The supply and demand for human labor.
Meaning you and me.
- From Investopedia:
The labor market, also known as the job market, refers to the supply of and demand for labor, in which employees provide the supply and employers provide the demand. It is a major component of any economy and is intricately linked to markets for capital, goods, and services.
KEY TAKEAWAYS
- The labor market refers to the supply of and demand for labor, in which employees provide the supply and employers provide the demand.
- The labor market should be viewed at both the macroeconomic and microeconomic levels.
- Unemployment rates and labor productivity rates are two important macroeconomic gauges.
- Individual wages and the number of hours worked are two important microeconomic gauges.
- In the United States, the Bureau of Labor Statistics compiles detailed reports on national and local labor markets.
