Glossary of Terms

A

Age Group
A cluster of ages within a specific range.

American Community Survey (ACS)
In depth information gathered from the decennial census.
For more information, visit https://www.census.gov/programs-surveys/acs/

Annual
Occurs once per 12-month period.

Annual Income Growth
The percentage change in income over the course of one year.

Annual Job Gain
The increase or decrease in the total number of jobs over the course of a year.

Annual Job Growth
The percentage increase or decrease of jobs created annually.

Annual Median Growth
The annual income percentage change at the 50th percentile.

Annual Median Wage
The annual median wage from OES calculated by ThinkWhy on a monthly basis.

Annual Median Wage Growth
The change in annual wage for the median.

Annualized
The calculation of a short term rate into an annual rate.

Atlanta FED Wage Growth
The calculated wage growth provided by Atlanta Federal Reserve Bank.

Average Annual Wage (AAW)
The calculation of the average weekly wage multiplied by 52 weeks.

Average Hourly Wage (AHW)
The calculation of the average weekly wage divided by forty hours.

Average Weekly Wage (AWW)
The average weekly wage captured in the Quarterly Census Employment and Wages raw data.

B

Bureau of Economic Analysis (BEA)
An agency within the United States Department of Commerce that examines macroeconomics and industry statistics.
For more information, visit https://www.bea.gov/

Bureau of Labor Statistics (BLS)
The agency within the United States Department of Labor that examines labor economics and statistics.
For more information, visit https://www.bls.gov/

C

Census
A survey used to capture details of the U.S. population.
For more information, visit https://www.census.gov/

Change
The positive or negative movement of a variable's number when compared to another number.

Combine Statistical Areas (COMBO or CSA)
Metropolitan and/or micropolitan statistical areas that can demonstrate economic or social linkage.

Corporate Profits Growth
The remaining money a company has after paying all expenses.

Cost of Living Index (CLI)
The cost of living percentage differences between one location and another.

Current Employment Statistics (CES)
A program that produces detailed estimates of employment, hours, and earnings of workers on payrolls for nonfarming industries.
For more information, visit https://www.bls.gov/ces/

D

Demographics
Various statistical characteristics used to identify different markets.

Domestic Move-In
The number of individuals that moved into the Metro.

Domestic Move-Out
The number of individuals that moved out of the Metro.

E

Employer Wage Cost Index Growth
The growth (if any) of the compensation of an employee, which includes wages and benefits.

Employment Cost Index (ECI)
A quaterly economic series that indicates the changes in labor costs for businesses in the U.S.
For more information, visit https://download.bls.gov/pub/time.series/ci/

Employment Location Quotient Relative to U.S.
Concentrated areas that are above the national average of employment.

Estimated Data
An approximate calculation based on the best available information.

Estimated Move to Metro by Occupation
The number of anticipated individuals moving into an area for a specific occupation.

Estimated Total Employment
The number of employed individuals within a specific occupation reported annually in the BLS Occupational Employment Survey. Calculated by ThinkWhy on a monthly basis.

F

Federal Reserve Bank of Atlanta (Atlanta FED)
The headquarters for the Federal Reserve Bank.
For more information, visit https://www.frbatlanta.org/

Federal Reserve Economic Data (FRED)
Economic database maintained by the Federal Reserve Bank of St. Louis.
For more information, visit https://fred.stlouisfed.org/

G

GDP Growth
The percentage growth of the total value of produced goods and services in a country.

Graduation Rate
The percentage of an institution's first-time, first-year undergraduate students who complete their program within 150% of the published time for the program. For example, for a four-year degree program, entering students who complete within six years are counted as graduates.

Gross Domestic Product (GDP)
The total market value of goods and services produced within a country for a given period of time.

H

Hires Rate
The percentage of hires.

Hourly Median Wage
The median hourly income.

Household Size
The number of individuals for which a person is financially responsible.

I

Industry Title
Overarching theme of a group of jobs.

Industry Wage LQ
The wage for a specific industry in a particular geographical region.

Integrated Postsecondary Education Data System (IPEDS)
A data set provided by the US government’s Institute of Education Sciences that serves as the primary source for information on U.S. colleges, universities, and technical and vocational institutions. This survey data set includes information about enrollment rates, graduation rates, educational finance, and institutional characteristics. For more information, visit https://nces.ed.gov/ipeds/.

International Migration
Relocation of residence from one nation to another.

J

Job Gain in '000
The number of jobs created in the thousands.

Job Openings and Labor Turnover Survey (JOLTS)
A survey conducted by the Bureau of Labor Statistics measuring the number of job vacancies within a region and industry, on a monthly basis.

