Labor Market Intelligence for Career Guidance Luke Greiner Regional Labor Market Analyst Department of Employment and Economic Development Labor Market Information Office

Work your way around DEED

Other LMI products and publications Local Look Regional Blog  Monthly blog covering regional economic trends  Workforce insights. Occupations In Demand, Unemployment Rates Minnesota Economic TRENDS  Quarterly magazine on economic topics  Subscriptions available free of charge or on-line Minnesota Employment REVIEW  Monthly magazine on economic data and regional trends  Includes Minnesota business development  Available exclusively on-line

Reality Check! What is the most demanded job in our region? What's the biggest industry in your region? What percent of job openings in 6E require post-secondary education? Nursing Assistants Manufacturing, almost 11,000 jobs 22%

Graduates of which program typically make over $80,000 two years after graduating? A.Bachelors of science degree in Chemical Engineering B.Certificate in Plumbing and Water Supply C.Associates of science degree in Computer Science

According to the Wall Street Journal what is the value of national student debt? Greater than $1 Trillion! Roughly equal to all greenbacks currently in circulation across the glob. According to the Federal Reserve, educational debt has shot past every other category - credit cards, auto loans, refinancing’s - except home mortgages, reaching some $1.3 trillion this year The Journal said about 70 percent of 2014 graduates borrowed to pay for college, and they left school with an average debt of $33,000. In MN average student debt is estimated to be about $30,000

Tough times for many recent college graduates Many ( school year) are not finding suitable employment and are earning low wages Award Number of Graduates Grads With Reported Wages in 1 st year Median Hourly Wage in 1 st year Median Hourly Wage in 2 nd year Certificates (less than 4 years)11,2557,629$14.57$15.30 Associate Degree21,05015,045$15.01$16.35 Bachelor Degree31,69819,966$16.86$19.30 Graduate Degree14,5968,893$29.75$31.48 All Awards78,67551,585$17.05$18.85 The wage rate needed to provide a minimal standard of living to a partnered couple with one child and one full-time worker is $19.37 per hour, but the majority of the jobs held by recent grads are not full-time, and they wouldn’t support a family if they were (DEED’s Cost of Living Tool -

Less than half of working grads have full-time permanent jobs Award Annual Median Earnings of All Employed Graduates in 2 nd year after graduation Percent working Full- time and Year-round in 2 nd Year Median Earnings of Full-time Employed in 2 nd Year Certificates (less than 4 years)$22,62335%$36,001 Associate Degree$24,48037%$37,772 Bachelor's Degree$30,13043%$41,497 Graduate Degree$52,40351%$64,419 All Awards$29,83142%$42,942 The annual equivalent of that livable wage for a married couple with one child is $40,290, so the 42% of all grads and the 43% of bachelor grads with a permanent full-time job are just making it two years after graduation. Those with less than a BA are still not, even when employed full-time. (Cost of Living Tool -

As a consequence, many college grads are working in these occupations: Occupation Number with 4 years of college or more Share of total with 4 years or more Retail Salespersons 20, % Secretaries & Administrative Assistants 14, % Childcare Workers 8, % Nursing, Psychiatric, & Home Health Aides 8, % Cashiers 6,3337.4% Personal Care Aides 6, % Waiters & Waitresses 6, % Recreation & Fitness Workers 3, % Janitors & Cleaners 3,4765.1% Grounds Maintenance Workers 3, % Construction Laborers 3,2679.6% Receptionists & Information Clerks 3, %

Big picture conclusions Choice of major is the main driver of economic success after graduation! There are more opportunities in MN for people with degrees that are technical (focused on analytical/quantitative skills) or geared towards growing sectors (HC & Social Assistance, Education) – This is true at every award level! The evidence demonstrates the importance of choosing a major with an eye towards career paths and labor market trends in Minnesota

Jobs of the future

Let me know how I can help Luke Greiner Regional Labor Market Analyst Central and Southwest Minnesota Labor Market Information Office Phone: (320)