The labor market refers to the supply and demand for workers in a specific geographic area or industry. It encompasses both wage employment opportunities available for individuals seeking work as well as the pool of potential employees within that area.
Related terms
Unemployment Rate: The unemployment rate is the percentage of people in the labor force who are actively seeking employment but cannot find a job. It is an indicator of the health and performance of a city's labor market.
Labor Force: The labor force includes all individuals who are either employed or actively looking for work. It does not include those who are not seeking employment, such as retirees or full-time students.
Skills Gap: The skills gap refers to a mismatch between the skills demanded by employers and the skills possessed by job seekers. When there is a significant gap, it can result in higher unemployment rates and difficulty filling certain positions.