
em
plo
ym
en
t R
ate
Year
U-1 U-2 U-3 U-4 U-5 U-6
Unemployed are Greater than those Receiving Unemployment
0
1
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
Recession
Unemployed
Total Claims
Source: Montana Claims Data and Local Area Unemployment Statistics, Montana Dept. of Labor and Industry.
U.S. and MT Unemployment Rates
Source: Bureau of Labor Statistics, Current Population Survey and Local Area Unemployment Statistics.
U.S. Montana Gallatin
0
1
0.0
2.0
4.0
6.0
8.0
10.0
12.0
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
8.3%
6.3% 5.8%
Private and Total Payroll Employment for Montana and the U.S.
(Indexed to Same Month 2007 Employment)
Source: Quarterly Census of Employment And Wages, Bureau of Labor Statistics and the Montana Department of Labor and Industry
92%
93%
94%
95%
96%
97%
98%
99%
100%
101%
102%
Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov
2008 2009 2010 2011
U.S. Montana
Private and Total Payroll Employment for Montana and the U.S.
(Indexed to Same Month 2007 Employment)
Source: Quarterly Census of Employment And Wages, Bureau of Labor Statistics and the Montana Department of Labor and Industry
92%
93%
94%
95%
96%
97%
98%
99%
100%
101%
102%
Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov
2008 2009 2010 2011
U.S. Montana
MT Employment and Total Wage Growth, Percent Increase over Prior Year
Source: Quarterly Census of Employment and Wages, Bureau of Labor Statistics and Montana Department of Labor and Industry
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
2007 2008 2009 2010 2011
Wage Growth
Employment Growth
Montana Average Wage Continues to Increase
Source: Quarterly Census of Employment and Wages. Projection based on actual 2011 first half growth.
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
2006 2007 2008 2009 2010 2011
Average Wage Real Growth Nominal
Take Away Points
• Montana’s economy is in recovery with growth in personal income, employment, wages, and a decrease in unemployment.
• Steady private job growth since 2010 has been masked by public job losses.
• We measure dislocated workers. Only about 1/3 of unemployed people receive benefits.
69%
74%
79%
84%
89%
94%
99%
104%
109%
2008 2009 2010 2011 2012
Leisure and Personal Services Professional and Business Services
Montana Industry Performance Throughout Recession
(indexed to Dec. 2007 = 100%)
MINING & LOGGING
TRADE
Source: Current Employment Statistics, June 2012, Bureau of Labor Statistics and Montana Department of Labor and Industry
GOVERNMENT
MANUFACTURING
CONSTRUCTION
HEALTH CARE
Montana Jobs by Industry and Ownership, 2010
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000
Utilities
Agriculture
Mining
Transportation
Other
Manufacturing
Professional Services
Admin and Waste Services
Construction
Other Business Services
Public Affairs
Education
Leisure Activities
Health Care
Trade 17%
15%
13%
9.4%
9.1%
7.1% 5.9%
3.9%
4.5% 4.5%
1.6%
1%
1%
3.8%
3.1%
Private – 80% Local – 11.2% State – 5.4%
Federal – 3.2%
Source: Quarterly Census of Employment and Wages, 2010. Percentages shown are percent of total Montana jobs
Payroll Employment Change 2007 to 2010
Gains in Region 2 by Industry
Source: Quarterly Census of Employment and Wages, Bureau of Labor Statistics and the Montana Department of Labor and Industry.
-7,000 -6,000 -5,000 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 3,000
Mining
Transportation
Administrative Services
Other Services
Manufacturing
Finance and Real Estate
Construction
Professional Services
Education
Gov
Retail
Leisure
Health Care
Overall
2010 to 2011
2007 to 2010
Take Away Points
• Construction and Manufacturing were worst-hit industries during the recession. Both are showing signs of recovery.
• All other industries have improved. Concerns about trade continue.
• Health care has added jobs throughout the recession.
• Bozeman leading recovery in Professional Services, Manufacturing, but still have losses in Construction.
