Analysis of Industry Trends and Employee Statistics | EXCEL

1. Introduction:

Welcome to our exciting project aimed at exploring the US labor market and industries using data from the US Labor Statistics for the year 2020. As students, you'll have the opportunity to delve into real-world data and gain insights into different industries, job trends, and the overall employment landscape in the United States.

2. Data Source:

We will be using the US Labor Statistics, a reliable and trusted database widely used for understanding employment patterns and economic trends. Rest assured that the data is from a credible source, providing accurate information for our analysis.

US_Labor_Statistics.xlsx

Download XLSX • 103KB

3. What's in the Dataset?

The dataset contains valuable information, such as:

• Industry names: Discover various industries that contribute to the US economy.

• States: Learn about different states and their roles in hosting these industries.

• Establishments: Understand the number of businesses in each industry and state.

• Employees: Find out how many people work in each industry and state.

• Average Annual Wage: Explore the average salaries earned by employees in different industries and states.

4. Excel Tables Overview:

Let's take a look at the tables we have prepared in Excel:

a. AVG WAGE BY INDUSTRY: In this table, you can explore the average annual wage for different industries. Discover which industry offers the highest average salary and which one provides a relatively lower average wage.

We use AVERAGEIF function to get Annual Average Wages by Industry.

b. EMPLOYEES BY INDUSTRY: This table presents the number of employees in each industry, helping you understand which industries employ the most people and which sectors have significant job opportunities.

We use the SUMIF function to get the Employee number by Industry

c. WAGE & EMPLOYEE TRENDS: Delve into historical data! In this table, you can explore how wages and employment have changed in specific industries over the years. Observe industry growth trends and employment shifts.

We use the AVERAGEIF function to get the Average Wage based on Specific Year and Industry. For AVG Wage Employees we use SUMIF function to get the number of employees based on industry and year.

d. EMPLOYEES BY INDUSTRY (CLEAN): A clean and straightforward view of the number of employees in each industry for easy comparison and better insights.

To make our Pie Chart clean, we use VLOOKUP to select specific industry and then on others we leave other industries.

e. MAP FILTER: Explore the geography of industries! In this section, you will visualize how different industries are distributed across the country and observe employment concentrations in different states.

We use IF function to create Selective map function

5. Key Insights:

Based on the analysis and visualizations, the following key insights emerge:

• The "Information" industry offers the highest average annual wage, while the "Leisure & Hospitality" industry provides the lowest.

• The "Trade & Transportation" industry stands out with the largest workforce, followed closely by the "Manufacturing" industry.

• The "Finance" industry has demonstrated consistent growth in both average wage and employee count over the years.

You can download the project below:

US_Labor_Statistics - EndUser.xlsx

Download XLSX • 722KB

6. Significance and Future Prospects:

The project's findings can be of immense value to policymakers, businesses, and researchers alike. Understanding wage distributions, industry trends, and employment dynamics can inform economic policies, workforce development strategies, and investments in specific sectors.

7. Limitations and Recommendations:

It is essential to acknowledge that the analysis is based on data from the year 2020 and may not reflect the most current labor market conditions. To maintain relevancy, future analyses should incorporate the latest data from the US Labor Statistics.

8. Conclusion:

In conclusion, this project offers a comprehensive analysis of the US labor market and industry trends for the year 2020. Leveraging data from the US Labor Statistics ensures the credibility of the insights and enhances the project's value for decision-making in the economic and labor sectors. By examining employment patterns, wage distributions, and industry performance, stakeholders can make informed decisions to promote growth, create job opportunities, and foster economic prosperity.