Real-time labor market information (LMI) is data on job ads, or job openings for which employers are currently recruiting.
Real-time LMI can be used as a supplement to augment statistically valid labor market analyses (i.e., those using trend extrapolation of past historical data, and the infusion of industry and occupational projections).
What is Real-Time Data?
Real-time (RT) LMI includes all information about current job openings gleaned from a large number of online and printed job announcements, recruitment sources and job vacancy boards.
Real-time data allows an analyst to see current employer skill demands being advertised, new job titles, job classification and skill set terminology as well as expected licensing requirements.
Several private sector entities have developed software that collects online job postings by "scraping" or "spidering" the job listings from the Internet, and organizing them into standardized data categories. These private sector entities have also built tools that analyze detailed information on current job vacancies in the labor market, hiring trends and employer demands, including certifications and skill prerequisites.
Assessment Tools, Promising Practices and Resource Guide
Diverse users, including state and local governments, workforce boards, educational institutions, economic development entities, and research organizations can acquire licenses to the real-time LMI vendor products to better understand current employer skill demands and job market conditions. In addition, there are a number of resources on this page that can guide users in how to properly use real-time LMI to supplement a labor market analysis.
Real-Time LMI Environmental Scan
This report captures the real-time LMI product landscape, assessing the availability of job posting data, and informing data users about the most common techniques, data usage, and challenges of RT LMI. It provides an overview of major RT LMI products and applications that can help analysts using RT LMI to identify and address current employer skill demands.
This scan was designed to assist individuals in identifying the sources and uses of job postings data, which should always be used in conjunction with traditional LMI. Many unfamiliar with RT data, or to how to use it with traditional LMI data, will find this environmental scan helpful in understanding the strengths and limitations of job postings data.