February 15, 2013 THE STATE THE STATE OF THE OF THE ECONOMY ECONOMY AND AND FUTURE WORKFORCE FUTURE WORKFORCE CONSIDERATIONS CONSIDERATIONS W.O.W . 1 THE STATE OF THE THE STATE OF THE ECONOMY ECONOMY AND AND FUTURE WORKFORCE FUTURE WORKFORCE CONSIDERATIONS CONSIDERATIONS Wiser Older Workers Support Group Dennis K. Winters Chief, Office of Economic Advisors Wisconsin Department of Workforce Development February 15, 2013
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February 15, 2013 THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS W.O.W. 1 THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Wiser.
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February 15, 2013
THE STATETHE STATEOF THEOF THE
ECONOMYECONOMYANDAND
FUTURE FUTURE WORKFORCE WORKFORCE
CONSIDERATIONSCONSIDERATIONS
W.O.W.
1
THE STATE OF THE THE STATE OF THE ECONOMYECONOMY
ANDANDFUTURE WORKFORCE FUTURE WORKFORCE
CONSIDERATIONSCONSIDERATIONS
Wiser Older Workers Support Group
Dennis K. WintersChief, Office of Economic AdvisorsWisconsin Department of Workforce Development
February 15, 2013
February 15, 2013
THE STATETHE STATEOF THEOF THE
ECONOMYECONOMYANDAND
FUTURE FUTURE WORKFORCE WORKFORCE
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2
WELCOME
OH, MAN …
IT’S EVEN WORSE THAN I THOUGH
T
February 15, 2013
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TODAY’S DISCUSSIONSET THE STAGE
Brief on current state of economy.
What is the New Economy (briefly)
Workforce trends – quantity and quality.
Job projections
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FIRST OF ALL, YOU NEED TO UNDERSTAND WISCONSIN’S ECONOMY
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ECONOMICOUTLOOK
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6Source: BEA, OEA
BUSINESS CYCLE SEVEREIT TOOK NINE QUARTERS TO RECOVER
Recovered
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REAL EARNINGS ARE FLAT
Wisconsin Real Average Annual Wage
$28,000
$30,000
$32,000
$34,000
$36,000
$38,000
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INTEREST INCOME TAKE HIT WITH LOW INTEREST RATES
Personal Interest Income
$800
$900
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
Dec07
Mar08
Jun08
Sep08
Dec08
Mar09
Jun09
Sep09
Dec09
Mar10
Jun10
Sep10
Dec10
Mar11
Jun11
Sep11
Billi
ons
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HOME EQUITY WAS USED FOR CONSUMPTIONNOW PART OF DELEVERAGING
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101010
-100,000
-80,000
-60,000
-40,000
-20,000
0
20,000
40,000
60,000
80,000
100,000Ch
ange
ove
r Pri
or Y
ear $
M
Source: Federal Reserve Board of Governors
REVOLVING CREDIT WAS USED FOR CONSUMPTIONNOW PART OF DELEVERAGING
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111111
Personal Savings, Billions of Dollars
0
100
200
300
400
500
600
700
800
200
0-I
200
0-III
200
1-I
200
1-III
200
2-I
200
2-III
200
3-I
200
3-III
200
4-I
200
4-III
200
5-I
200
5-III
200
6-I
200
6-III
200
7-I
200
7-III
200
8-I
200
8-III
200
9-I
200
9-III
201
0-I
201
0-III
2011
-I
NO SAVINGS – WAS USED FOR CONSUMPTIONNOW PART OF DELEVERAGING
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It is difficult to increase consumptionwhen you:
1. have stagnant income,2. are losing wealth,3. paying down debt,4. increasing savings,5. and are paying more for food and gas.
