Labour Market

A labour market refers to the overall environment where people look for jobs and employers search for workers. It's like a big marketplace where individuals who want to work and employers who need employees come together.

Labour markets are driven by:

  • Demand:  employers looking to hire skilled employees and
  • Supply: job seekers and employees with skills, education, knowledge, and abilities. 

The number of workers that employers hire and want to hire indicates labour demand.  The number of workers who are already hired and job seekers are considered labour supply.