2010 Unemployment Rate by Region
Employment Change by MT Region, 2007 to 1st Half 2012
Source: Local Area Unemployment Statistics, Bureau of Labor Statistics and Montana Department of Labor and Industry
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
2007 2008 2009 2010 2011 2012
An
nu
al E
mp
loym
en
t G
row
th
Northwest Southwest North Central
South Central Eastern
Employment by MT Region, 2007 to 1st Half 2012
Source: Local Area Unemployment Statistics, Bureau of Labor Statistics and Montana Department of Labor and Industry
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
Northwest Southwest North Central South Central Eastern
2007 2008 2009 2010 2011 2012
Employment Change by MT Region, 2007 to 1st Half 2012
Source: Local Area Unemployment Statistics, Bureau of Labor Statistics and Montana Department of Labor and Industry
-10,000
-8,000
-6,000
-4,000
-2,000
0
2,000
4,000
6,000
2007 2008 2009 2010 2011 2012 Overall
Northwest Southwest North Central South Central Eastern
County Unemployment Rates, June 2012
Reservation Unemployment Rates
Employment Wages Unemployment
Rate
2010 Employment
2009 to 2010 Growth
2010 Annual Average
2009 to 2010 Growth 2010 Average
Blackfeet 2,961 2.5% $32,092 1.8% 15.9%
Crow 2,174 -5.4% $34,866 3.0% 13.9%
Flathead 8,054 -2.2% $30,075 1.4% 10.1%
Fort Belknap 341 4.6% $41,512 2.8% N/A
Fort Peck 3,240 1.6% $31,446 2.8% 9.3%
Northern Cheyenne 1,472 2.8% $31,634 3.8% 17.1%
Rocky Boy's 966 14.0% $39,474 4.4% 18.3%
Total 19,208 -0.1% $31,955 2.4%
Take Away Points
• Northwestern Montana was the hardest hit by the recession.
• All areas of the state are growing.
• Reservations remain the most economically sensitive areas of our state.
• Eastern Montana performed well during the recession and is now experiencing very rapid job growth.
Today’s Topics
• Is it over? – Reviewing Montana’s economic
performance
• Where are the jobs? – Examining slow job growth
• What lies ahead? – The need for education and
worker training
The Whys of Slow Job Growth
1. Expectations: employment lags an economic recovery
2. Increases in labor productivity
3. Lower consumer demand
4. Political and economic uncertainty
5. Structural unemployment
Employment Loss and Duration, U.S. vs. MT, the Last Three Recessions
US MT
Official Duration of Recession in
Months
Percent Loss of Employment,
Peak to Trough
Months until Employment
Recovered
Percent Loss of Employment,
Peak to Trough
Months until Employment Recovered
1990 8 1.5% 35 0.7% 15
2001 8 1.5% 34 1.1% 24
2007 18 5.9% 57 and counting
5.5% 54 and counting
Source: Current Population Survey, Local Area Unemployment Statistics, Bureau of Labor Statistics. National Bureau of Economic Research.
Jobs Recovery Compared to Other Recessions
Source: Current Population Survey, Bureau of Labor Statistics
94%
95%
96%
97%
98%
99%
100%
101%
-25 -23 -21 -19 -17 -15 -13 -11 -9 -7 -5 -3 -1 1 3 5 7 9 11 13 15 17 19 21 23
Months from Trough Employment
US1980
US 1981
1990 US
US 2001
2007 US
Slow Job Growth Because of Increased Labor Productivity
Source: Bureau of Labor Statistics Productivity Data
85
90
95
100
105
110
115
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Hours Output Output per Hour
Take Away Points
• Recovering the recession job losses will take awhile.
• Job growth is not THAT much slower than recent recessions, but the job loss is much deeper.
• Greater labor productivity = less demand for workers
Slow Job Growth Because of Business and Consumer Uncertainty
• Businesses have cash to hire more employees
• Conflicting economic and political news creates uncertainty
• Aggregate demand is recovering slowly
– Consumer expenditures represent about 70% of GDP
– Questions about future government spending
Slow Job Growth due to Low Consumer Demand: Components of GDP
-10%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
INVESTMENT
PERSONAL CONSUMPTION
70%
EXPORT BALANCE
GOVERNMENT 20%
Personal Consumption Expenditures are Slowly Growing
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Per
cen
t C
han
ge o
ver
Pri
or
Year
US
Per
son
al C
on
sum
pti
on
Exp
end
itu
res,
in m
illio
ns
Source: Bureau of Economic Analysis
Would you hire?