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CORPORATE PROFITS AT NEW RECORDSMOSTLY DUE TO COST CUTTING
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MANAGING RISK WHERE IS THE INCENTIVE TO EXPAND
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Change In Investment From 2007 4th Qtr
-600
-500
-400
-300
-200
-100
0
100Bil
lions
of 20
05 $
Private investmentResidential
15
CORPORATE PROFITSBUILDING CASH HOARD
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INVESTMENT GROWTH IS IN PRODUCTIVITY, NOT EXPANSION
Source: BEA, OEA
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17Source: Federal Reserve Bank of St. Louis, Economic Research; OEA
EXTENDING CREDITBANKS ARE RETICENT TO LEND FUNDS
Reserves of Depository Institutions(billions of dollars)
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HOUSING STARTSTRENDING HIGHER
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VEHICLE SALESCONTINUE STRONG
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THE ECONOMY
HAS CHANGED
AND SO MUST YOU
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Average Real GDP Growth First 9 Quarters of Recovery
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0Pe
rcent
22
ECONOMIC RECOVERYHOW IS THIS ONE NOT LIKE THE OTHER ONES
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JOBS RECOVERYHOW IS THIS ONE NOT LIKE THE OTHER ONES
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WHAT ISTHE
NEW ECONOMY
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Old Economy
Raw Materials Cost Race to Bottom Workers Chased Jobs Quality of Life was
luck of the draw
New Economy
Brain Power Value-Added Products Businesses Chase Talent QoL attracts talent
NEW ECONOMYCHANGED CONSTRUCT
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Stocks In
Intel
Microsoft
SBC (SWBell)
Home Depot
Pfizer*
Stocks Out
Union Carbide
Goodyear
Chevron
Sears Roebuck
International Paper*
CHANGES IN THE 30 DOW INDUSTRIALSNOVEMBER 1999
* As of 2004
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Greater Capitalized Value than Ford and GM Combined
2005 Income before Taxes
from Car Sales($1.0 Billion)
from Financial Services$3.5 Billion
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DESIGNED HEREASSEMBLED THERE
Designed in California
Assembled in China
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KATHLEEN
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So, what will be the biggest socio-economic
policy challenge in the next 20 years?
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ELDERLY NUMBERS WILL SWELLWIDEN THE SIDEWALKS WILL YA !?
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OR PERHAPS THE MORE INTERGENERATIONAL VERSION
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QUANTITY
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WISCONSIN’S WORKFORCE GROWTHBECOMES FLAT
Source: Bureau of Labor Statistics, OEA
Wisconsin Population and Labor Force
1,000
2,000
3,000
4,000
5,000
6,000
7,000
1960 1970 1980 1990 2000 2010 2020 2030
( x 1
000
)
POPULATION
CIVILIAN LABOR FORCE
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BLS RAISED LFPR FOR THE FUTUREPARTICULARLY FOR OLDER COHORTS
Source: Bureau of Labor Statistics, Bureau of the Census, OEA
IT’S THE YOUNG THAT ARE DELAYING ENTERING THE WORKFORCE
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CHANGING LFPR GREATLY ALTERS WORKER AGE MIX
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QUALITY
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"The days are over when you could walk into a paper mill with a high school diploma and run one of the machines."
– Patrick Schillinger, former Wisconsin Paper Council President, Center will teach paper-industry technology, Milwaukee Journal Sentinel, JS Online, October 21, 2004.
FUTURE EMPLOYEESREQUIRE HIGHER SKILLS
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TURN YOU LOOSE ON THIS BABYI DON’T THINK SO
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“Today in most fields I know, the struggle is about creativity and innovation. There is no script.”
– Robert B. Shapiro, former CEO & Chairman, Monsanto Corporation
FUTURE EMPLOYERSNEED FOR CREATIVITY & INNOVATION
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Source: Autor, Levy and Murnane, 2003
Nonroutine manual
Routine cognitive
Routine manual
Nonroutine analytical
Nonroutine interactive
WORKPLACE REQUIREMENTSCHANGES IN SKILLS USED AT WORK*
Source: K-12 Education and Economic Summit presentation by Alan B. Krueger, Princeton University
* Based on the Dictionary of Occupational Titles
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Entry level jobs with family supporting wages and advancement opportunities require same knowledge foundation and skill set as those entering post-secondary education.
• Advanced reading
• Advanced writing
• Advanced mathematics (Algebra II)
Fastest growing occupations earning greater than $30,000 per year, require somepost-secondary education.
EQUAL SKILLS NOW REQUIREDNO TWO-TRACKING
Source: Achieve, Inc, OEA.
