Labor market statistics

Labor market statistics

Prepared by: MO-88 group student

Asliddin Kenjaev

Plan

Labor market
Labor market information
Unemployment
Analysis

What is labor market?

The labor market, also known as the job market, refers to the supply of and demand for labor, in which employees provide the supply and employers provide the demand.
At the macroeconomic level, supply and demand are influenced by domestic and international market dynamics, as well as factors such as immigration, the age of the population, and education levels. 
At the microeconomic level, individual firms interact with employees, hiring them, firing them, and raising or cutting wages and hours.

What are labor statistics?

People
Labour statistics are also very much about people - their participation in the labour force, their success in finding employment, their earnings and other benefits, their type of work, and their working hours.
Importance
Labour statistics provide insight into the economy and the effects of labour market policy settings, through measures of labour market demand and labour market supply
Labor statistics
Labour statistics measure aspects of the labour market, and are important economic and social indicators

Labor market indicators

Changes in the unemployment rate reflect movements in the labor force participation rate and the employment-to-population ratio.
Unemployment rate
Labor force participation rate
Employment-to-population ratio
100%
40%
20%

Labor market information

• Labor market information includes all quantitative or qualitative data and analysis related to employment and the workforce.
• The goal of LMI is to help customers make informed plans, choices, and decisions for a variety of purposes, including business investment decision making, career planning and preparation, education and training offerings, job search opportunities, hiring, and public or private workforce investments.

labor market information system adds qualitative information about:

Needs and expectations of industries
Perceived value of education and certificate programs (existing and proposed)
Factors that influence labor market and economic conditions
Trends in the economy and workforce
25%
95%
50%
75%

Economically active vs inactive populaton

The economically active population are those people in employment plus the unemployed (those who are available for and actively seeking work).
The economic activity rate is an indication of the actual and potential labour supply within an area. 
It measures the number of people who are in employment or unemployed expressed as a percentage of the working age population.
The economically inactive population are those people who are neither in employment nor unemployed. 
This includes those looking after a home and family, long- or short-term sick, injured or disabled people, or those who are retired.
The economic inactivity rate expresses the number of people who are economically inactive as a percentage of the working age population.
87%
56%
39%
45%
23%
68%

Unemployment

Unemployment is considered to be a key measure of the health of the economy. 
Unemployment can be classified as frictional, cyclical, structural, or institutional.
High rates of unemployment are a signal of economic distress while extremely low rates of unemployment may signal an overheated economy.
Unemployment data are collected and published by government agencies in a variety of ways.
The term unemployment refers to a situation when a person who is actively searching for employment is unable to find work.
50%
25%
75%
100%

Unemployment rate

In general, the unemployment rate is obtained by dividing the number of unemployed persons by the number of persons in the labor force (employed or unemployed) and multiplying that figure by 100.
Calculation

Unemployment rate

2.97%
7.72%
4.2%
77%
Canada
Uzbekistan 5.97%
USA
Japan
It’s the highest
Burkina Faso

Wages

Piece wages are the wages paid according to the work done by the worker.
Piece wages
If the labourer is paid for his services according to time, it is called as time wages.
Time wages
Cash wages refer to the wages paid to the labour in terms of money.
Cash wages
When the labourer is paid in terms of goods rather than cash, is called the wage in kind.
Wages in kind
Under this type, the wages are fixed in the beginning for complete work.
Contract wages
15%
15%
30%
10%
30%
In economics, the price paid to labour for its contribution to the process of production is called wages.

Concepts of wages

The total amount of money received by the labourer in the process of production is called the money wages or nominal wages.
Nominal wage
Real wages mean translation of money wages into real terms or in terms of commodities and services that money can buy.
Real wage
60%
40%
50%
50%

Labor market statistics

5.7%
5.8%
4.6%
8.3%
75.7%
Employment,unemployment, underemployment rate
Australia

Labor market trends in Uzbekistan

Employment rate
69.5%
Labor force participation rate
77.5%
Unemployment rate
11.1%
Labor dependency rate
22.7%

Thank you!