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Job Market: Definition, Measurement, Example
Job Market: Definition, Measurement, Example

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Table of Contents

Expand

Table of Contents

- [What Is the Job Market?](#toc-what-is-the-job-market)

- [Unemployment Rate](#toc-the-job-market-and-the-unemployment-rate)

- [Example of a Job Market](#toc-example-of-a-job-market)

- [FAQs](#toc-how-big-is-the-us-labor-market)

- [The Bottom Line](#toc-the-bottom-line)


- [Investing](https://www.investopedia.com/investing-4427685)
- [Markets](https://www.investopedia.com/markets-4689752)

# Job Market: Definition, Measurement, Example

By

[Brian Beers](https://www.investopedia.com/contributors/98059/)

[Full Bio](https://www.investopedia.com/contributors/98059/)

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Brian Beers is a digital editor, writer, Emmy-nominated producer, and content expert with 15+ years of experience writing about corporate finance & accounting, fundamental analysis, and investing.

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Updated December 27, 2023

Reviewed by

[Gordon Scott](https://www.investopedia.com/contributors/82594/)

Reviewed byGordon Scott

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Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).

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Fact checked by

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Amanda Jackson has expertise in personal finance, investing, and social services. She is a library professional, transcriptionist, editor, and fact-checker.

Learn about our [editorial policies](/legal-4768893#editorial-policy)

Part of the Series

Guide to Economics

Introduction to Economics

1. [Economics Defined with Types, Indicators, and Systems](https://www.investopedia.com/terms/e/economics.asp)
2. [Economy Definition](https://www.investopedia.com/terms/e/economy.asp)
3. [History of Economics](https://www.investopedia.com/articles/economics/08/economic-thought.asp)
4. [Is Economics a Science?](https://www.investopedia.com/ask/answers/030315/economics-science.asp)
5. [Understanding Finance vs. Economics](https://www.investopedia.com/articles/economics/11/difference-between-finance-and-economics.asp)
6. [Macroeconomics](https://www.investopedia.com/terms/m/macroeconomics.asp)
7. [Microeconomics](https://www.investopedia.com/terms/m/microeconomics.asp)

Economic Concepts and Theories

1. [Four Economic Concepts](https://www.investopedia.com/articles/economics/11/five-economic-concepts-need-to-know.asp)
2. [Law of Supply and Demand](https://www.investopedia.com/terms/l/law-of-supply-demand.asp)
3. [Demand-Side Economics](https://www.investopedia.com/ask/answers/040915/what-demandside-economics.asp)
4. [Supply-Side Economics](https://www.investopedia.com/terms/s/supply-sidetheory.asp)
5. [Market Economy](https://www.investopedia.com/terms/m/marketeconomy.asp)
6. [Command Economy](https://www.investopedia.com/terms/c/command-economy.asp)
7. [Economic Value](https://www.investopedia.com/terms/e/economic-value.asp)
8. [Keynesian Economics](https://www.investopedia.com/terms/k/keynesianeconomics.asp)
9. [Social Economics](https://www.investopedia.com/terms/s/social-economics.asp)

Economic Indicators

1. [Economic Indicator](https://www.investopedia.com/terms/e/economic_indicator.asp)
2. [Top 10 US Economic Indicators](https://www.investopedia.com/articles/personal-finance/020215/top-ten-us-economic-indicators.asp)
3. [Gross Domestic Product (GDP)](https://www.investopedia.com/terms/g/gdp.asp)
4. [What Is GDP and Why Is It So Important?](https://www.investopedia.com/ask/answers/what-is-gdp-why-its-important-to-economists-investors/)
5. [Consumer Spending](https://www.investopedia.com/terms/c/consumer-spending.asp)
6. [Retail Sales](https://www.investopedia.com/terms/r/retail-sales.asp)
7. [Job Market](https://www.investopedia.com/terms/j/job-market.asp)
CURRENT ARTICLE


Real World Economies

01. [The Top 25 Economies in the World](https://www.investopedia.com/insights/worlds-top-economies/)
02. [Examples of Free Market Economies](https://www.investopedia.com/ask/answers/040915/what-are-some-examples-free-market-economies.asp)
03. [Is the US a Market Economy or a Mixed Economy?](https://www.investopedia.com/ask/answers/031815/united-states-considered-market-economy-or-mixed-economy.asp)
04. [Primary Drivers of the Chinese Economy](https://www.investopedia.com/articles/investing/042815/fundamentals-how-china-makes-its-money.asp)
05. [Japan Inc.](https://www.investopedia.com/terms/j/japaninc.asp)
06. [How India Makes Its Money](https://www.investopedia.com/articles/investing/043015/fundamentals-how-india-makes-its-money.asp)
07. [European Union (EU)](https://www.investopedia.com/terms/e/europeanunion.asp)
08. [The German Economic Miracle](https://www.investopedia.com/articles/economics/09/german-economic-miracle.asp)
09. [The Economy of the United Kingdom](https://www.investopedia.com/articles/investing/042915/how-uk-makes-money.asp)
10. [How the North Korean Economy Works](https://www.investopedia.com/articles/investing/013015/how-north-korea-economy-works.asp)

Close

## What Is the Job Market?

The job market is the market in which employers search for employees and employees search for jobs. The job market is not a physical place as much as a concept demonstrating the competition and interplay between different labor forces. It is also known as the [labor market](https://www.investopedia.com/terms/l/labor-market.asp).

