Okuzeka
Economics vocabulary · Jobs and Unemployment

Labour market

Meaning in economics, with examples

nounCore term

In economics, labour market means: The market in which workers offer their time and skills and employers hire them, setting the level of employment and wages.

In Turkish: işgücü piyasası, emek piyasası

How it is used

Common in central bank statements and the news: the labour market is tight (few available workers, rising wages) or loose and slack (many people looking for work). It is spelled labor market in American English.

Example sentences

  1. The labour market remains tight, with more job openings than people looking for work.

  2. Women's participation in the labour market has increased steadily over the past decade.

Common collocations

  • a tight labour market
  • labour market data
  • enter the labour market
  • labour market reform
  • unemploymentThe situation of people who have no job but are available for work and actively looking for one; also the number or share of such people.
  • labour forceAll the people who are either working or unemployed but actively looking for work; students, retirees and others not seeking jobs are left out.
  • wageThe money a worker is paid for their work, especially when it is calculated by the hour, day or week.
  • participation rateThe share of the working-age population that is in the labour force, meaning people who are either working or actively looking for work.
  • minimum wageThe lowest hourly, daily or monthly pay that employers are legally allowed to pay workers, set by the government or by law.

More terms: Jobs and Unemployment

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This page explains English vocabulary for learners. It is not financial advice.