Labor market conditions refer to the overall state and characteristics of the job market, including factors such as job availability, wages, and types of employment opportunities.
Related terms
Job Vacancy Rate: The percentage of open positions within an economy that remain unfilled.
Wage Growth: The rate at which wages increase over time, indicating improvements or declines in workers' earning potential.
Skills Mismatch: A situation where workers possess skills that do not align with available job openings, resulting in higher unemployment rates for specific industries or occupations.