Peoria area employment trends by NAICS Industry
A review of growth and change in local employment in five key NAICS industries is presented below. Employment data reflect payroll employment in the five county Peoria-Pekin Metropolitan Statistical Area (Peoria, Tazewell, Woodford, Stark and Marshall Counties). All data have been seasonally adjusted by the CBER, allowing underlying economic trends to be observed.
Manufacturing
The data show manufacturing's sensitivity to the business cycle. Manufacturing employment grew during the 1990's expansion, peaking at 35,000 during 2000. A national recession began in March 2001 and local manufacturing employment dropped below 26,500 by the August of 2003. Economic expansion since then has steadily increased, reaching 32,537 by August 2008.
Health Care Services
Expansion of local health care services is reflected in the steady increase in area heath care employment, rising from 25,009 at the beginning of 2000 to 29,869in the August 2008.
Business/Professional Services
Employment in Business/Professional services includes jobs at accounting and law firms, marketing and computer consulting services, temporary help agencies, and similar firms. Expansion of local business and professional services is reflected in the increase in area employment in the sector, rising steadily from 16,001 at the beginning of 2000 to 21,986in August 2008.
Hospitality/Entertainment
Employment in the hospitality/entertainment category includes restaurants, bars, hotels and entertainment (ranging from museums to gambling establishments). Employment in this sector has declined slightly since January 2000 when 17,854 were employed in the sector. As ofAugust 2008, employment in the sector was 17,356
Retail Trade
Employment in retail trade fell steadily and reached the bottom of 25,000 workers in January 2003. It has increased since then, rising to 26,255 by August 2008.
Background
The North American Industry Classification System (NAICS) has replaced the Standard Industrial Code as the industry classification system used by the statistical agencies of the United States. The NAICS codes reflect the increasingly global focus of the U.S. economy, and provide for increased compatibility with the United Nations International Standard Industrial Classification.
Seasonal Adjustment
The CBER relies on the Census X-11 ARIMA (Auto Regressive Integrated Moving Averages) procedure in SPSS for seasonal adjustment. The seasonal adjustment procedure removes the impact of seasonal components, i.e., the predictable seasonal variations of the data, so that underlying trends in the data series can be more readily discerned.
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