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WORKFORCE TRENDSARE:
Unprecedented – we have never faced a declining workforce before;
Assured – demographics will change little;
Largely unalterable – demographics and migration patterns do not change abruptly.
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RAMIFICATIONS OF WORKFORCE TRENDS ARE:
Potentially devastating – without sufficient productivity gains the state’s economy will stagnate;
Necessitating a focus on talent – large investments in education and training are needed;
Requiring match – talent supply and industry demand must be matched or you lose both.
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… the number of unemployed persons (12.8 million) and the unemployment rate (8.3 percent) … have shown little movement thus far in 2012. BLS, July 2012 employment report, August 3, 2012
US Employers post the most jobs in 4 years;by Christopher S. Rugaber, AP economics writer, Posted: Aug 07, 2012 9:42 AM CDT
State manufacturers have jobs, need workers; postcresent.com; by Holly Hartung, Grace Edquist and Matt Oleson, Wisconsin Center for
Investigative Journalism, August 1, 2012
Marinette Marine struggles to attract young workers,Training, dozens of positions available, but applicants are fewBy Rick Barrett of the Journal Sentinel, June 16, 2012
WAIT, WHAT HOW CAN YOU HAVE BOTH?!
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Forgive me,A little economic theory
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$0
$50
$100
$150
$200
1 d
ay
2 d
ays
3 d
ays
4 d
ays
Supply
Theory Tells UsMore Pay Yields More Work
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$0
$50
$100
$150
$200
1 d
ay
2 d
ays
3 d
ays
4 d
ays
$100 per day yields 3 days work(total earnings = $300)
Area = $300
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$0
$50
$100
$150
$200
1 d
ay
2 d
ays
3 d
ays
4 d
ays
Increased pay translates into increased work
(increased earnings)
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$0
$50
$100
$150
$200
1 d
ay
2 d
ays
3 d
ays
4 d
ays
Well, the guy only shows up for two days. This gives what we call a backward-bending supply curve.
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$0
$50
$100
$150
$200
1 d
ay
2 d
ays
3 d
ays
4 d
ays
At new wage, it only take 2 daysto make $300
=
S`
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We face a serious quantity challenge We face a serious quality challenge We need to break into the lower crust of
the chronically unemployed Many are not prepared technically or civilly Backward-bending supply curve for labor.
THINGS HAVE CHANGEDBREAKING NEW GROUND
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JOB PROSPECTS
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Breach still May 2015
Old equation: y = 0.0009x – 0.0836New equation: y = 0.0009x – 0.0837
JOB RECOVERYSTILL A WAYS TO GO
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JOB OPENINGS BY OCCUPATIONAL GROUP
208,970
171,410
99,380
93,850
75,440
66,520
51,110
24,000
23,060
1,370Farming, Fishing, & Forestry
Installation, Maintenance, & Repair
Construction & Extraction
Transportation & Material Moving
Production
Management, Business, & Financial
Sales & Related
Office & Administrative Support
Professional & Related
Service
New Jobs
Replacements
Source: Office of Economic Advisors, Wisconsin Projections 2008-2018
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TOP OCCUPATIONSWITH MOST NEW JOBS
Source: Office of Economic Advisors, Wisconsin Projections 2008-2018
Registered Nurses 19.4% 10,570 Associate or Bachelor's degree $63,187
Home Health Aides 38.3% 7,940 Short-term on-the-job training $21,910
Personal & Home Care Aides 34.0% 7,380 Short-term on-the-job training $20,297
Note: Occupations most “in demand” satisfy the following criteria:1. Annual growth rate is above the statewide average of 0.27% between 2008 and 20182. Annual median wage is higher than the State’s median wage for all jobs ($32,351) 3. Top 30 total job openings (openings due to either new jobs and/or replacement needs) Among top 100 fastest growing occupations Among top 100 occupations with the most new jobs between 2008 and 2018 Among top 100 highest-paid occupationsSource: Office of Economic Advisors, Wisconsin Projections 2008-2018
Registered Nurses 1.9% 2,010 Associate or Bachelor's degree $63,187
Truck Drivers, Heavy & Tractor-Trailer 0.7% 1,240 Short-term on-the-job training $39,813
Elementary School Teachers 0.4% 870 Bachelor's degree $51,236