2017 NAICS Code Changes

The North American Industry Classification System (NAICS), used to classify businesses for statistical economic data, is typically updated every five years to reflect the changing economy. There were relatively few changes for the set of new codes just released for use with 2017 data. However, there certainly were some interesting as well as notable changes.

Predicting Holiday Spending

While consumers may look forward to lower prices on Thanksgiving turkeys this year, signs are also good for retailers more concerned with the day after Thanksgiving.

Examining Industry Mobility for Occupations

Industry mobility indicates the potential ease of switching industries based on an occupation’s employment share across industries. A mobile occupation is one in which workers can move from one industry to another with relative ease. This is important in designing training programs with skills needed across multiple industries as well as in the event of industry decline or a dislocation event. For example, almost 80% of electricians are employed in the construction sector. A downturn in construction is therefore likely to be a challenge for electricians because they may not be able to find a new job in another industry since such a large majority of employment opportunities for electricians are concentrated in the construction sector.