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What Is the Labor Market?
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 number of hours worked are two important microeconomic gauges.
Understanding the Labor Market
At the macroeconomic level, supply and demand are influenced by domestic and international market dynamics, as well as factors such as immigration, the age of the population, and education levels. Relevant measures include unemployment, productivity, participation rates, total income, and gross domestic product (GDP).




At the microeconomic level, individual firms interact with employees, hiring them, firing them, and raising or cutting wages and hours. The relationship between supply and demand influences the hours employees work and compensation they receive in wages, salary, and benefits.