O*NET
The Occupational Information Network, (O*NET) is being developed under the sponsorship of the US Department of Labor/Employment and Training Administration (USDOL/ETA) through a grant to the North Carolina Employment Security Commission which operates the National Center for O*NET Development.
This particular data base is especially useful to private business as a result of the DOL making the process and data open to the public (Developers Corner). In particular I have used the developers corner to match occupation characteristics to private industry databases.
Example: Using the occupation Registered Nurse, go to the home page of O*NET and for the keyword type “Registered Nurse” (RN). Click on RN, click on details, and go to work activities. Here is an objective measure of the top work activities for a RN, based on a statistical sample of RN’s. Note the different categories that define RN work. These data are then available in their raw form for analysis (Sample PDF) . These data are relational, therefore they can be connected through an MS Access or sql database to your organizations data.
With this information one is able to identify unique occupational criteria allowing the organization to create employment ladders, compensation plans based on skills and abilities, and of course training programs. More importantly the data can be linked to safety programs, production, or other metrics used to operate the business. The possibilities are endless.
In addition to those applications, the data can be used as a research tool to forecast occupational training and education based on industry growth or change. Here is an example of O*NET data used by the State of Minnesota in their Occupations in Demand Model (OID).
Capacity Utilization- Dismal by any Standard
The Post and Courier printed an article Factories Bright Spot for the Economy, which indicated manufacturing was going to pull this economy out of the recession based on a report by the Institute of Supply Management (ISM). If you are in manufacturing, you may be wondering what playbook they were referencing. I also question these data after reviewing capacity utilization data issued by the Federal Reserve.
Capacity utilization (percent of factory capability) data is the lowest since the series started. When one reviews these data it is nothing short of astonishing that many of our manufacturing companies are still in business. The Federal Reserve states “Capacity utilization for total industry edged up to 72.0 percent in December, a rate 8.9 percentage points below its average for the period from 1972 to 2008.” Industrial production is the benchmark. Not only is the data accurate, but it confirms what many know in their respective industries; manufacturing production is struggling and not likely to lead the economy anytime soon.
Groundhog Day- Forecasting Made Simple!
Groundhog Day is one of my favorite holidays. As an impact economist and data statistician, this holiday represents the truth about forecasting. It has all the elements of forecasting in a simple-to-understand format. The good stuff like the null and alternative hypothesis, geography, time, historical data sets, measurements are applied against a “strict ” criteria, sources, and witnesses to boot! The result is clean and understandable to all. If the groundhog sees its shadow, expect six more weeks of winter; if not, the season will likely be a little shorter. Brings a grin to my face.
In all seriousness, it is a day when we need to thank the persons that work very hard every day in the forecasting sciences. In particular, the nod goes this year to NOAA staff who forecast hurricanes in the South, tornadoes in the Midwest and fire dangers in the West. These efforts are real and intense using sophisticated models driven off of extensive databases where engineering, science, statistics and social science all come together to try to warn us of events that can and do affect our lives. Thank you. As for Smokey, my groundhog mascot…no shadow today. However, if we could get all the groundhogs on Google, I wonder what that forecast would look like! I guess we need more research.