• Consumers demand is growing slowly
• Usually, government steps in…
• Government indicates austerity
• Unsettled tax and fiscal environment Barb trying to stimulate the Montana
economy.
Contributions to GDP Growth
-10
-8
-6
-4
-2
0
2
4
6
I II III IV I II III IV I II III IV I II III
2008 2009 2010 2011
CONSUMPTION
INVESTMENT
GOVERNMENT
The Whys of Slow Job Growth
1. Expectations: employment lags an economic recovery
2. Increases in labor productivity
3. Lower consumer demand
4. Political and economic uncertainty
5. Structural unemployment
Types of Unemployment
1. Frictional • Normal, good, temporary unemployment that results
from turnover and workers finding better jobs.
2. Cyclical • Unemployment due to a recession.
3. Structural • Skills mismatch between jobs and workers.
Frictional Unemployment: There are Always Some Unemployed People and Unemployment Claims
0
1
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
Unemployed
Total Claims
Recession
Cyclical Unemployment: MT and U.S. Unemployment Rates since 1976
0.0
2.0
4.0
6.0
8.0
10.0
12.0
19
76
19
77
19
78
19
79
19
81
19
82
19
83
19
84
19
86
19
87
19
88
19
89
19
91
19
92
19
93
19
94
19
96
19
97
19
98
19
99
20
01
20
02
20
03
20
04
20
06
20
07
20
08
20
09
20
11
MT US
Source: Current Population Survey and the Local Area Unemployment Statistics
Types of Unemployment
1. Frictional • Normal, good, temporary unemployment that results
from workers finding better jobs and turnover.
2. Cyclical • Unemployment due to a recession.
3. Structural • Skills mismatch between jobs and workers.
U.S. Employment and Job Openings from 2001 to Current
124,000
126,000
128,000
130,000
132,000
134,000
136,000
138,000
140,000
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
Emp
loym
en
t in
Th
ou
san
ds
Job
Op
en
ings
Job Openings Employment
Source: Job Openings and Labor Turnover Survey, Current Employment Statistics. Bureau of Labor Statistics.
Unemployment Benefits?
Federal Reserve: benefits have little impact -- only about 0.4% of the 5% increase in the unemployment rate
U.S. Unemployment Rate by Education Level
Source: Current Population Survey, Bureau of Labor Statistics
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
2007 2008 2009 2010 2011
Less than HS Degree
HS, no college
Less than a Bachelor's
College Grads
Payroll Employment Change 2007 to 2010
Projected Growth Compared to Recession Losses
Occupation
Estimated Recession
Losses
Projected Statewide Annual
Job Growth, 2012 to 2020
Year that All Workers are Rehired
Carpenters -2,260 140 Past 2020
Retail Salespersons -1,174 116 2019
Construction Laborers -1,171 94 Past 2020
Bookkeeping and Auditing Clerks -791 149 2016
Cashiers -776 121 2015
Secretaries -702 15 Past 2020
Truck Drivers, Heavy and Tractor-Trailer -644 66 2019
Janitors and Cleaners -563 29 Past 2020
Ten Growing Occupations with Unmet Demand for Workers
Occupation
Projected
Annual Growth
Minimum
Training
Required
Home Health Aides 96 Short OJT
Registered Nurses 72 Associate
Personal and Home Care Aides 54 Short OJT
Elementary School Teachers 52 Bachelor's
Nursing Aides, Orderlies, and Attendants 46 Vocational training
Medical Secretaries 31 Moderate OJT
Network Systems and Data Communications Analysts 22 Bachelor's
Medical Assistants 22 Moderate OJT
Child Care Workers 22 Short OJT
Projected Job Growth by Education and Training Category
% of Montana
Jobs
2007 to 2010 Change
Annual Job Growth
2010-2012
Annual Job Growth
2012-2018
Year Jobs Regained
Short to Moderate
OJT 55% (15,959) 2,514 2,537 2016
Long OJT or Work
Experience 16% (7,415) 445 802 2020
Associate or Vocational
Degree 11% 286 283 477 No losses
Bachelor’s Degree or
Higher 19% (78) 608 841 2011
OJT means on-the-job training Source: Montana Employment Projections, 2010, Research and Analysis Bureau, Montana Dept of Labor and Industry
Occupations with the Highest Projected Demand that Require a Post-Secondary Degree
Occupation
Projected
Annual
Growth,
2010 to 2020
Minimum
Training
Required
Registered Nurses 110 Associate
Accountants and Auditors 65 Bachelor’s
General Operations Managers 30
Bachelor’s or
Higher
Cost Estimators 24 Bachelor's
Construction Managers 23 Bachelor’s
Lawyers 23
Professional
Degree
Civil Engineers 22 Bachelor‘s
Network Systems and Data Communications Analysts 23 Bachelor‘s
Directing Displaced Workers into Appropriate Occupations
• Workforce training and education are needed to retrain into growing occupations that don’t have excess supply.