The job market can grow or shrink depending on the demand for labor and the available supply of workers within the overall economy. Other factors which impact the market are the needs of a specific industry, the need for a particular education level or skill set, and required job functions. The job market is a significant component of any economy and is directly tied in with the demand for goods and services.

### Key Takeaways

- Employers search for employees and employees search for jobs in the job market.
- The job market grows or shrinks based on demand for labor and the number of workers in the economy.
- The job market is directly related to the unemployment rate, a measure of the percentage of people who aren't employed but actively seeking work.

## The Job Market and the Unemployment Rate

The job market is also directly related to the [unemployment rate](https://www.investopedia.com/terms/u/unemploymentrate.asp). The unemployment rate is the percentage of people in the labor force who are not currently employed but actively seeking a job. The higher the unemployment rate, the greater the supply of labor in the overall job market.

When employers have a larger pool of applicants to choose from, they can be pickier or force down wages. Conversely, as the unemployment rate drops, employers are forced to compete more heavily for available workers. The competition for workers has the effect of increasing [wages](https://www.investopedia.com/terms/w/wage-expense.asp). Wages determined by the job market provide valuable information for economic analysts and those who set public policy based on the state of the overall economy.

### 24.9%

The highest rate of unemployment in the U.S, which was documented in 1933.

During difficult economic times, unemployment tends to rise as employers may reduce their staffing numbers and create fewer new jobs, making it harder for people trying to find work. High rates of unemployment can prolong economic [stagnation](https://www.investopedia.com/terms/s/stagnation.asp)—a sustained period of little-to-no growth in an economy—and contribute to social upheaval, leading to the loss of opportunities for many individuals to live comfortably.

A report called the Current Population Survey can measure the state of the job market. It's a statistical survey performed every month by the U.S. Bureau of Labor Statistics ( [BLS](https://www.investopedia.com/terms/b/bls.asp)). The study includes a representative sample of about 60,000 homes to try and determine the unemployment rate of specific regions, earnings of those surveyed, hours the respondents worked, and many other demographic factors.

## Example of a Job Market

The BLS publishes regular snapshots of the job market, titled " [Employment Situation Summaries](https://www.investopedia.com/articles/04/092204.asp)." According to the November 2023 report, total employment for non-farm payrolls rose by 199,000 for the month, and the unemployment rate—which is a [lagging indicator](https://www.investopedia.com/terms/l/laggingindicator.asp)—fell to 3.7%. Industries such as health care and government saw job gains during this time, as did manufacturing, due to return of workers from strikes. Employment in the retail sector fell.

## How Big Is the U.S. Labor Market?

In October 2023, there were 168.3 million people in the civil labor force, a category that does not include active-duty military personnel, incarcerated individuals, farm workers, and government employees. As a proportion of the total population, this represented an employment participation rate of 62.8 percent.

## What Does a Tight Job Market Mean?

Job markets are often referred to as being "tight." This means that there are more positions available than unemployed individuals willing to take them on. Conversely, when the unemployment rate is high but there are few job vacancies, the job market can be described as "slack" or "loose."

## What Is the Job Vacancy Rate in the U.S.?

According to BLS, the job openings rate on the last business day of October 2023 was 5.3%, a slight decrease compared to the last month. Sectors that saw job decreases include health care and social assistance, finance and insurance, and real estate and rental and leasing.

The job openings rate is calculated by dividing the number of job openings by the sum of both filled and unfilled job, represented as a percentage.

## The Bottom Line

The job market is a concept for understanding how employers seek employees and vice versa. It considers at the availability of jobs and workers, as well as other factors that can shape employment, such as competition for skilled workers or training requirements for employees. It's directly related to the unemployment rate, a metric that measures the number of people who aren't employed but are seeking to do so. Businesses, policymakers, and workers may all choose to follow news related to the job market, as it can be seen an important component of overall economic health.

Article Sources

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our
[editorial policy.](https://www.investopedia.com/legal-4768893#EditorialPolicy)

1. National Bureau of Economic Research. " [Annual Estimates of Unemployment in the United States, 1900-1954](https://www.nber.org/system/files/chapters/c2644/c2644.pdf)," Page 215.

2. Bureau of Labor Statistics. " [Current Population Survey](https://www.bls.gov/cex/cecomparison/cps_profile.htm)."

3. Bureau of Labor Statistics. " [Employment Situation Summary](https://www.bls.gov/news.release/empsit.nr0.htm)."

4. BLS. " [Economic News Release: Job Openings and Labor Turnover Summary - October 2023](https://www.bls.gov/news.release/empsit.t01.htm)."

