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e-connection (July 2011 Edition, Vol. 6, No. 7)
Vol. 6, No 7
industry data tool
CEDBR Updates Industry Look-up Tool
The Center for Economic Development and Business Research created an easy-to-use look-up tool for wages and employment by industry code for the Wichita MSA. The tool is available on CEDBR's Web site in Excel format. It includes the number of establishments, the number of employees, and the average annual wage by North American Industry Classification System (NAICS) code. Data for the tool comes from the Bureau of Labor Statistic’s Quarterly Census of Employment and Wages (QCEW) program.
An additional look-up tool, with industry information by Kansas county, will be available later this year.
Have you ever wondered what the average wage for your occupation is in the Wichita MSA? Or how many accountants there are in the area? The Center for Economic Development and Business Research has updated its easy-to-use look-up tool for wages and employment by occupation for more than 375 metropolitan statistical areas. The tool is available on CEDBR's Web site in Excel format (Excel 2007 or later). It includes the number of employees, employment per 1,000 jobs (employment concentration), the average hourly wage and average annual wage by Standard Occupational Code.
In 2009, there were 7.4 million businesses with paid employees in the United States. This represents a decline of 168,000 establishments from 2008. In addition, from 2008 to 2009, employment dropped 5.3 percent, a decrease of more than 6 million employees, bringing the 2009 total to 114,509,626. During that same time period, Kansas lost nearly 1,400 business establishments and 39,514 employees. The Wichita MSA lost 173 establishments and 9,150 employees.
The U.S. Census Bureau released this 2009 data in June. Besides number of establishments and employees, the data includes first quarter and annual payroll for most of the 1,100 industries covered at the national, state, county and metro levels.
A recent article in the U.S. Bureau of Labor Statistics’ Monthly Labor Review by Michael D. McCall analyzes the impact of past recessions on retail trade employment since 1945. His findings reveal that a deeper decline in seasonally adjusted retail trade employment occurred in the most recent recession than in any of the 11 previous recessions. From December 2007 to June 2009, U.S. retail trade lost more than a million employees, for a 6.7 percent decline. The second largest loss occurred in the July 1990 to March 1991 recession; however, employee losses at that time totaled only 229,000, for a 1.7 percent decline.
WSU Leading Economic Indicators Index Is Gaining Strength
In May, the WSU Leading Economic Indicators Index reached 115.9, its highest value since the end of 2008. All except one of the Index indicators showed improvement when comparing the 12 months ending in May to the previous 12 months. Those showing the most improvement were the inflation-adjusted value of nonresidential building permits in Wichita, which more than doubled; the price of wheat, which increased 33.5 percent; the number of Kansas’ initial unemployment claims, which dropped 28.1 percent; and the national inflation-adjusted value of new orders for aircraft and parts, which increased 26.2 percent.
The WSU Current Conditions Index dipped 2.6 percent in the fourth quarter of 2010. By the end of May, the Index had regained all of that loss. The seasonally adjusted outbound airline passengers at Wichita’s Mid-Continent Airport significantly contributed to this rebound over the past year. From April to May, outbound airline passengers increased 7 percent; and for the 12 months ending in May compared to the previous 12 months, the number of outbound passengers increased 2.2 percent. The seasonally adjusted 0.9 percentage point decline in the unemployment rate during that same time period supported the rebound, as well.