Excess Workers Occupations
Retail Salespeople
Carpenters or Construction Laborers
Wait Staff
Occupations that Need Workers
Sales Representatives, Wholesale and Manufacturing
Maintenance and Repair Workers
Lawyers ?
Take Away Points
• Structural unemployment can be addressed at the state level with education and training.
• In general, more workers are needed in health care and in jobs requiring high levels of education.
• Carpenters, retail workers, and workers in other occupations will need to be retrained to fill new jobs.
• Geographical economic disparities are also a large factor. Training is not the only solution.
The Whys of Slow Job Growth
1. Expectations: employment lags an economic recovery
2. Increases in labor productivity
3. Lower consumer demand
4. Political and economic uncertainty
5. Structural unemployment
Slower Job Growth Expected in the Future
-25,000
-20,000
-15,000
-10,000
-5,000
0
5,000
10,000
15,000
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
Total Employment
Payroll
Total and Payroll Employment Historical and Projected, 2000 to 2020
Source: Quarterly Census of Employment and Wages, 2000-2010, Local Area Unemployment Statistics, 2000-2010, Research and Analysis Bureau Employment Projections, 2010-2020
350
370
390
410
430
450
470
490
510
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
Emp
loym
en
t in
Th
ou
san
ds
But What do I Know?
Barb forecasting employment
Take Away Points
• Job growth is expected to be slow for the next few years.
• Not true in 2011 - job growth was faster than average.
• Consumers need to have wage growth so they can pay down debt AND buy more.
• Large “policy risk.” Government spending matters.
Today’s Topics
• Is it over? – Reviewing Montana’s economic performance
• Where are the jobs? – Examining slow job growth
• Challenges ahead? • Drought, China, Eurozone
• Policy Risk
• Education
Challenges We Can’t Influence
• Eurozone
– Only about 8% of our exports go to the Eurozone
– Bigger impact to U.S.
• China
– Almost 20% of our exports go to Asia
– Also impacts U.S.
• Drought conditions may harm agriculture
Montana Exports to Foreign Countries
Canada 38%
South Korea 14%
Mexico 8%
China 7%
Taiwan 4%
Japan 4%
Germany 3%
UK 2%
Belgium 2%
Other Asia 5%
Other 13%
Drought Map
Policy Risk: The Fiscal Cliff in Jan. 2013
• Spending cuts and tax increases will total $600 billion.
• About 4% of GDP.
• Will cause the economy to contract by 1.3% in the first half of 2013. (CBO)
Government Budgeting: Deficit
14.0
16.0
18.0
20.0
22.0
24.0
26.0
Pe
rce
nt
of
GD
P
U.S. Federal Government Revenues and Outlays, 1980 to 2010
Source: Congressional Budget Office, 2010
SPENDING
REVENUES
Government Budgeting: Debt
0
10
20
30
40
50
60
70
14
16
18
20
22
24
26
De
bt
as a
Pe
rce
nt
of
GD
P
Spe
nd
ing
/Rev
en
ue
s a
Pe
rce
nt
of
GD
P
U.S. Federal Government Revenues and Outlays and Debt as a Percent of GDP
SPENDING
REVENUES
DEBT
Source: Congressional Budget Office, 2010
Government Debt as a Percent of GDP
0
20
40
60
80
100
120
140
160
180
200
2009 2000
Source: Organization for Economic Cooperation and Development
Fiscal Policy Debate: Maintain Current Course
• Reducing government deficits will reduce aggregate demand and GDP
• Cutting spending/ increasing taxes during a recession runs counter to economic theory
• Cutting spending/ increasing taxes too sharply will cause a shock
• Failure to raise the debt ceiling causes immediate and long-term economic harm
• Default OR cut 40% of spending overnight – a 8% cut to GDP
• Harms the U.S. role as the economic superpower and “safe-haven” for investments
Fiscal Policy Debate: Cut Spending or Increase Taxes
Deficit is fairly large in historic terms Governments can run deficits in perpetuity, but not deficits that are too
large
Too large of a debt can create a drag on the economy through high interest rates
U.S. debt is using foreign funding that might otherwise improve living conditions abroad
Political movement
S&P downgrade of U.S. bonds (little market reaction)
Impacts on Montana
• In comparison to other states, Montana is
– Poor
– Old
– Rural
• Montana receives $1.47 in federal funding for every $1.00 paid in taxes.
