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Clearly, the aging U.S. population is driving much of the growth in the domestic personal and health care professions. I wonder how much weight the BLS gives the increasing overseas demand for skilled labor to address increasing international trade and multinational company demands. In the tech sector, for instance, the US is not producing enough engineering majors to satisfy demand, so many multinationals are now going overseas for these talents. Supply chains, like Apple's use of Foxconn, increasingly depend on far flung global enterprises, increasing the demand for logisticians and computer systems analysts (both also on the list). Do you have any insight into how much international demand is factored into this analysis?
Thank you David for your comment and question. The BLS uses a very detailed and multi-staged method that does take into account the international environment, although maybe not to the degree you are hoping for. The attached link provides a good explanation of their method starting on page 9:http://www.bls.gov/opub/mlr/2012/01/art1full.pdfThanks,Gad
Thanks. Interesting data.I am struck by the low median annual wage in some of the occupations, notably, the two fastest growing ones. -Are you aware of any reasonable estimate of what a living wage is? -The cost of living varies greatly from one area of the country to another. I wonder to what extent wages for an occupation remain in a tight range rather than vary with the cost of living.
Burt,The link below will take you to a paper that has all you need to know about the living wage concept.In general, the profitability of the employer and the tightness of the labor market have a larger impact on wages than changes in the cost of living. But it matters as well.Thanks,Gadhttp://www.ilo.int/wcmsp5/groups/public/---ed_protect/---protrav/---travail/documents/publication/wcms_162117.pdf