job market

noun
Updated on: 11 Sep 2017

Definition of job market

:the number of jobs that are available for workers

Word by Word Definitions

job play
  1. : a regular remunerative position

  2. : a specific duty, role, or function

  3. : something that has to be done : task

  1. : to do odd or occasional pieces of work for hire

  2. : to carry on public business for private gain

  3. : to carry on the business of a middleman or wholesaler

  1. : of or relating to a job or to employment

  2. : used in, engaged in, or done as job work

  3. : that is for hire for a given service or period

  1. : the hero of the book of Job who endures afflictions with fortitude and faith

  2. : a narrative and poetic book of canonical Jewish and Christian Scripture — see Bible Table

market play
  1. : a meeting together of people for the purpose of trade by private purchase and sale and usually not by auction

  2. : the people assembled at such a meeting

  3. : a public place where a market is held

  1. : to expose for sale in a market

  2. : sell

  3. : to deal in a market


Financial Definition of JOB MARKET

job market

What It Is

The job market is the group of individuals seeking employment within an economy.

How It Works

As with any market, there is a supply and a demand for employment opportunities that directly affects wage and salary levels. Labor supply and demand depends on an economy's unemployment level. A low unemployment rate places upward pressure on wages and salaries because employers compete with one another for a smaller number of job seekers. Conversely, a high unemployment rate forces wages and salaries down because a larger number of job seekers compete with one another for fewer available jobs. Assuming a constant supply of jobs, this phenomenon can be expressed graphically as follows:

The of the red demand curve to the right represents a decrease in the unemployment rate. This results in an upward shift in wages and salaries on the y-axis. Similarly, a shift to the left would suggest a rise in the unemployment rate and a commensurate decline in wages and salaries.

The overall wage and salary levels in the job market represent an average of multiple industries and types of work. At a given point in time, the supply and demand for labor in the job market can vary from sector to sector.

Why It Matters

Wage and salary levels set by the job market are an important indicator for analysts and economic policy makers. More important, the job market fosters economic productivity by creating jobs and cycling money through the economy via wages and salaries.


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