Percent of Population with an Upper Secondary Degree
40
50
60
70
80
90
100
25-34
45-54
Source: Organization for Economic Cooperation and Development, 2005
MT Educational Attainment is Decreasing in Lower Age Groups
92.3% 92.9% 93.1%
81.3%
27.9% 29.0% 29.3% 20.5%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
25 to 34 years 35 to 44 years 45 to 64 years Over 65
High School Diploma Bachelor's Degree
Percent of Population 25 Years and Older with
Take Away Points
– Higher wages
– Lower unemployment
– Lower poverty
– Faster technology growth and diffusion
– Innovation
– Enterpreneurialism
– General economic growth
• U.S. and Montana are losing a competitive advantage in highly skilled workers.
• Higher education levels are associated with:
Hiring the Right Workers
After One Quarter After Four Quarters
Montana Wyoming Montana Wyoming
2006 66% 63% 24% 26%
2007 64 64 22 26
2008 63 64 24 27
2009 67 67
New Hire Retention Rates, 2006 to 2009 Percent of Workers Remaining with Employer After Hire
New Hire Job Outcomes After Two Quarters
Still working 46%
Let go due to poor
performance 7%
Worker left voluntarily
27%
Worker was laid off due to
economic reasons
1%
Position was temporary or
seasonal 16%
Other or Unknown
3%
Job Outcomes of Newly Hired Workers, Two Quarters after Hire, by Job Type
Outcome Temporary or Seasonal Workers
Permanent Full-Time Permanent Part-Time
Still Working 21% 66% 43%
Poor Performance * 9% 7%
Temporary or Seasonal Position
53% n.a. n.a.
Voluntary Leave 18% 18% 44%
Economic Reasons * 2% 1%
Job Outcomes (Any Employer)
Employed 41%
Left and Still Unemployed 10%
Left and Employed 17%
Not a New Hire 5%
Let Go and Still Unemployed
2%
Let Go and Employed 6%
Laid Off and Employed
1%
Unknown/ Other and Unemployed
1%
Unknown and Employed 3%
Seasonal and Unemployed
7% Seasonal
and Employed
7%
80% Employed by some
Employer
43% had Wage Increases
Likelihood of Wage Increase by Job Outcome
0%
10%
20%
30%
40%
50%
60%
70%
Employed Fired and Employed Laid Off and Employed
Left and Employed Seasonal and Employed
Preliminary data – not tested for significance.
Percent of Workers with Inadequate Skills
Skill Retained Workers Poor Performance
Service Orientation/ Customer Service * 35.6%
Critical Thinking 6.3% 50.2%
Operating Equipment 0.9% 14.9%
Communication 5.1% 34.5%
Following Instructions 5.1% 61.1%
Time Management 5.9% 43.5%
Safety * 11.4%
Job-Specific Technical Skills * 24.9%
Work Ethics 4.9% 46.5%
Physical Skills * 9.8%
Take Away Points
• We need to do a better job retaining workers.
– Job matching matters.
– Permanent work matters.
• Its not just about teaching a subject. Work skills matter.
Today’s Topics
• Is it over? – Reviewing Montana’s economic performance
• Where are the jobs? – Examining slow job growth
• What lies ahead? – The need for education and worker training
Including Econ 101 Lessons!
Unemployment Statistics and Discouraged Workers!
Public Finance!
Types of Unemployment!
QUESTIONS? PRESENTATION, MONTHLY UPDATES, DATA, AND OTHER ECONOMIC RESEARCH
AT
http://www.ourfactsyourfuture.org
Barbara Wagner [email protected]
406-444-5474