K

L

Local Area Unemployment Statistics (LAUS)
Federal-state program measuring the total number of employment and unemployment.
For more information, visit https://www.bls.gov/lau/

Location Quotient (LQ)
Quantifies a unique variable to a particular geographical region.

M

Median Household Income (MHI)
The average annual income for a household.

Metropolitan Statistical Areas (Metro or MSA)
A geographical region with a population greater than 50,000.

Micropolitan Statistical Areas (Micro)
A geographical region with a population less than 50,000.

Month over Month (MoM)
Measures the change between the current month and the previous month.

N

National Center of Education Statistics (NCES)
The main federal agency for gathering and analyzing education data.
For more information visit https://nces.ed.gov/

Net Migration
The difference between the total number of immigrants (people moving into an area) and emigrants (people leaving an area) during a given period of time.

Net Migration Quarterly Annualized
The quarterly growth rate of the difference between immigrants and emigrants converted into an annual rate.

North American Industry Classification System (NAICS)
A system used by the federal statistical agencies to classify business establishments for the purpose of analyzing data related to the U.S. economy.
For more information, visit https://www.census.gov/eos/www/naics/

O

Occupation Code
Unique numerical identifier used for each occupation.

Occupation Employment LQ
The number of employed individuals for a specific occupation in a particular geographical region.

Occupation Information Network (ONET)
The online database of occupational definitions.
For more information, visit https://www.onetonline.org/

Occupational Employment Statistics (OES)
A program that provides estimates for employment and wages for more than 800 occupations on an annual basis.
For more information visit https://www.bls.gov/oes/

P

Participation Rate
The number of individuals either employed or actively seeking work.
For more information, visit https://download.bls.gov/pub/time.series/ln/

Personal Consumption Expenditure (PCE)
Measures the response of the consumer when prices of goods and services change.

Q

Quarter over Quarter (QoQ)
Measures the change between the current quarter and the previous quarter.

Quarterly Census of Employment and Wages (QCEW)
A program that publishes quarterly counts of employment and wages.
For more information, visit https://www.bls.gov/cew/datatoc.htm

Quarterly Workforce Indicators (QWI)
Provides labor market statistics by age, demographics, and industry.

R

Race

  • White - An individual with origins of Europe, North Africa, or the Middle East
  • Black or African American - An individual with origins from any of the black racial groups of Africa
  • Hispanic - An individual with origins of Cuban, Mexican, Puerto Rican, South or Central American, or other Spanish culture
  • Asian - An individual with origins from the Far East, Southeast Asia, or the Indian Subcontinent, including, for example, Cambodia, China, India, Japan, Korea, Malaysia, Pakistan, the Philippine Islands, Thailand, and Vietnam
  • American Indian and Alaska Native - An individual with origins from original people of Central, North, and South America and maintain tribal or community attachment
  • Native Hawaiian and Other Pacific Islander - An individual with origins from the original people of Hawaii, Guam, Samoa, or any other Pacific Islands.
  • Other Races - An individual with origins not included in the White, Black or African American, Hispanic, or Asian race categories
  • Two or more races - An individual with origins from multiple races ("White", "Black or African American", "American Indian or Alaska Native", "Native Hawaiian or Other Pacific Islander", or "Other"). Also, an ethnic group sharing the same culture, history, language, etc.; an ethnic group

Raw Annual Job Gain
The true number of jobs created in a 12-month period.

Raw Annual Job Growth
The percentage change of jobs created in a 12-month period.

Raw Occupation Employment Location Quotient
Concentrated areas that are above the national average of employed individuals for a specific occupation.

Real Disposable Income Growth
The remaining household income after taxes.

S

Seasonality
Predictable changes that reoccur every calendar year.

Separation
An employee separated from an establishment (voluntary, involuntary, or other).

Separation Rate
The number of employees leaving their current company.

Share of Total Employment (% Occupation)
The percentage of the total employment for a particular occupation.

T

The United States Census Bureau (USCB)
The agency within the United States Department of Commerce that provides data involving the American people and the economy.

Title IV Institution
An institution eligible for student financial assistance programs by the U.S. Department of Education.

Total Employment
Total number of employed individuals.

Total Wage Location Quotient Relative to U.S.
Concentrated areas that are above the national average for wages.

U

U.S. Annual Population Growth
The percentage of population growth for a particular year.

U.S. Job Opening Rate (%)
The percentage of job openings in the U.S.

U.S. Job Openings
The number of jobs available in the U.S.

U.S. Quarterly Population Growth
The percentage of population growth for a particular quarter.

Unemployment Rate
The percentage of unemployed individuals divided by the total number of individuals in the workforce.

V

W

Working Age Population
Employed individuals between the ages of 15 and 64.

X

Y

Year over Year (YoY)
A comparison of results between two or more quantified events in a particular time period on an annual basis.

Z