5. U.S. BLS. " [Job Openings and Labor Turnover Summary](https://www.bls.gov/news.release/jolts.nr0.htm)."

6. U.S. BLS. " [Job Openings and Labor Turnover Technical Note](https://www.bls.gov/news.release/jolts.tn.htm)."


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Guide to Economics

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5. [Market Economy](https://www.investopedia.com/terms/m/marketeconomy.asp)
6. [Command Economy](https://www.investopedia.com/terms/c/command-economy.asp)
7. [Economic Value](https://www.investopedia.com/terms/e/economic-value.asp)
8. [Keynesian Economics](https://www.investopedia.com/terms/k/keynesianeconomics.asp)
9. [Social Economics](https://www.investopedia.com/terms/s/social-economics.asp)

Economic Indicators

1. [Economic Indicator](https://www.investopedia.com/terms/e/economic_indicator.asp)
2. [Top 10 US Economic Indicators](https://www.investopedia.com/articles/personal-finance/020215/top-ten-us-economic-indicators.asp)
3. [Gross Domestic Product (GDP)](https://www.investopedia.com/terms/g/gdp.asp)
4. [What Is GDP and Why Is It So Important?](https://www.investopedia.com/ask/answers/what-is-gdp-why-its-important-to-economists-investors/)
5. [Consumer Spending](https://www.investopedia.com/terms/c/consumer-spending.asp)
6. [Retail Sales](https://www.investopedia.com/terms/r/retail-sales.asp)
7. [Job Market](https://www.investopedia.com/terms/j/job-market.asp)
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Real World Economies

01. [The Top 25 Economies in the World](https://www.investopedia.com/insights/worlds-top-economies/)
02. [Examples of Free Market Economies](https://www.investopedia.com/ask/answers/040915/what-are-some-examples-free-market-economies.asp)
03. [Is the US a Market Economy or a Mixed Economy?](https://www.investopedia.com/ask/answers/031815/united-states-considered-market-economy-or-mixed-economy.asp)
04. [Primary Drivers of the Chinese Economy](https://www.investopedia.com/articles/investing/042815/fundamentals-how-china-makes-its-money.asp)
05. [Japan Inc.](https://www.investopedia.com/terms/j/japaninc.asp)
06. [How India Makes Its Money](https://www.investopedia.com/articles/investing/043015/fundamentals-how-india-makes-its-money.asp)
07. [European Union (EU)](https://www.investopedia.com/terms/e/europeanunion.asp)
08. [The German Economic Miracle](https://www.investopedia.com/articles/economics/09/german-economic-miracle.asp)
09. [The Economy of the United Kingdom](https://www.investopedia.com/articles/investing/042915/how-uk-makes-money.asp)
10. [How the North Korean Economy Works](https://www.investopedia.com/articles/investing/013015/how-north-korea-economy-works.asp)

Related Terms

[Perfect Competition: Examples and How It Works](https://www.investopedia.com/terms/p/perfectcompetition.asp)

Pure or perfect competition is an idealized market structure where prices are determined purely by supply and demand. Pure competition is the opposite of a monopoly.

[more](https://www.investopedia.com/terms/p/perfectcompetition.asp)

[BRICS: Acronym for Brazil, Russia, India, China, and South Africa](https://www.investopedia.com/terms/b/brics.asp)

BRICS is an acronym for the combined economies of Brazil, Russia, India, China, and South Africa, which some claimed early in this century were poised to dominate the world economy by 2050.

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[Baidu: What It Is, What It Does, History, Stock, Vs. Google](https://www.investopedia.com/terms/b/baidu.asp)

Baidu is the dominant Chinese internet search engine company, offering many of the same features and services as Google.

[more](https://www.investopedia.com/terms/b/baidu.asp)

[What Is Currency Debasement, With Examples](https://www.investopedia.com/terms/d/debasement.asp)

Currency debasement refers to the lowering of the value of a currency, particularly one based on a precious metal, by adding metal of inferior value.

[more](https://www.investopedia.com/terms/d/debasement.asp)

[Jobs Growth: Overview and Applications](https://www.investopedia.com/terms/j/jobsgrowth.asp)

Jobs growth is a measure of how many non-farm jobs the U.S. economy added in the prior month as estimated by the U.S. Bureau of Labor Statistics.

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[European Best Bid and Offer (EBBO): What It Is, How It Works](https://www.investopedia.com/terms/e/european-best-bid-and-offer.asp)

European Best Bid and Offer is a regulatory mandate that brokers provide current best prices available for buying or selling financial instruments.

[more](https://www.investopedia.com/terms/e/european-best-bid-and-offer.asp)

Related Articles

[Perfect Competition: Examples and How It Works](https://www.investopedia.com/terms/p/perfectcompetition.asp) [BRICS: Acronym for Brazil, Russia, India, China, and South Africa](https://www.investopedia.com/terms/b/brics.asp) [The Impact of Recessions on Businesses](https://www.investopedia.com/articles/economics/08/recession-affecting-business.asp) [A Brief History of U.S. Bear Markets](https://www.investopedia.com/a-history-of-bear-markets-4582652) [What Is GDP and Why Is It So Important to Economists and Investors?](https://www.investopedia.com/ask/answers/what-is-gdp-why-its-important-to-economists-investors/) [Baidu: What It Is, What It Does, History, Stock, Vs. Google](https://www.investopedia.com/terms/b/baidu.asp)

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