Labor Market (Noun)
Meaning
The market in which workers compete for jobs and employers compete for workers.
Classification
Nouns denoting acts or actions.
Examples
- The shift in the labor market has led to an increase in wages for skilled workers.
- Analysts study trends in the labor market to forecast employment rates and economic growth.
- Due to technological advancements, many jobs are becoming obsolete in the modern labor market.
- As a recent graduate, navigating the labor market can be intimidating without prior experience.
- Understanding the local labor market is essential for small businesses to effectively hire and retain talent.