How do you inform career choices using labor market data?

1 What is labor market data?

Labor market data is the information that describes the characteristics, conditions, and outcomes of the workforce and the economy. It can include data on employment, unemployment, wages, skills, education, demographics, projections, and more. Labor market data can come from various sources, such as government agencies, surveys, reports, databases, websites, and publications. You can use labor market data to explore different career options, compare salaries and benefits, identify skills gaps and training needs, and anticipate future changes and challenges.

2 How to access labor market data?

Online resources offer a wealth of free and reliable labor market data for different regions, sectors, and occupations. The Bureau of Labor Statistics (BLS) provides data on national, state, and local levels, such as the Occupational Outlook Handbook, the Occupational Employment Statistics, and the Current Population Survey. The O*NET Online is a comprehensive database of occupational information, including skills, abilities, knowledge, work activities, and work values. CareerOneStop is a website offering tools and resources for career exploration, training, and job search - such as the Career Explorer, the Salary Finder, and the Job Finder. The National Center for Education Statistics (NCES) provides data on education and training programs like the College Navigator, the Integrated Postsecondary Education Data System, and the Career Clusters.

3 How to analyze labor market data?

To analyze labor market data effectively, you need to have a clear purpose and a set of questions that guide your research. For instance, you may want to know the current and projected trends in the labor market for your field, the typical tasks and responsibilities, the education and certifications required, the wages and benefits, and the skills in demand. You can use various methods and tools to analyze labor market data, such as comparing data from different sources and time periods to identify patterns and changes, visualizing data with charts and graphs, narrowing down searches with filters and keywords, and using calculators to estimate costs.

4 How to apply labor market data?

Labor market data can provide invaluable insight to help you make informed career choices. It can help you assess your current situation, explore different career options, evaluate their pros and cons, decide on your career goals, and plan your career development. With labor market data, you can identify your strengths and weaknesses, discover new possibilities and alternatives, and prioritize your actions. Additionally, you can use it to plan your learning strategies and seek the necessary resources and support.

5 How to update labor market data?

Staying competitive and adaptable in the labor market requires regular updates to your knowledge and skills. To do this, you should follow the latest news, reports, and publications on the labor market and economy, subscribe to newsletters, blogs, podcasts, and social media accounts that provide reliable labor market information, network with professionals in your field of interest, attend webinars, workshops, seminars, and conferences that offer current and future labor market insights and trends, and take online courses, certifications, or credentials that enhance your skills and qualifications.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?