The job market changes rapidly, both on a local and national level. National employment news
consists of the unemployment rate, trends in particular industries, and careers in unusually high or projected demand. Individuals and companies can use this career information to forecast marketability or talent availability. However, when looking for a job, most attention should be paid to local resources: employers that are hiring, opening new locations, and personal resignations and hiring.
The "Job Market" is not a physical location or even an open space but rather a concept meant to evoke the structures of competition, exchange, and interplay between employers searching for employees and employees searching for work. It is an imperative aspect of employment and finding jobs.
The overall demand for labor within a given economy, as well as the exigencies of any specific industry, the relative level of education and training for workers, and a host of other factors can cause the demand for labor to grow or to shrink and consequently the market for jobs to expand or contract. When the unemployment rate grows the supply on the market for jobs increases which gives employers the opportunity to be more selective in their hires and to force down wages. When the unemployment rate drops employers then have to compete for the best workers which consequently raises wages.
The field of economics which studies the job market and the effect which labour has on the overall economy is known as labor economics. Labour economists study workers, employers, and patterns which emerge in the dispersal of wages, employment, and income. Labor, which is generally defined as the measure of work done by human beings, is contrasted in economic circles from land and capital, which also effect production. Some have proposed the term "human capital" to refer to the skills and abilities which workers possess, but other macro-economists have suggested that such language is a contradiction in terms.
The most important function of learning about job markets is to understand the supply and demand of particular types of talent and to understand the career outlook for a given profession. It is often a good idea to consult with professionals deeply involved in the local employment market. Usually professional agency recruiters, job coaches, and employment center personnel have a nuanced and detailed understanding of local hiring conditions and connections with local employers.